The African Development Bank (AfDB), in collaboration with the African Union, is setting up a $300 million African Education, Science and Technology Innovation Fund to strengthen the continent’s capacity in artificial intelligence, robotics, cloud computing, and other forward-looking technologies.
Speaking at a recent convocation event, AfDB President Dr. Adesina emphasized the importance of structural reforms to safeguard Africa’s economic future. He called on African governments to prioritize investments in energy infrastructure, mineral resource development, and technology, stressing the need for resilience in the face of economic shocks.
He noted that Africa currently lacks the economic buffers needed to weather global crises and urged leaders to adopt strategies that promote self-reliance and long-term planning.
At the same event, the convocation chairman described Adesina as a visionary leader and a strong advocate for Africa on the global stage.
Dr. Adesina’s remarks underscored the urgency of rethinking Africa’s development model by investing in the sectors that will drive competitiveness in the global economy. He noted that the $300 million fund would not only support education and innovation but also serve as a catalyst for transforming Africa’s young population into a skilled and empowered workforce equipped to meet the demands of the Fourth Industrial Revolution.
According to him, the continent’s growing youth population can be a powerful asset if nurtured with the right tools and opportunities. He stressed that without deliberate investment in education, research, and innovation, Africa risks falling behind in a rapidly changing global landscape dominated by digital and technological advancements.
He also pointed to the critical role of energy in unlocking economic potential, calling for greater investment in renewable energy and infrastructure that supports industrialization and job creation. Mineral resource development, he said, should go beyond extraction to include value addition and processing within Africa to maximize benefits and retain wealth on the continent.
Dr. Adesina challenged African policymakers to adopt a long-term vision that builds economic resilience through diversification, innovation, and intra-African trade. He argued that dependence on external markets and donors exposes the continent to instability and leaves it vulnerable during crises, as seen in recent global disruptions.
In his tribute, the convocation chairman highlighted Dr. Adesina’s contributions to Africa’s development and his advocacy for policies that position the continent as a key player in the global economy. He praised the AfDB’s leadership under Adesina, especially its focus on youth empowerment, digital transformation, and infrastructure development.
The announcement of the innovation fund comes at a time when African countries are seeking sustainable ways to recover from the economic setbacks caused by the COVID-19 pandemic and ongoing global financial uncertainties. The fund is expected to play a pivotal role in building capacity, fostering innovation ecosystems, and positioning African nations for a technology-driven future.
