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Published 12th June 2015

Vol 56 No 12


A double first for Nigeria

African Development Bank Group Activity
African Development Bank Group Activity

New Bank President Akinwumi Adesina takes over as his predecessor warns that its funding strategy needs radical change

Bow-tied and beaming, Akinwumi Adesina seemed to sum up the spirit of Nigeria's revival. His election as President of the African Development Bank in Abidjan on 28 May was a clear victory based on a determined campaign and it was helped by the view that his country now has a government that will use its economic muscle constructively. On the following day, many African presidents and Asian and Western foreign ministers flew to Abuja for the inauguration of President Muhammadu Buhari. Adesina is the first Nigerian to win the AfDB presidency. He won the first round of voting and stayed ahead in all the subsequent rounds, evidence of his presentational skills and of the backroom lobbying. He is the first AfDB President not to have held office as a finance minister or central bank governor, and the first to come from the 'big three' of Egypt, Nigeria and South Africa. Among Francophone states, there was a feeling that it was time for an AfDB President who spoke the language of Molière.

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BLUE LINES
THE INSIDE VIEW

With just six months before the climate change treaty talks in Paris, Africa is battling to coordinate an effective negotiating strategy. Governments should muster the political will, says the Africa Progress Panel (APP), to push harder to defend the interests of a continent that contributes least to global warming yet suffers most from it through drought, desertification and increasingly frequent flooding.

In its latest, 180-page report, the APP, under former UN Secreta...

With just six months before the climate change treaty talks in Paris, Africa is battling to coordinate an effective negotiating strategy. Governments should muster the political will, says the Africa Progress Panel (APP), to push harder to defend the interests of a continent that contributes least to global warming yet suffers most from it through drought, desertification and increasingly frequent flooding.

In its latest, 180-page report, the APP, under former UN Secretary-General Kofi Annan, says the treaty should stipulate phasing out the estimated US$600 billion a year subsidies on fossil fuels. 'They should be pricing carbon out of the market through taxation, not subsidising a climate catastrophe,' says Annan. The European Union, China and the United States have improved their position on fossil fuels but Australia, Canada, Japan and Russia have withdrawn from serious dialogue, says the APP.

Most importantly for Africa, the report argues there should be no trade-off between growth and low-carbon development. It sets out research showing how the pioneering technology being developed for low-cost, renewable energy in storing and distributing solar, wind and mini-hydro electricity could give Africa an even bigger economic boost than the introduction of mobile telephone technology two decades ago. Priorities might include redirecting over $21 bn. spent annually on subsidising loss-making utilities and electricity consumption to connecting remote areas and developing renewable energy.

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