President of the African Development Bank (AfDB) Group, Dr. Akinwumi Adesina, has called on African nations to reduce their dependence on foreign aid and instead invest in self-reliance, innovation, and homegrown development solutions. He made the remarks during the 14th convocation lecture of the National Open University of Nigeria (NOUN) on Friday in Abuja.
Speaking on the theme “Advancing Africa’s Positioning Within Global Development and Geopolitical Dynamics,” Adesina emphasized that while foreign aid provides short-term relief, it cannot serve as the foundation for sustainable development.
“Aid is not the way to develop. No nation in history has developed through aid,” he said, referencing Africa’s struggle during the COVID-19 pandemic as a wake-up call to invest in health sovereignty. “Africa must be 100% self-sufficient in manufacturing vaccines and medicines. Health security must be treated as national defense,” he added.
Adesina urged African governments to increase funding for research and development and transform universities into innovation hubs that drive scientific and technological advancements. He emphasized the need for stronger public-private partnerships in building world-class institutions capable of supporting Africa’s medical, pharmaceutical, and technological aspirations.
Addressing ongoing global trade tensions, particularly recent tariff increases by the United States, the AfDB President cautioned African countries against engaging in tariff wars. He warned that retaliatory actions could destabilize local economies, devalue currencies, increase inflation, and raise debt burdens.
“Africa’s trade volume with the U.S. is relatively small. Retaliatory measures would be counterproductive,” Adesina stated. Instead, he recommended forming strategic trade partnerships and focusing on infrastructure, agriculture, and mineral development to bolster Africa’s global trade position.
In a significant announcement, Adesina revealed that the AfDB has approved a $100 million fund for the creation of the Nigerian Youth Entrepreneurship Investment Bank. The initiative is designed to empower young Nigerians by offering access to equity, quasi-equity, and debt financing to support business startups and innovation.
He also reiterated the importance of the African Continental Free Trade Area (AfCFTA) and urged governments to boost local consumption, promote value addition, and scale up investments in education and digital technology.
“By investing in education and technology, Africa can build a skilled workforce, empower entrepreneurs, and emerge as a global leader in the digital economy,” he said.
Former Independent National Electoral Commission (INEC) Chairman, Professor Attahiru Jega, who chaired the event, emphasized the importance of graduating students who are “worthy in character and learning.” He warned that character without learning, or learning without character, cannot sustain meaningful societal growth.
Vice-Chancellor of NOUN, Professor Olufemi Peters, praised Dr. Adesina’s address, describing it as timely and intellectually stimulating. He also commended his contributions to the continent’s economic development.
The event, which drew dignitaries from across Nigeria, concluded with the presentation of a commemorative plaque to Adesina by Chairman of the NOUN Governing Council, Mallam Isa Yuguda.
