Africa can supply the skilled workers needed in the global market, particularly in western countries where the population is rapidly ageing, Akinwumi Adesina, head of the African Development Bank, told UK media.
Adesina explained that by 2030, Africa's population will be 1.72 billion, of which 477 million will be young people who can be the skilled workforce for the world.
"I can go into any country you have in Europe, or in Japan, and it’s a rapidly ageing workforce and they are looking for people. A skilled African population would be able to fill that gap," he said. "So Africa is part of the solution to the lack of skills in the global labor market."
The bank boss added that Africa would also benefit from such a flow of labor, as money streams would then move to the continent.
Adesina sees renewable energy and agriculture as another growth opportunity for the African continent. Regarding green energy, he noted that Africa has 60 percent of the world's solar energy.
"That is an $100 billion investment opportunity for Africa to be able to light itself up, but also to harness a renewable energy and reduce global emissions," he stressed.
As for agriculture, Adesina reckoned that "the ability to feed the world by 2050 will not depend on the US or China, Japan or Europe, because 65 percent of the arable land left uncultivated in the world is in Africa".
In addition, the bank governor noted that the continent is witnessing a "revolution" of financial services, mobile money, and cell-phone users, with 70 percent of the world's digital payments taking place in Africa.
Adesina also raised the topic of corruption, noting that it is indeed less prevalent in Africa than in other parts of the world.
"The global financial crisis that brought the world down in 2008 – that was not in Africa. We have no Wall Street. That collapse came from greed, from corruption, from fraud," Adesina explained.
Climate Change
Speaking about the challenges facing the continent, the head of the African Development Bank called for more assistance to Africa in the race against climate change.
"Africa today is losing $7 billion to $15 billion a year from climate change. And that’s going to rise to $50 billion a year by 2030. Yet it receives only 3 percent of the global climate finance," Adesina outlined.
The official said that Africa needs much more climate finance, pointing out that "there are small countries in Europe that have received more financing from the IMF, which is unfair and not inclusive".
The first African Climate Summit was held in Nairobi, Kenya, from 4 to 6 September, with 17 heads of state from the continent, UN Secretary-General Antonio Guterres and European Commission President Ursula von der Leyen attending.
The summit resulted in the Nairobi Declaration, which calls for a "new financial architecture responsive to the continent's needs" as well as a $23 billion funding commitment "for green growth, mitigation and adaptation efforts".