Adesina wins Awolowo prize, says low productivity costs Africa $2.6tn yearly

The President of the African Development Bank, Akinwumi Adesina, has said Nigeria and other African countries lose over $2.6tn annually to low productivity.

According to Adesina, the low productivity is occasioned by lack of access to good healthcare by ailing productive individuals.

Speaking during the conferment of the Obafemi Awolowo Prize for Leadership Prize on him by the Obafemi Awolowo Foundation on Wednesday, Adesina emphasised the need to provide quality healthcare that would plug the production shortfall which he said was an attendant effect of ill-health and inability to work.

He said, “Africa is losing $2.6tn yearly due to lack of productivity caused by ill-health,” urging African leaders to address the challenge.

Presenting a lecture titled ‘Making a New Nigeria: Welfarist Policies and People-Centred Development’, Adesina noted that welfarist policies are needed to combat poverty in Nigeria.

The AfDB boss, who lamented that rural areas have become zones of economic misery, warned that for Nigeria to grow, deliberate efforts must be made to transform the countries rural economies.

He said, “I still believe that Nigeria will rise again. Yes, we may have challenges, like others around the world, but we will get there. We must start unleashing our full potential while minding our challenges. We must make poverty history in Nigeria.

“We will not be known as the museum of poverty in the world. We must deliver a better Nigeria and a better Africa for this generation and generations to come.

“Given the high level of poverty in Africa and Nigeria, what is needed are welfarist policies that exponentially expand opportunities, reduce inequalities and improve the quality of life. These must be anchored on people-centric policies.”

He also urged the government to ensure free and compulsory education at all levels, noting that only one per cent of Nigerians were enrolled in universities.

The former Minister for Agriculture also harped on the need for the government to provide affordable housing for the citizens.

He called on the government to deliver the dividends of governance to tax-paying Nigerians, as taxation without social contract would translate to fiscal extortion.

At the event held in Lagos, the Nigerian President, Bola Tinubu, lauded the leadership skills of Adesina, describing him as a role model and mentor for the younger generations.

According to Tinubu, Nigeria’s current challenges are not beyond redemption.

Quoting the renowned American activist, Martin Luther King Jr, Tinubu, who was represented by the Vice President, Kashim Shettima, stated that the true measure of any man is not where he stands in times of comfort, but where he stands in times of adversity.

He said, “Yes, we have challenges, but these challenges are not insurmountable. We are going to survive this.”

Speaking further, the president expressed satisfaction that the principles which the late Awolowo espoused have stood the test of time.

He added that the life of the late political icon serves as a lesson on leadership for every aspiring leader.

The president hailed Adesina, whom he extolled for having excelled in every position he has occupied.

He added, “He is a role model and mentor for present and future generations.”

Also, the President of Tanzania, Samia Hassan; the President of the Union of Comoros, Azali Assoumani, and their Ethiopian counterpart, Sahle-Work Zewde, commended Adesina, whose leadership style they said has been instrumental to the growth of the AfDB.

In her welcome address, the Executive Director of the Obafemi Awolowo Foundation, Olatokunbo Awolowo said the award was instituted twelve years ago to encourage, recognise, reward and celebrate excellence in leadership.

According to her, the selection committee chose Adesina because he possesses the attributes for the award to the highest degree.

She said, “Dr Akinwunmi Adesina, President of the African Development Bank, winner of this year’s edition, is the fourth honouree since the award was instituted over a decade ago. This should not be entirely surprising.

“After all, as an 18th-century English writer, Samuel Johnson noted, “praise, like gold and diamond, owe their value only to their scarcity. At this event today, Dr Adesina will be formally inducted into the exclusive league of ‘Awo Laureates,’ made up of Professor Wole Soyinka, former South African President, His Excellency Thabo Mbeki, and Chief Afe Babalola.”

In his remarks, former Head of State, Yakubu Gowon stated that Obafemi Awolowo, the former premier of the Western Region in whose name the foundation was set up exemplified exemplary leadership during his lifetime.

He further stated that it was no surprise that past awardees have been individuals who are proven change makers in the African continent.

Gowon said, “He represents the best from Nigeria – forward-thinking and deeply patriotic.”

The Chairperson of the event, the President of the United Republic of Tanzania, Samia Hassan described Adesina as one of Africa’s finest visionaries.

She noted that the former Nigerian minister has been instrumental in transforming the AfDB into a global financial institution.

She said, “He is just like Awolowo. A great son of Nigeria, and a great son of Africa.

“He has a rare ability to turn vision into concrete action capable of impacting millions of African lives.”

On his part, the President of the Union of Comoros, Assoumani commended the nomination of Adesina for the award.

Assoumani hailed the Agricultural Economist for his exemplary leadership which has had a considerable impact on the development of the AfDB.

According to him, Adesina’s leadership of the AfDB had birthed laudable initiatives such as the Africa Investment Forum and the Desert to Power Initiative.

The Ethiopian president, Zewde, described Adesina as a visionary who has impacted the lives of millions of Africans while the President of the Republic of Togo, Faure Gnassingbe said Adesina’s bold reforms have transformed the AfDB into a globally respected financial institution.