AfDB President, Akinwumi Adesina, at the Sustainable Trade Africa Conference, has highlighted Africa’s vulnerability to commodity price volatility due to its reliance on primary commodity exports.
He urged for a shift towards intra-regional trade and industrial manufacturing, facilitated by the Africa Continental Free Trade Area (AfCFTA).
Adesina also warned of potential losses of up to $25 billion annually due to the EU Carbon Border Tax Adjustment Mechanism, suggesting a need for a “Just Trade-for-Energy Transition” (JTET).
The bank is supporting Africa’s green transition with the $20 billion Desert-to-Power programme and the Alliance for Green Infrastructure in Africa.