Ø Says terrorism is shrinking Africa’s investment space.”
The President of the African Development Bank, (AfDB), Akinwunmi Adesina, has said recent terrorist and bandits are shrinking Africa’s investment space.
Adesina, in a series of tweets on Tuesday, said insecurity had grown from being a political problem to an economic challenge.
Banditry has worsened insecurity in Nigeria’s northern region already bedevilled by Boko Haram and ISWAP’s attacks.
Recall that in February, Boko Haram terrorists launched multiple missiles on the outskirts of Maiduguri, killing several civilians. Also in the same month, bandits attacked schools in Niger, and Zamfara, kidnapping scores of students, who were released after a series of negotiations and ransom paid. These activities, according to Adesina, had adversely affected the growth of the continent’s economy.
He noted, “Terrorism is shrinking Africa’s investment space. Insecurity is no longer a political issue; insecurity is an economic issue”, adding that, “We must no longer decouple security and development. We must ensure security stability in Africa”.
He suggested that “Africa needs new financial instruments to protect and secure investments in countries and regions against rising insecurity”.