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Industrial production decreased by 41% says AfDB

Industrial production decreased by 41% says AfDB

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The Nigerian Industrial Value Decreased by 41%between the years 2012 till date, Dr. Akinwumi Adesina, the President of Africa Development Bank (AfDB) stated at speech delivered at the opening ceremony of the 2018 annual meeting of the lender held at Busan Exhibition and Convention Centre, South Korea, on Wednesday

He stated that the African Continent lost a total of $72bn between 2012 till date with Nigeria, South Africa, Egypt and Algeria accounting for the larger portion of the drop in value added through industrial production.

The loss of industrial production value is responsible for the massive unemployment ravaging the continent, also adding that the banks has plans to invest over $35bn in a bid to reverse the trend of DE-industrialization of the region within the next 10 years.

He further stressed that some countries within the continent are doing quite well as morocco industrial output has expanded by 16% as it is now a hub for global aeronautical companies, while Ethiopia has witnessed 5times increase in its industrial value driven by its heavy investments in industrial parks, strategic partnership with Chinese companies for its leather industry and with global textile garment companies

While at the event, the Minister of Strategy and Finance & the Deputy Prime Minister, Republic of South Korea, Dong Yeon Kim stressed the relevance of industrialization policy in each condition, meanwhile, the Government of South Korea on Wednesday announced a financial assistance of $5bn for Africa.

The announcement was made at the conclusion of AfDB Ministerial Meeting in Busan, where the president of the African development bank announced that the bank made a disbursement of $7.4bn in 2017, the highest ever made by the organization since its inception 1964.

The South Korean Government announced a $5bn bilateral financial assistance package for Africa, stating that the package will be delivered over 2 years through partnerships with various development agencies, including the AFDB but not limited to the organization at the conclusion of the Ministerial Roundtable of the Korea-Africa Economic Cooperation

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