Chairman of NOUN Governing Council, Isa Yuguda (left), presenting a plaque to the convocation lecturer, Dr Akinwumi Adesina, while the Vice Chancellor, Prof. Olufemi Peters (Middle) looks with keen interest during the 14th convocation lecture of NOUN in Abuja on Friday.
By Felix Khanoba
The President of the African Development Bank (AfDB) Group, Dr. Akinwumi Adesina, on Friday delivered a powerful 14th convocation lecture of the National Open University of Nigeria (NOUN), cautioning African nations against excessive reliance on foreign aid.
Speaking at the university’s headquarters in Abuja, Adesina who spoke on the theme, “Advancing Africa’s Positioning Within Global Development and Geopolitical Dynamics,” urged African countries to shift attention from development aid and build self-reliance in critical sectors, particularly health, education and innovation.
“There is no doubt that development aid plays a significant role for many economies in Africa, especially providing much-needed support for vulnerable populations that deal with shocks.
“However, despite its benefits, aid is not the way to develop. Indeed, no nation has ever developed based on aid. Let’s cast our minds back to the challenge of COVID-19. Africa must be 100% self-sufficient in the manufacturing of vaccines and medicines.
“In a world where it is becoming increasingly difficult to know allies or where long-time allies suddenly shift their priorities, there is no substitute for self-reliance. Africa must therefore treat health security just like we treat national defence,” he said.
Adesina called for increased investment in research and development and emphasized the need to transform universities into innovation hubs capable of supporting cutting-edge medical and pharmaceutical advancements.
“We must ramp up public and private sector financing for research and development. Our universities must be supported very strongly to have world-class medical sciences facilities that will allow our countries to drive cutting-edge innovations in medicine and pharmaceutical sciences. We must then connect them to fuel the growth of medical and pharmaceutical industries,” he said.
The AfDB President also addressed the implications of rising global trade tensions, particularly the recent imposition of tariffs by the United States on several countries.
He advised Nigeria and other African nations to steer clear of any tariff war, stressing the importance of strategic trade alliances.
He cautioned that new U.S. tariffs could severely impact African economies by weakening local currencies, increasing inflation, and raising debt servicing costs.
Adesina added that Africa’s trade volume with the U.S. remains relatively small, warning that retaliatory measures would be counterproductive. He instead advocated for a recalibrated trade and investment partnership that leverages Africa’s strengths in infrastructure, agriculture, and minerals.
The former Nigerian Minister of Agriculture also announced that the AfDB had approved a $100 million fund for the establishment of the Nigerian Youth Entrepreneurship Investment Bank.
He said the initiative aims to financially empower young Nigerians and support business development through a blend of equity, quasi-equity, and debt financing mechanisms.
Adesina emphasized the need for Africa to focus on domestic consumption, value addition, and the effective implementation of the African Continental Free Trade Area (AfCFTA) , even as he called for large-scale investments in education and technology to build a skilled and competitive workforce.
“By investing in education and technology, Africa can cultivate a skilled workforce, empower entrepreneurs, and position itself as a global player in the digital economy,” he stated.
Also speaking the event that attracted Minister of Youth Development, Ayodele Olawande, chairman of the occasion, Professor Atahiru Jega, pl emphasised the need for universities to graduate students who are both worthy in character and learning.
“One can have learning and even be considered learned as lawyers refer to, but with no good character, I’m sorry to say. Also, one can be certificated without learning anything or learning much and yet have good character. But the expectation is that university graduates are positioned for the ideal of having both learning and character.”
On his part, Vice Chancellor of the University, Professor Olufemi Peters, commended the guest lecturer for the insightful lecture which addressef the issues facing the African continent.
Peters, who lavished praise on Adesina for his intellectual prowess and massive contribution to Africa’s development, commended dignitaries that turn out in large number for the event.
The AUTHORITY reports that the event witnessed presentation of plaque to the convocation lecturer by the chairman of NOUN Governing Council, Mallam Isa Yuguda.
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