No Nation Can Develop Without Respect For Rule of Law —- AfDB president

23519
No nation can develop without respect for rule of law —- AfDB president

Dr Akinwunmi Adesina, the President African Development Bank says any nation that does not respect and uphold the rule of law can never develop.

Adesina said this while delivering a lecture at the 51st Annual Accountants Conference in Abuja on Tuesday.

According to him, any country that does not respect the rule of law will only descend into chaos.

READ ALSO:   Covid-19 Post Arrival Test Sparks Outrage At Lagos, Abuja Airports

The president said that there was a direct and strong correlation between the rule of law and investments.

“Think of it, who will want to invest in a place where there is no rule of law, respect for individual rights, freedom of speech, and freedom of association.

“Who will want to invest in a place where there is no protection of property, copyrights and patents and rights to legally acquire and dispose of assets,” Adesina asked.

READ ALSO:   Doctors Unsung Heroes In Fight Against Covid, Says Jonathan

According to him, Gross Domestic Product (GDP) does not just grow, it grows because of economic activities and economic activities thrive where there is a rule of law.

Adesina also stressed the need for African leaders to invest in the youth, and use them as a potent force for national development.

“Forgotten, undervalued and underused, a lot of youth today have a high level of distrust for governments, that we must change.

READ ALSO:   Osinbajo Flays U.S, UK, EU Over Aggressive Campaign Against Fossil Fuels

“Just think of the numbers and implications. Today, about 60 per cent of Africa’s 1.2 billion people are under the age of 25.

“We must prioritise the youth because what we do with and to our youth will determine our future. <span;>We hold our positions in trust for the present and future generation.”

READ ALSO:   Kano Govt. Arrests 200 Street Beggars

According to him, Nigeria has a huge youth asset, but they will simply remain illiquid until their potential is fully unlocked.

The African bank president said that, therefore, we must invest in our youth, adding that we must gain their trust and place our trust in them, by making them the best assets of the nation.

READ ALSO:   Buhari Writes N'Assembly, Seeks Amendment Of Electoral Act

He said that it was to this end that the bank was exploring with countries, including Nigeria the establishment of “Youth Entrepreneurship Investment Banks” for young Africans.

Adesina said the bank would be operated by Africans and provide long-term financing that would help unleash the business entrepreneurship potential of Africa’s youth, saying “we must see the future and build it from today. (NAN)

Subscribe to Our VIP Newsletter

LEAVE A REPLY

Please enter your comment!
Please enter your name here