75% of world’s poorest countries in Africa, says BoI chief

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ABUJA, NOVEMBER 15, 2017 – The Managing Director, Bank of Industry (BoI), Olukayode Pitan, said 75 per cent of the world’s poorest countries are in Africa, adding that by 2030, it is estimated that 90 per cent of the world’s destitute children would be living on the continent.

Pitan spoke at the 2017 Chief Executive Officers Forum of African Development Finance Institutions with: Strengthening African Development Finance Institutions as theme in Abuja. He stated that poverty and regional underdevelopment still pervade due to political upheavals, civil conflicts, terrorism and general economic challenges.

He said: “With a current population of 1.21 billion, Africa is projected to experience the largest continental population growth by 2050, with an estimated addition of about 1.3 billion people within the period.

“Therefore, all of us have the responsibility to ensure that we improve the quality of life of our people. Although there have been marked economic improvements in some African countries through the adoption of science and technology.

“As we all know, Development Financial Institutions (DFIs) play a very significant role in ensuring sustainable economic and social development. This is evidenced by the roles that they have played in the economic development of Asian, European and South American economies. We have also seen strides made by these institutions in Africa, albeit more developmental impact need to be achieved.

“Poverty and regional underdevelopment still pervade due to political upheavals, civil conflicts, terrorism and general economic challenges. Research says 75 per cent of the world’s poorest countries are located in Africa. And by 2030, it is estimated that 90 per cent of the world’s destitute children will be living in Africa.”

He said African DFIs have the potential to address these issues working in synergy among with respective governments. “Individually, we can bring about some development in our countries, however only our collective effort can deliver the level of sustainable social development that we desire.

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