Dr. Akinwumi Adesina, the outgoing President of the African Development Bank (AfDB), implored Liberia’s leadership to take decisive action in harnessing the country’s abundant natural resources to foster sustainable development.
Speaking during a high-profile visit to launch the Youth Entrepreneurship Investment Bank (YEIB), Dr. Adesina emphasized that Liberia has the potential to lift itself out of poverty if its leaders adopt a forward-thinking approach to governance, accountability, and innovation.
In a stirring lecture, Dr. Adesina outlined the wealth of Liberia’s natural assets, which include rich mineral deposits, lush forests, fertile agricultural lands, and diverse biodiversity.
He adamantly stated, “Liberia has no business being poor.” His comments aimed at President Joseph Boakai and a room full of government officials highlighted a stark reality: the prosperity of Liberia hinges on the effective management of its existing resources.
The launch of the YEIB, with its initial investment of US$17.8 million, is a groundbreaking initiative aimed at supporting youth-led businesses.
Dr. Adesina revealed that the bank is expected to facilitate funding for over 150 startups, unlock more than US$500 million in lending, and create myriad job opportunities for young Liberians aged 18 to 35.
He expressed optimism that this initiative would invigorate a new wave of entrepreneurship among the country’s youth by offering not just funding, but also mentorship and innovative drive particularly in agriculture and digital technology.
In his address, President Boakai echoed Dr. Adesina’s sentiments, highlighting the imperative nature of youth empowerment in addressing Liberia’s demographic challenge, with over 60 percent of its population under the age of 30.
He called the YEIB a program that goes to the heart of Liberia’s future, aiming to shift young people from job seekers to job creators, thereby addressing the severe unemployment issue facing the nation.
Dr. Adesina also challenged Liberia to move beyond its historical reliance on exporting raw materials, which he described as “the door to poverty.”
Instead, he advocated for the establishment of value chains that would allow the country to process its natural resources into finished goods for export. This strategic shift, he contended, would not only create jobs but also bolster local industries and retain wealth within Liberia.
He underscored the necessity for the Boakai administration to invest in infrastructure and technical skills vital for local value addition. “The export of value-added products is the highway to wealth,” he asserted, pressing for systemic changes that could transition Liberia into a vibrant economy.
In one of the more poignant moments of his speech, Dr. Adesina addressed the importance of accountability within the government, commending President Boakai for introducing performance evaluations for public officials.
He warned, however, that policies would be ineffectual if not properly implemented. “Do not merely blow the whistle when things go wrong,” he cautioned, emphasizing the need for the president to take corrective measures.
Dr. Adesina urged Boakai to actively reward top performers while removing those who underperform, insisting on the necessity for a resolute approach to governance.
Sharing insights from his decade-long leadership of the AfDB, Dr. Adesina offered seven core leadership lessons, with a focus on the establishment of a clear national vision and accountability within government structures.
He pointed to the AfDB’s “High 5s” framework as an exemplar, urging Liberia’s leaders to adopt similar accountability measures across its ministries.
Concluding his address, Dr. Adesina made an emotional appeal for national unity and identity, rallying attendees to embrace their shared resilience and aspirations. His invitation to join him in declaring, “I am Liberian,” elicited applause and enthusiastic support from the crowd.
Responding to Dr. Adesina’s poignant remarks, President Boakai expressed profound gratitude for his partnership and support throughout his tenure, acknowledging Adesina as a champion for Africa’s development.
He reflected on the influence of the AfDB under Adesina’s leadership, asserting that the programs and initiatives developed would leave a lasting legacy that continues to benefit Liberians for generations to come.
