The president of the African Development Bank Group, Dr Akinwumi Adesina, has said that insecurity is threatening Africa's development.
He said this while addressing heads of state of the Economic Community of West African States at its 59th ordinary session on Saturday in Accra, Ghana.
Adesina "Your Excellencies, when we resolve Africa's debt challenges, I can rest, if just a little. But one thing will still keep me awake at night: Africa's rising insecurity.
"As you well know, the situation is most precarious in the Sahel and the Lake Chad Basin. And I am sure it keeps you also awake at night.
"The trend is disturbing, as expenditures on defense are rising fast, displacing financing for development.
"Your Excellencies, the investible space in Africa is rapidly shrinking due to insecurity. Take the case of Mozambique, where the African Development Bank helped to structure a $24 billion deal for its Liquefied Natural Gas project. This transaction won the Global Project Deal of the Year 2020 Award. This would have made Mozambique the 3rd largest producer of Liquefied Natural Gas in the world, with projected revenues of $66 billion.
"Alas, terrorists have now invaded the location. TOTAL, the major project sponsor, has just declared force majeure and has pulled out.
"These insecurity situations and insurgencies now pose the biggest risks to Africa's development.
"Yet, countries lack adequate resources to effectively tackle these challenges. If unaddressed quickly, insecurity will become a huge risk to our dream of an African Continental Free Trade Area," Dr Adesina said.
To tackle the issue of insecurity in Africa, Dr Adesina recommended the establishment of a security index investment bond, which would provide the collective financing needed in the fight against insecurity.
"Your Excellencies, we must now link security to investment, growth, and development."