Dr. Adesola Kazeem Adeduntan, Chief Executive Officer of FirstBank Group, delivered a compelling keynote speech at the 12th African Leadership Magazine Persons of the Year Awards Ceremony, held at the Ethiopian Skylight Hotel on March 14th and 15th, 2024.
Adeduntan was honoured with the distinguished Lifetime Achievement Award in Banking at the ceremony, recognising his exceptional contributions to the banking sector both domestically and internationally. The event, themed “Building Resilient African Economies,” brought together key stakeholders to celebrate and acknowledge individuals driving Africa’s socio-economic growth and development forward.
In his keynote address, he expressed gratitude for the opportunity to speak at the prestigious event hosted by African Leadership Magazine. He commended the magazine for its unwavering commitment to advancing the ideals of innovation, entrepreneurship, and development on the African continent.
Drawing parallels to the recently concluded Africa Cup of Nations (AFCON) 2023 in Cote d’Ivoire, he also highlighted the transformative power of unity and collaboration in Africa’s pursuit of economic prosperity. He emphasised the need for African economies to grow inclusively, pivoting away from heavy reliance on primary agricultural produce or minerals.
“To achieve this, African economies must systematically pivot away from the current structure of heavy reliance on primary agricultural produce or minerals as the economic mainstay. Rather, the necessary policy, infrastructural, and environmental investments required to locally add value to the continent’s vast agricultural produce and commodities must be made.”
He pointed out the importance of the African Continental Free Trade Agreement (AfCFTA) as a catalyst for economic growth and poverty reduction on the continent. He urged African leaders to commit to sustainable solutions that would ensure the full operationalization of AfCFTA, thereby unlocking opportunities for micro, small, and medium enterprises (MSMEs).
As CEO of FirstBank Group, Dr. Adeduntan outlined the bank’s commitment to supporting African businesses through innovative financial services and corporate social responsibility initiatives. With a presence on three continents and seven African markets, FirstBank Group continues to empower individuals and businesses to achieve their financial goals, contributing to economic development and poverty reduction across the continent.
“As a pan-African bank that has operated on the continent for 130 years, FirstBank continues to partner with African businesses on their growth journey in clear and distinctive ways. With our almost 700 business locations, over 250,000 FirstMonie agents (across the continent), and a plethora of digital channel offerings (such as USSD, mobile, and online banking), FirstBank is a key partner in advancing financial inclusion in Africa. The Bank’s robust bouquet of innovative financial services products also empowers both the African people and their businesses to achieve worthy financial goals that contribute to economic development on the continent. FirstBank is renowned for its staunch support for Africa’s powerhouse, the MSMEs, providing critical skills development and financing opportunities that are in sync with the realities of many African businesses.”
Adeduntan reaffirmed FirstBank Group’s dedication to realising the African dream of true greatness and economic prosperity. He expressed gratitude to all attendees and reiterated the bank’s commitment to remaining a solid partner in Africa’s journey towards a brighter future.
Here is the complete speech below.
KEYNOTE SPEECH DELIVERED BY DR. ADESOLA ADEDUNTAN, CEO, FIRSTBANK GROUP, AT THE 12TH EDITION OF THE AFRICAN LEADERSHIP MAGAZINE PERSONS OF THE YEAR AWARDS CEREMONY HELD AT THE ETHIOPIAN SKYLIGHT HOTEL, ADDIS ABABA, ETHIOPIA, 14-15 MARCH 2024
Legacy & Leadership: FirstBank’s Adeduntan Keynote Inspires Action at ALM POTY 2024
Your Excellencies and other key government functionaries, here present; respectable Business Leaders from all walks of life; distinguished Ladies and Gentlemen.
I am particularly honoured to deliver this Keynote Speech at this year’s edition of the African Leadership Magazine’s Persons of the Year Awards. Since its inception, the African Leadership Magazine (ALM), has, unarguably, been at the forefront of advancing the ideals of innovation, entrepreneurship and development on the African continent.
These ideals are indeed pivotal to the transformation of Africa and the prosperity of its ~1.5 billion people. It is therefore no surprise that the ALM has asked me to speak on the topic- “Raising the Bar: Building Resilient African Economies”. I would like to start by referencing the just concluded Africa Cup of Nations (AFCON) 2023 in Cote d’Ivoire which represents a snapshot of the transformation happening in Africa. For thirty days, the attention of the global sporting fans/spectators was fixed on the top-notch quality of the event’s infrastructure, the spectacular quality of play, an officiating from participating countries and match officials, the great camaraderie and sportsmanship among supporters and the growing unpredictability of football match outcomes on the continent. Indeed, African countries are raising the bar!
Akin to football, as Africans, we are united in our quest for the continent’s economic prosperity as a tool for poverty reduction and raising the standard of living of our people. According to the World Bank, if Africa’s economies continue to grow at the current pace, extreme poverty on the continent will fall to around 23% by 2030. While this might represent some improvements, the sheer fact that about 400 million of our compatriots will still live in extreme poverty creates a compelling case for more resilient economies across the continent. To significantly push down the rate of extreme poverty, African economies must not only grow at a faster pace but in a more inclusive manner.
To achieve this, African economies must systematically pivot away from the current structure of heavy reliance on primary agricultural produce or minerals as the economic mainstay. Rather, necessary policy, infrastructural and environmental investments required to locally add value to the continent’s vast agricultural produce and commodities must be made. As the economic transformation journeys of other continents have shown, widespread prosperity is only unlocked along the value chains thereby amplifying opportunities around finite natural or mineral resources. Also, doing this will reduce the vulnerabilities associated with African economies to global commodity prices volatilities, thus improving overall resilience.
Similarly, the African Continental Free Trade Agreement (AfCFTA) has been well-conceived as a vehicle for economic growth to boost intra-Africa trade and the continent’s income by an additional $450 billion by 2035. The World Bank has projected that, when the AfCFTA is fully operational, AfCFTA has the potentials to lift about 30 million Africans out of extreme poverty. Nevertheless, despite the AfCFTA’s bright prospects, significant challenges that might stall the realization of its lofty goals still exist within its implementation.
Therefore, an immediate step towards building more resilient African economies will be a firm commitment and dedication of African leaders, across both the public and private sectors, to seeking sustainable solutions to the myriads of issues still militating against the full operationalization of AfCFTA on the continent. When fully implemented, the AfCFTA is poised to radically transform the fortunes of Africa’s micro, small and medium enterprises (MSMEs) which have been noted as accounting for over 80% of employment on the continent.
As a Pan-African Bank that has operated on the continent for 130 years, FirstBank continues to partner with African businesses on their growth journey in clear and distinctive ways. With our almost 700 business locations, over 250,000 FirstMonie Agents (across the continent) and a plethora of digital channel offerings (such as USSD, mobile and online banking), FirstBank is a key partner in advancing financial inclusion in Africa. The Bank’s robust bouquet of innovative financial services products also empower both the African people and their businesses to achieve worthy financial goals that contribute to economic development on the continent. FirstBank is renowned for its staunch support for Africa’s powerhouse – the MSMEs – providing critical skills development and financing opportunities that are in sync with the realities of many African businesses.
As a Bank with presence in three continents (African, Europe and Asia) and seven African markets (Nigeria, Ghana, Democratic Republic of Congo, Sierra Leone, Senegal, Guinea and The Gambia) and counting, FirstBank takes more than a mere commercial interest in its operations on the continent. The Bank’s thoughtful corporate social responsibility projects have impacted more than 100 Charities / NGOs across all the jurisdictions where we operate. Through these annual initiatives, FirstBank directly contributes to improving the socio-economic conditions and reducing extreme poverty in the African communities we serve.
As Africa trudges on this path to true greatness and economic prosperity, FirstBank, like we have done over the last 130 years, will remain a solid partner in realizing the African dream.
Thank you for listening.
Dr. Adesola Adeduntan
CEO, FirstBank Group
