The outgoing President of the African Development Bank (AfDB), Mr Akinwumi Adesina, has described his 10-year leadership of the institution as a success story, marked by raising the capital of the bank by 242 per cent from $93 billion in 2015 to $318 billion.
Speaking at a breakfast meeting held for the media to declare open the AfDB 2025 Annual Meetings in Abidjan, he joked that, “When I was elected in 2015, I did not have any grey hair then. Now, my hair has turned several shades of grey from 10 years of unrelenting drive to push Africa forward. Grey from our tireless efforts to turn the Bank into a globally respected financial institution where it was ranked as the best multilateral financial institution in the world.
“Grey from leading the bank to achieve the largest capital increase in its history, raising the capital of the Bank from $93 billion in 2015 to $318 billion today – an unprecedented achievement.
“Grey from leading the Bank to achieve the highest replenishment of the African Development Fund in the history of the Fund, as we successfully raised 8.9 billion dollars for its 16th replenishment. Grey from working side by side with my staff to lead on global financial innovations such as the launch of hybrid capital instruments and synthetic securitization, becoming the first ever multilateral financial institution to do so globally.”
Describing the position as his greatest honour of his life, Mr Adesina said, “It has been a decade of relentless purpose, of enduring passion, and of tireless service. I thank you for walking on this journey with me.”
Mr Adesina, a Nigerian Development Economist and Agricultural Development Expert became president of the bank 10 years ago.
This was after serving as Nigeria’s Minister of Agriculture from 2011 to 2015, under the administration of President Goodluck Jonathan.
He is also passionate about ending poverty, hunger and malnutrition in Africa and lifting millions of people into the middle class.
The 2025 meetings are being held under the theme: “Making Africa’s Capital Work Better for Africa’s Development.”
Key highlights of the sessions include the Presidential Dialogue, the launch of the African Economic Outlook, and in-depth thematic discussions aimed at mobilising capital and building stronger institutions.
The Annual Meetings which opened on Tuesday will end on Friday. On Thursday, the bank will hold the election for its next leader, where five heavyweights are vying for the top job.