President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, has announced that his tenure will officially end on September 1, 2025, marking the conclusion of a transformative decade at the helm of the continent’s premier financial institution.
Adesina made the announcement on Saturday during the groundbreaking ceremony of the Oyo State Special Agro-Industrial Processing Zone (SAPZ) in Atan-Ijaye, Akinyele Local Government Area. He described the visit as his final official engagement in Nigeria as AfDB President.
“This is actually my last time that I will be in Nigeria as President of the African Development Bank. My term comes to an end exactly at 8:00 a.m. on September 1, 2025,” Adesina said, to warm applause from stakeholders.
Reflecting on his 10-year journey, the former Nigerian Minister of Agriculture said it had been an “honour to serve Africa and to use that as an instrument to serve my country, Nigeria.”
He expressed deep gratitude to President Bola Ahmed Tinubu, Vice President Kashim Shettima, members of the National Assembly, state governors, the private sector, and the Nigerian people for their unwavering support throughout his tenure.
“In 2015, when I took over as President of the bank, its capital stood at $93 billion. Today, it is $318 billion,” Adesina declared. “We did everything right—good governance, transparency, and accountability. The bank is now ranked the best multilateral financial institution in the world and also the most transparent, scoring 78% on the transparency index.”
Turning his attention to Nigeria’s agricultural transformation, Adesina praised Oyo State Governor, Seyi Makinde, for revitalising the Fashola Farm Settlement, which has now attracted over ₦11 billion in investments.
“Governor Makinde is an exemplary leader,” he noted. “He has revived Fashola and turned it into a magnet for agribusiness.”
He reaffirmed his long-held belief in agriculture as the foundation of national security and economic transformation, pointing to the strategic role of Special Agro-Industrial Processing Zones (SAPZs) in linking producers to processors and markets.
“The goal of SAPZ is to reduce post-harvest losses, strengthen value chains, and create jobs,” he said, noting that 28 SAPZ sites are already operational across 11 African countries.
According to him, the AfDB has invested $30 million into the SAPZ initiative, with an additional $38 million mobilised from development partners. Phase II of the programme is scheduled to commence in September.
“If you want to remain poor, export raw materials. But if you want to be rich, add value. That’s the key to transforming economies,” Adesina emphasised.
He expressed satisfaction that the SAPZ model—an initiative he pioneered 15 years ago during his tenure as Nigeria’s Agriculture Minister—is finally gaining ground. He also commended the Minister of Agriculture, Abubakar Kyari, for staying committed to the project despite political pressure.
“Some people told him to abandon it because it was ‘Adesina’s project,’ but he rightly said, ‘This is Nigeria’s project.’ The SAPZ in Atan-Ijaye will uplift the community and beyond,” he said.