Adesina completes mission at AfDB
Abidjan, Cote d’Ivoire (PANA) - After a decade at the helm of the African Development Bank, Akinwumi Adesina is stepping down, leaving behind a bigger, more visible, and more innovative institution.
The Nigerian economist, often referred to as Africa’s “optimist in chief,” tripled the bank’s capital base grew from $93 billion in 2015 to $318 billion in 2024, while maintaining AAA credit ratings throughout his tenure, AfDB said in a press release.
He set out a clear vision through his signature “High 5s” agenda: Power Africa, Feed Africa, Industrialise Africa, Integrate Africa, and Improve Quality of Life.
According to observers and analysts of Africa’s political and economic institutions, under his watch, AfDB pioneered new approaches to development finance, including the first hybrid capital issuance by a multilateral development bank.
“Most would acknowledge that AfDB has become very innovative when it comes to financial innovations,” said Annalisa Prizzon of ODI Global, who also credits Adesina with leaving behind a transparent portfolio and a coherent 10-year strategy.
The bank also launched flagship initiatives such as the Africa Investment Forum and Mission 300, a joint effort with the World Bank to connect 300 million Africans to electricity by 2030.
Still, delivery didn’t always match ambition. The Desert to Power solar programme has reached less than 3% of its target, while critics noted “delivery and structural gaps”, including delayed projects and limited authority for country offices, said Brenda Chongo Chanda of African Centre for Economic Transformation.
Adesina acknowledged the toll of the role but described it as a calling: “For the last 10 years, I’ve had no life. But I always say that I couldn’t think of anything more important than to be given the trust, the responsibility, and the resources to go and transform the continent of my birth,” he said in January. “This is not a job for me. This is a mission.”
His successor, Mauritanian economist Sidi Ould Tah, assumes office this week in Abidjan.
Speaking at a farewell ceremony in Abidjan, Adesina said: "I came to the Bank with a mission, not to take a job." “That mission …to be known not just for being a great bank, but for being Africa’s most trusted development financier.”
Under Adesina’s leadership, the African Development Bank Group’s High 5 strategic priorities impacted on the lives of 565 million people.
Adesina enumerated the achievements of his presidency, including navigating multiple global crises and implementing significant institutional reforms.
Reaffirming his dedication to Africa’s progress, Adesina said: "I will live as an African and die as an African, and if at all possible, ask God on the last day to resurrect as an African!"
Adesina is credited for driving innovation in development finance. During his tenure the institution became the first multilateral development bank to deploy synthetic securitization. In 2024, it achieved another first by launching a private sector hybrid capital transaction worth $750 million.
Under his leadership, the Bank provided over $102 billion in support for Africa and invested over $55 billion in infrastructure, covering energy, water and sanitation, roads, transport corridors, digital infrastructure, seaports, railways, and airports.
-0- PANA AR/MA 1Sept2025
