Akinwumi Adesina, President of the African Development Bank (AfDB), is preparing to step down after ten years at the helm, leaving behind a transformed institution and a legacy of bold leadership.
At a media breakfast on Monday, May 26 during the AfDB Annual Meetings in Abidjan, Côte d’Ivoire, Adesina said he was proud of having grown the Bank’s capital from $93 billion in 2015 to $325 billion in 2025, calling it an achievement without precedent.
“The two things I am proud of are that we were able to mobilise resources for this like never before in its entire history. The capital of the bank grew from $93 billion to $318 billion,” Adesina said.
“In fact, yesterday I was talking with my vice president of finance, and she told me that because of the variation in currencies and our value, it is not even $318 billion, it is $325 billion. So, I’m very proud of the fact that we mobilised that amount of resource.”
He added, “The second thing I’m very proud of is that the AfDB has helped to shape, define, and defend the interests of Africa everywhere in the world.”
Reflecting on the pressures of office, Adesina said: “When I was elected in 2015, I did not have any grey hair then. Now my hair has turned several shades of grey.
“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 highest replenishment of the African Development Fund in the history of the Fund, as we successfully raised $8.9 billion for its 16th replenishment.”
Under his leadership, the AfDB launched its “High 5s” development agenda, which he said has positively impacted 565 million lives across the continent.
“In all, 128 million people now have access to improved health services. Also, 121 million people now have access to improved transport; 104 million people are now food secure; 63 million people now have access to potable water; 34 million people now have access to improved sanitation and 28 million people now have access to electricity,” he said.
He noted the success of the Mission 300 Energy Summit in Dar Es Salaam, co-led with the World Bank and other partners, which aims to connect 300 million Africans to electricity by 2030. “These are not just figures. They are futures. They are hopes realised.”
During the global food crisis sparked by the Russia-Ukraine war, Adesina said the Bank responded with a $1.5 billion emergency facility that enabled 13 million farmers in 29 countries to access seeds and fertilisers. “The result was 44 million metric tons of food produced, with 116 per cent above target worth $17.3 billion.”
As he prepares to hand over the reins, Adesina urged his successor to stand firm for Africa and avoid shallow projects.
“The responsibility of that leader is to build on the past, to look far into the future, and to find within themselves what the courage it takes to stand up for Africa’s interest.
“To make sure that Africa’s voice is never silent on the issues that matter globally and where it matters globally. We must never follow. We must lead. And to be leading, you have to understand.
READ ALSO: AfDB Commits $650m Yearly to Transform Nigeria’s Economy by 2030
“This president, I always say, Africa does not need Mickey Mouse projects from the Mickey Mouses. I hope I have given enough for my successor.
“But that successor will have my prayers. And of course, we have excellent staff at the African Development Bank.”
He added, “For the role of a leader, vision, leadership, guidance, direction, and boldness are required to defend the positions you believe are in the best interest of a continent. This is not a job that you want to be popular and make friends.
“It’s a position where you have to confront certain ideas and certain philosophies that are not necessarily going to advance Africa’s interests. So please, if you don’t have the backbone to do so, don’t take this position.”
As the continent’s biggest multilateral lender heads for change, the race to replace Adesina is on, with five candidates from Senegal, Mauritania, Zambia, Chad, and South Africa vying for the presidency.
The winner will be chosen on Thursday, May 29 and must secure majority support from both African and non-African member states.
The transition comes at a challenging time. The US, under Donald Trump’s leadership, is considering cutting $555 million from its contributions to the AfDB and the African Development Fund, which provides low-cost finance to the continent’s poorest countries.
The next AfDB president will face the tough task of convincing the US to reverse its funding cuts or turn to countries like China, Saudi Arabia, and the UAE for new capital, possibly in exchange for greater influence.
The AfDB, backed by 81 member countries and with Nigeria as its largest shareholder, lends about $10 billion annually, far short of the continent’s estimated $100 billion development needs.
Senegal’s Amadou Hott, a leading contender, has called for Africa to rely more on its own wealth.
“The real breakthrough will come when we unlock our own $4.5 trillion in domestic savings and investment capacity,” he told Bloomberg.
Hott has also proposed launching an African credit rating agency to counter unfair global assessments.
“African countries with the same credit ratings as peers outside the continent often face borrowing costs that are up to 400 basis points higher,” he said.
“We should work on reducing borrowing costs for Africa,” he added. “Strengthening local currency lending would dramatically reduce Africa’s debt vulnerability and improve access to finance.”
The next AfDB president will have to strike a balance between bold reforms and securing new sources of funding, all while continuing the Bank’s ambitious mission of transforming the continent.