Akinwumi Adesina bows out as president of AfDB

Akinwumi Adesina, the trailblazing Nigerian economist and reformer, has bowed out as president and chairperson of the board of directors of the African Development Bank (AfDB) after a transformative decade at the helm. His farewell, marked by a series of glowing tributes and heartfelt accolades, capped ten years of leadership that redefined the bank’s role on the continent and beyond.

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Adesina, 65, was first elected as president of the AfDB in 2015, making history as the first Nigerian to hold the position. He was re-elected for a second term in 2020. Prior to this, he served as Nigeria’s agriculture minister from 2010 to 2015, a tenure that earned him the title of Forbes African Man of the Year for his sweeping reforms in the sector.

His departure was formally marked in Abidjan during the AfDB’s Annual Meetings, where global leaders, institutional heads, and African dignitaries gathered to honour his legacy.

“You’ve brought vision, energy and relentless determination to the job,” said Ajay Banga, world bank president, in a tribute that reflected the warm relationship between the two major development institutions. “It’s been a privilege to learn from and work alongside you.”

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Banga credited their early meeting—when he was still a candidate for the World Bank presidency—as the foundation of a renewed and impactful partnership. “Most importantly, we’re committed to the future of Africa and its young people and their desire for a better life. Akin, thank you for your leadership, your passion, and your commitment to Africa.”

Ngozi Okonjo-Iweala, World Trade Organization director-general and a compatriot, praised Adeshina’s decade-long stewardship for elevating the bank’s stature.

“His tenure has significantly raised the profile of the bank to a new height of recognition and respectability… He is leaving a legacy of which he, Nigerians and all Africans should be proud.”

A decade of scale and strategic transformation

Adesina’s leadership was defined by bold vision and decisive action. Under his watch, the AfDB’s capital base grew from $93 billion to a staggering $318 billion—an expansion widely regarded as one of the most remarkable in the institution’s history. The bank maintained its prestigious AAA credit rating throughout his tenure, a testament to strong financial stewardship and strategic clarity.

He championed the mobilisation of over $23 billion for the 15th replenishment of the African Development Fund, the bank’s concessional arm for low-income countries. His innovative approach to capital markets helped unlock new asset classes for global investors and scaled private sector financing from $2 billion to $6 billion.

Adesina also launched the African Investment Forum, an ambitious platform designed to accelerate investment flows into the continent and attract global capital for high-impact projects.

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In a commendation resolution, the board of governors expressed the sentiment shared by many:

“We thank him for his exceptional leadership, vision, and strategic acumen. He spared no effort in expanding the bank’s global presence and normative influence, including participation in the G7 and G20.”

A parting note and a personal touch

In his farewell remarks, Adesina expressed gratitude for the goodwill messages he received from across the world.

“Special thanks to all those who sent congratulatory messages,” he said warmly.

Fittingly, the ceremony ended not with dry formalities, but with an uplifting and emotional rendition of We Are the World by Michael Jackson, delivered by Adesina himself—his voice resonating with sincerity and hope, leaving an indelible impression on those present.

As the curtain closes on his presidency, Adesina leaves behind a bank profoundly transformed, a continent more connected to global capital, and a generation inspired by the power of visionary leadership.