Earlier in the week, the African Development Bank (AfDB) witnessed a change of baton, with its former president, Nigeria’s Dr Akinwunmi Adesina handing over to his successor, Sidi Ould Tah after 10 years of leading the continental financial institution, Weekend Trust reports.
Adesina, a one-time minister of agriculture and rural development in Nigeria, has undoubtedly left a footprint in the AfDB, expanding access to finance and giving new leases of life to member states, especially the poorest of the poor in Africa.
Exiting the institution after serving two terms of five years each was considered a fulfilling moment for Adesina, who served as minister between 2010 and 2015 before his election into the AfDB, kicking off what would be a very eventful tenure in September 2015.
Adesina came up with a five-point agenda encapsulated under High-Five, highlighting five priorities, including lighting up and powering Africa, feeding the continent, industrialising Africa, integrating Africa and improving the quality of life for the people of Africa; the priorities that align with the United Nations’ Sustainable Development Goals.
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Under the Light Up and Power Africa, Adesina was determined to tackle energy crisis by expanding access to affordable, reliable and sustainable electricity. Since its launch, the AfDB has made significant strides, including financing renewable energy projects, such as Morocco’s Noor Solar Complex, and improving rural electrification across several countries.
It would be recalled that Adesina declared how some 600m people in Africa lack access to electricity, saying the continent needed huge investment opportunities in the sector.
He made the assertions at the 2025 Standard Chartered Bank Africa Summit recently in Lagos. Adesina identified the renewable energy sources available in Africa.
The sources, according to him, included solar (11 terawatts), hydro (350 gigawatts), wind (150 gigawatts), and geothermal (15 gigawatts).
He noted that unlocking these potentials would power massive industrial development for the continent, allowing it to be more competitive and expand value addition to its vast agricultural commodities, minerals and metals.
Adesina disclosed that the AfDB and the World Bank’s jointly launched Mission 300 had it as a goal to connect 300 million people to electricity by 2030.
“This requires public and private sector investments. The energy compacts for the first 12 countries totals $127 billion with over $61 billion expected from the private sector,” he said.
The Feed Africa priority targeted food security with a view to eliminating hunger by enhancing agricultural productivity. The bank invested in irrigation, improved farming techniques and value chains for agricultural products like cassava and cocoa; the efforts which contributed to lifting millions of smallholder farmers out of poverty while promoting food sovereignty.
Industrialise Africa focuses on transforming Africa’s economies through manufacturing and industrial development. The AfDB supports infrastructure development, access to finance for small and medium enterprises (SMEs) and policy reforms.
Integrate Africa promotes regional integration by developing cross-border infrastructure, transport corridors and trade facilitation.
Improve the Quality of Life for the People of Africa addresses social issues, such as education, health care, water and sanitation.
Bold statement on infrastructure
One of the achievements of the Adesina-led AfDB was massive investment in infrastructure with over $50 billion spent to boost infrastructure on the African continent.
Speaking during the annual meeting of the bank in May, Adesina projected that African economies were on a growth trajectory, thanks to the massive investments facilitated by the bank.
“African economies are experiencing great resilience despite the challenges posed by climate change, geopolitical tensions, global inflation, rising debt, among others,” he said.
He said that more than half of African countries, 31 in all, achieved higher real gross domestic product (GDP) growth rates in 2023 than in 2022, while 10 countries are among the 20 fastest growing economies in the world.
In 2023 alone, Adesina said AfDB’s financing totalled over $10 billion across all its high five priorities to Light up and Power Africa; Feed Africa; Industrialise Africa; Integrate Africa; and improve the quality of life of the people of Africa.
He disclosed that since the launch of the High 5s in 2016, AfDB’s financing had impacted the lives of over 400 million people.
Last year, Adesina said the work of the bank had significant impacts across the continent with 11 million farmers provided with access to improved agricultural technologies.
Also, he said 8 million people were provided with access to new sanitation facilities; 3.5 million provided access to improved transport; 2.8 million provided with better health services; 1 million provided with access to clean water, and over 443,000 enterprises provided with access to finance.
Capital expansion
The AfDB recorded a surge in capital growth, expanding by 241.9 per cent over the past decade.
The bank’s capital skyrocketed from $93 billion in 2015 to $318 billion in 2025, according to report.
He also achieved the successful replenishment of the African Development Fund, which raised $8.9 billion and underlined the significant impact the bank has had, benefiting half a billion Africans through its investments over the past 10 years.
Adesina is recognised as an illustrious Nigerian and African who is passionate about African development, committed to eradicating poverty and hunger and building an egalitarian society. This was reflected in the number of awards and recognitions, including Kenya’s highest national honour, Awolowo Prize for Leadership, the US Award by the Corporate Council on Africa (CCA), among several others.
President Bola Ahmed Tinubu applauded Adesina’s foresight and extraordinary performance at the African Development Bank after a decade-long service as president of the pan-African development institution.
Speaking at the unveiling of a book and farewell ceremony, with the theme, “Akinwumi A. Adesina: The Man, His Mandate, Mission and Message,” held at the AfDB headquarters in Abidjan, Côte d’Ivoire, Tinubu, represented by the minister of state for finance, Dr Doris Uzoka-Anite, the president said that through his High 5 agenda, Adesina drove economic growth, improved food security and promoted regional integration across the continent.
Quoting Tinubu’s message on the occasion, a statement issued by the Director, Information and Public Relations, Ministry of Finance, Mohammed Manga, reads, “We celebrate your decade-long leadership and achievements at the African Development Bank. Your dedication to Africa’s economic transformation has inspired a new generation of leaders. We wish you continued success in your future endeavours.”
Change of baton
Amidst the accolades that trailed Adesina’s tenure, the bank in May started preparation for a change of baton, a milestone in the history of the financial institution established in 1964 and has been playing a pivotal role in championing Africa’s development agenda.
On May 29, 2025, shareholders of the bank elected Sidi Ould Tah of Mauritania as the new president of the group at the bank’s annual meetings held in Abidjan, Côte d’Ivoire, signaling the commitment of a transition process.
Tah was elected by the bank’s Board of Governors, comprising finance and economy ministers or Central Bank governors of the group’s 81 regional and non-regional member countries. The board is the highest decision-making authority for the bank.
The results were announced by Niale Kaba, the Minister of Planning and Development for Côte d’Ivoire and chairman of the Board of Governors of the Bank Group.
Tah, a Mauritanian national, has over 35 years of experience in African and international finance. He served as president of the Arab Bank for Economic Development in Africa (BADEA) for 10 years from 2015, where he led a full transformation that quadrupled the bank’s balance sheet, secured a AAA rating, and positioned it among the top-rated development banks focused on Africa.
A former minister of economic affairs and Finance of Mauritania, Tah has held senior roles in multilateral institutions and has led crisis response, financial reform and innovative resource mobilisation for Africa, including the establishment of BADEA’s $1 billion callable capital program for African MDBs.
His inauguration on Monday was attended by Côte d’Ivoire’s President Alassane Ouattara and his Mauritanian counterpart, Mohamed Ould Ghazouani.
Adesina and Dr Donald Kaberuka, as well as the Bank Group’s Board of Governors, including executive directors, members of staff and international dignitaries were in attendance to witness the change of leadership.
The Republic of the Congo’s economy minister, Ludovic Ngatsé, in his capacity as the chairman of the Board of Governors of the Bank, presided over the swearing in ceremony.
President Ghazouani noted that, “Dr Sidi Ould Tah has this heavy responsibility to ensure that the bank enhances its key role in promoting the economic and social development of the continent for it to remain a full lever in terms of fulfilling the aspirations of African people to peace, prosperity and development.”
President Ghazouani expressed confidence in the bank’s new president to deliver for the continent.
In his acceptance speech, Dr Ould Tah acknowledged the presence of bank partners, including Finance in Common, the Alliance of African Financial Institutions, the International Development Finance Club, and the Arab Coordination Group, and pledged his readiness “to expand the bank’s partnership to new players, such as sovereign funds, pension funds and others.”
He also expressed commitment to “urgently revisit our investment models to include a dedicated pillar for investment in peace.”
Dr Ould Tah outlined four priorities that will guide his presidency in the first 100 days of office as listening intently; launching a fast-track reform agenda, deepening partnerships and accelerating real solutions as the core priorities.
The new president reiterated that the bank would be “attentive, responsive and capable of setting priorities that matter.”
He added that the bank would enhance partnerships by working closely with governments, the private sector and international partners, “so that together we create a financial framework that serves Africa on its own terms.”
Tah said: “Africa must look North, South, East and West, not to imitate but to draw wisdom and strength from every direction while defining its own course. Like a navigator guided by the compass, the bank should help Africa navigate the megatrends toward increased self-reliance, ambition and agency.”
He, however, stressed important leadership role in crafting universal solutions “shaped by African perspectives,” saying that African priorities and agency must be approached in a selective manner.
“The African Development Bank should not aim to be everything to everyone. It should focus on where it can move the needle most, always with the spirit of partnership,” he added.
Agenda for the new helmsman
Experts and economists say the new helmsman is coming at a pivotal time when the bank is undergoing a massive transformation, saying he has an onerous task to expand on the legacies of his predecessor.
An economist, Dr Marcel Okeke said, “The institution itself has made impact, and whoever gets there is just to hold the steering and keep moving.
“The former chief executive has lifted the profile and impact of that institution and whoever is coming has to sustain the tempo somehow. The AfDB has had a lot of impact and I believe the new chief executive officer has a pedigree, meaning that he must have gathered some relevant experiences and so on. He should just hold the steering wheel and keep going.”
By Abdullateef Aliyu,
