By KT Reporter
The outgoing President of the African Development Bank Group, Dr. Dr. Akinwumi A. Adesina congratulated his predecessor, Dr. Sidi Ould Tah on his election as the ninth President of the continental bank.
Dr. Akinwumi A. Adesina, the 8th elected President of the African Development BankGroup formally bid farewell to the governors of the different governments of Africa as he prepares to leave the bank in two months from now. He on Friday evening delivered his last speech to the Bank’s board of governors.
He has been at the helm of working together with the governments of the 81 share-holder countries in Africa. Uganda is a shareholder in the African Development Bank. Uganda is one of the Bank’s most important clients in East Africa, with the Bank approving 122 projects.
Uganda has been a partner with the Bank since 1968.
The AfDB has 81 shareholder countries, including 54 African countries or regional member countries (RMCs) and 27 non-African countries or non-regional member countries.
Adesina called for Africa to hold itself together especially during times of opportunities and challenges.
he thanked the governors of African from enabling him and his staff to deliver to their respective mandates. Domestic Resource Mobilsation
The meeting was held at a time of great uncertainty amidst aid cuts from countries like United State of America. The Trump administration also imposed tough trade tariffs.
Dr. Akinwumi A. Adesina has in the past months said African should resource to domestic resources mobilization and through trade with in the continent under ACTFA.
“We are increasing committed to domestic resource mobilization. A day before the end of our annual meetings alongside the Hon Minister of Finance of Nigeria we signed the extension of the Nigerian Trust fund for another 25 years , ” he revealed.
The Nigeria Trust Fund (NTF) was created in 1976 by agreement between the Bank Group and the Nigerian government. The NTF is a self-sustaining revolving fund.
Its objective is to assist the development efforts of the Bank’s low-income regional member countries whose economic and social conditions and prospects require concessional financing.
NTF resources can co-finance operations with the African Development Bank and the African Development Fund (ADF), as well as fund stand-alone operations, in both the public and the private sector.
At the meeting, Nigeria committed to provide $500 million to the Nigeria Trust Fund. “It is an impressive contribution” said Akinwum, formerly the Nigerian Agriculture Minister.
Dr Adesina was first elected President of the African Development Bank Group on 28 May 2015. He was unanimously re-elected for a second five-year term on 27 August 2020.
Over 500 delegates and participants from over 91 countries in Africa attended the meeting of the African Development Bank and 51st Annual Meeting of the African Development Fund hosted by the Republic of Côte d’Ivoire in Abidjan from 26th to 29th May 2025.
This year’s Annual Meetings were held under the theme, “Making Africa’s capital work better for Africa’s development.” Meanwhile, the Chairperson of the African Union Commission, H.E. Mahamoud Ali Youssouf, extended congratulations to Dr. Sidi Ould Tah on his election as the ninth President of the African Development Bank (AfDB) Group.
He noted that Dr. Tah’s election is a testament to his exceptional leadership and steadfast commitment to advancing Africa’s development agenda.
Dr. Tah brings a wealth of experience to the role, notably through his tenure as Director General of the Arab Bank for Economic Development in Africa (BADEA).
His track record positions him well to lead the AfDB at a critical juncture in the continent’s journey towards economic transformation, resilience, and sustainable growth.
The Chairperson highlighted the AfDB’s central role in delivering Agenda 2063 and in advancing regional integration, infrastructure development, and inclusive prosperity.
He welcomed the prospect of strengthened collaboration under Dr. Tah’s leadership, particularly on flagship initiatives such as the African Continental Free Trade Area (AfCFTA), the Programme for Infrastructure Development in Africa (PIDA), and the Africa Vaccine Manufacturing Initiative.
Youssouf reaffirmed s the African Union’s full support for the Bank and expresses confidence in Dr. Tah’s ability to respond effectively to the continent’s most pressing challenges — from debt sustainability and food security to climate resilience and digital innovation.
He paid tribute to Dr. Akinwumi Adesina, the outgoing President, acknowledged his exemplary leadership and many achievements during his tenure. He wishes Dr. Adesina continued success in his future endeavor-URN. Give us feedback on this story through our email: kamwokyatimes@gmail.com
