The President of the African Development Bank, Akinwumi Adesina has advised Nigeria to make its youths drivers of the new economy through the creation of Youth Entrepreneurship Investment Banks.
He said that making Nigerian youths the drivers of the economy will put new financial ecosystems around them to fully unleash their potential.
Mr. Adesina stated this on Monday at the opening of a two-day Mid-Term Ministerial Performance Review Retreat organized to assess progress made towards the achievement of the nine key priorities of the President Muhammadu Buhari administration.
“We must move away from so-called ‘youth empowerment programs.’ The youth do not need handouts. They need investments,” the former minister added.
“This is why the African Development Bank is currently working with central banks and countries to design and support the establishment of Youth entrepreneurship investment banks”.
He explained that 75% of youth in Nigeria are under the age of 35 and more decisive actions are needed to turn this demographic asset into an economic dividend.
“We must unleash the potential of the youth of Nigeria. Today, over 75% of the population is under the age of 35,” he explained.
“A young, productive, youthful population, with access to education, skills, social protection, affordable housing, and medical care, will power Nigeria’s economy, now and well into the future”.
He said the establishment of the new financial institutions, run by young, professional, and highly competent financial experts and bankers will develop and deploy new financial products and services for businesses and ventures of young people.
According to him, several African countries have already indicated their readiness to establish Youth Entrepreneurship Investment Banks, hence Nigeria should make its youth the drivers of the new economy.
“One of the industries that will dominate the future is the FinTech industry. By 2030, 650 million Africans will have smartphones, and 50 million will have 5G phone networks. Digital payments, mobile money accounts, savings, credit, and money transfers will revolutionize businesses.
“Nigeria’s FinTech is surging as one the leaders in Africa today. Google recently announced plans to invest $1 billion in Africa. That tells you something: they see the demographic and mobile tech growth and how this will rapidly change the future of e-commerce, trade, health, and finance.
“The African Development Bank will support the Federal Government efforts, being led by Vice President Osinbajo, on Digital Nigeria. The Bank is preparing investment in the Digital and Creative Enterprises (I-DICE) program, a $600 million investment to be co-financed with several partners, which will promote entrepreneurship and innovation in the digital technology and creative industries,” Adesina said.
He said Nigeria should take the FinTech industry as a major driver of the economy and invest heavily in digital infrastructure and as an economically resurgent country, Nigeria must be a more peaceful and secure nation.
“Today, more than ever, several African countries are spending a significant share of their budgets on security, displacing the resources needed for development.
“Increasingly, the investible space in many parts of Africa, including Nigeria, is shrinking due to insecurity and insurgencies. Yet, resources are not there to enable countries to cope with these rising challenges. We must recognize the strong linkages between security, investment, growth, and development,” the AfDB boss noted.
“This is why the African Development Bank is working on developing Security-Indexed Investment Bonds to help African countries and Regional Economic Communities to mobilize resources to tackle these challenges”.
The AfDB leader added that the Security-Indexed Investment Bonds will raise funds on the global capital markets to support countries to upgrade their security architecture, rebuild damaged infrastructure in conflict-affected areas, rebuild social infrastructure and protect zones where there are strategic investments.
The President of the African Development Bank Group, Dr. Akinwumi Adesina, has opined that the restructuring of Nigeria should be driven by economic and financial viability, which he noted are necessary for political viability.
Adesina stated this while delivering a public lecture in Akure, the Ondo State capital.
The public lecture titled ‘Toward a New Nigeria From Federal Fatherism to a Commonwealth’ was delivered virtually from the base of the African Development Bank in Abidjan, Ivory Coast.
Former President Olusegun Obasanjo has commended President Muhammed Buhari’s led Federal Government for the support given at ensuring the successful re-election of the President of the African Development Bank (AfDB), Dr. Akinwunmi Adesina.
Obasanjo, in what appeared to be his first official reaction, since Adesina’s re-election penultimate week, also thanked some past and present African leaders for their supports during the period.
The former President made these disclosures when the leadership of the Freelance and Independent Broadcasters Association of Nigeria (FIBAN), led by the National President, Desmond Nwachukwu paid him a courtesy call at his Olusegun Obasanjo Presidential Library (OOPL) Pent House residence in Abeokuta, Ogun State capital.
Obasanjo who was responding to remarks made by the FIBAN President on the support given to Adesina, added that education played a vital role in the success so far made by him and other Nigerians doing the country proud in their different endeavour.
“I must commend the Federal government for the support given to him to get this second term ticket. You know that the former President, Goodluck Jonathan recommended him before this new government came on board. The government could have rejected him. So, I must commend the President for supporting him all through.
“Also, let me acknowledged and commended some of my colleagues, the 14 former Presidents in Africa for joining me immediately I drew their attention to it. Some present Presidents also deserved commendations too,” Obasanjo said.
The former President emphasized on the importance of education, noting “if Adesina had not gone to school, no matter the innate ability God might have given him, he would not have got to where he is today.
“So, the first thing is how do we get about 14m children, who are out of school now back to school. 14m children who should have been in school, undergoing education training that will make them contribute to the development of the country in the near future.
“It is having a good education, that will make them a good product to market in the global world like Adesina. Not only him, we have several like him, including the AFRISM President, Dr. Oramah,” Obasanjo said, even as he observed that the country’s present image was not fairing to assist these potentials.
Obasanjo appreciated the members of the Association for the visit, moreso for the commendation on his support for the AfDB President.
The FIBAN national president had earlier disclosed that the former President’s penchant for grooming talents for leadership positions led to the emergence of Adesina, and as such, “the association is therefore using this opportunity to congratulate you on the historic re-election of Adesina.
“And we are ready to make our doors opened for you to equally tap from many of our qualified members for such leadership positions.”
Nwachukwu also hinted that the proposed School of Broadcasting in Abeokuta is to be named after the former President.
On the entourage of the President were the 2nd National Vice President, Hellen Okon, Member of the Board of Trustees Gbenga Adebayo-Oladunni, Veteran Broadcasters Ibiyemi AJADI and Asamu Akinrinde.
Others include Femi OMILANI – Chairman, Ogun State chapter, Adekunle Abolade, Chairman, Osun State Chapter, and Seun Awodele of the Oyo State Chapter among others.
The African Development Bank (AfDB) has said that the establishment of Youth Entrepreneurship Investment Banks will help to fully unleash youth potentials through technology and entrepreneurship.
This was disclosed by the bank’s re-elected President, Akinwumi Adesina during his inaugural speech on Tuesday.
Dr Adesina maintained that with the bank’s focus on youth development, the shadows of youth unemployment and migration out of Africa will be a thing of the past.
The bank’s chief said that efforts are ongoing to deliver more for women on the continent, with the implementation of the Affirmative Finance Action for Women (AFAWA), to leverage the $3 billion for women and women businesses.
READ ADESINA’S FULL SPEECH BELOW
AFRICAN DEVELOPMENT BANK GROUP
Dr. Akinwumi A. Adesina
September 1, 2020
Your Excellency, President Alassane Ouattara, President of the Republic of Côte d’Ivoire
Your Excellency, President Muhammadu Buhari, President of the Federal Republic of Nigeria
Your Excellencies, Heads of State and Governments
Excellencies former Heads of State and Governments
Chairperson of the African Union Commission
The Former Commonwealth Secretary-General
Honorable Niale Kaba, the outgoing Chairperson of the Bureau of Governors of the African Development Bank Group and Minister of National Planning of Côte d’Ivoire— Madam “Quiet Force” or “Force tranquille”
The new Chairperson of the Bureau of the Board of Governors, Honorable Ken Ofori Ata, Minister of Finance of Ghana
Governors of the African Development Bank, from 81 capitals around the world
Members of the Board of Directors of the African Development Bank
Honorable Ministers, Heads of Regional Economic Communities
Excellencies, Executive Governors of States from Nigeria
Heads of diplomatic institutions
Members of staff of the African Development Bank
My friends and family members,
My darling wife, Grace — my rock, my helper, my counselor, my sweetheart, and my children, Rotimi and Segun, Alex, Emily, and our granddaughters, Noemi, and Audra … who was born just 2 days ago!
Distinguished ladies and gentlemen, I thank God Almighty for making me able to stand before you today. I give God all the glory for all He has done and continues to do in my life – a life which I have dedicated to Him for selfless service to humanity. And above all, I am grateful for the opportunity to serve Africa passionately, to the very best of my God-given ability.
I stand before you today to speak, but I speak for two people: myself and my darling wife, Grace. For without Grace (Yemisi) I will not be here today. I love you honey — thank you for always standing with me, with prayers, and encouragement. I love you!
I would definitely not be here without the extraordinary support of my country, Nigeria, and my President H.E. Muhammadu Buhari.
Mr. President, you nominated me, you stood by me, you supported me. Thank you very much, Sir.
I am grateful to the Minister of Finance, the Minister of Foreign Affairs, and the entire Government and people of Nigeria who supported me.
I would not be here without the strong support of the African Union.
I would not be here without the strong support of all African Heads of State and governments, starting with my host President – H.E. President Alassane Ouattara.
I would not be here without the strong support of Africa’s retired heads of state and government, led by H.E. President Olusegun Obasanjo.
I would not be here without the youth of Africa, the elders of Africa, the women of Africa and the prayers of Africa.
I would not be here without the incredible decision of all my governors, shareholders of the Bank, from 81 countries around the world, for getting me here. I stand on their collective pedestal. I stand tall today because of you all … your support, prayers, and good wishes inspired us. We are grateful to you all. Thank you all very much!
Four days ago, on August 27, 2020, I was re-elected as President of the African Development Bank Group. I wish to thank you all for your incredible support and for the mark of confidence you all collectively placed in me. You elected me with 100% of all the votes of regional and non-regional shareholders of the Bank — without any exception. This is unparalleled in the Bank’s 56-year history. And for this, I am exceedingly grateful.
What honor. What confidence. And what affirmation!
You, our shareholders have showcased the African Development Bank’s exceptionally high standards and its commitment to transparency and good corporate governance. I am deeply grateful for your collective trust, confidence, and support. Above all, I am greatly honored — and humbled.
Today, a rainbow stretches from the 81 member countries of the African Development Bank across the deep blue skies of Africa, with one message — the rain is gone. Gone are the dark clouds that held us down.
I stand today, with all humility, as the President elected by all. I will be the President for all.
Your Excellencies, ladies, and gentlemen,
Over the past five years, since you first elected me as President, we have collectively charted a new way forward for Africa; one that has given stronger hope for the continent’s development.
The High5s of the Bank (Light up and Power Africa; Feed Africa; Industrialize Africa; Integrate Africa; and Improve the Quality of Life of the people of Africa) which were developed to accelerate the delivery of the Ten-Year Strategy have been implemented with deliberateness, speed, and rigor.
The High5s have taken hold on the continent and become the keys for accelerating Africa’s development. The UNDP has shown that achieving the High5s would lead to the achievement of 90% of the SDGs and the Agenda 2063 of the African Union.
Over the past five years, the Bank has delivered impressive results on this High 5s:
18 million people with access to electricity
141 million people had access to improved agricultural technologies for food security
15 million people with access to finance from private investments
101 million people with access to improved transport from infrastructure
60 million people with access to water and sanitation
We’ve achieved impressive results. The Bank’s High5 programmes have impacted 335 million people. That’s what the African Development Bank – your Bank – is all about …
Our non-sovereign operations for the private sector increased by% from $1.5 billion in 2015 to $ 2.1 billion in 2019, with the highest level of $ 2.5 billion achieved in 2016.
We have been accountable for the climate since COP 21 in Paris. The Bank’s climate financing expanded from 9% when you elected me in 2015 to 36 % by 2019 – an increase of 400%. We’ve now targeted to reach $25 billion in climate finance by 2021.
Through the innovative and groundbreaking Africa Investment Forum in 2018 and 2019, we were able to attract a combined $78.8 billion worth of investment interests into Africa In every country, the Bank’s impacts are felt. We expanded our presence to 44 countries, including across fragile states. Our staff risks their lives to deliver.
And we are delivering more for women with the implementation of the Affirmative Finance Action for Women (AFAWA), to leverage $3 billion for women and women businesses.
We have launched a Gender Equality Trust Fund, the first-ever in the Bank, and are advancing on gender markers for all projects of the Bank. We must continue to strongly support women. When women win, Africa wins!
Your Excellencies, Governors,
Winning for Africa’s development is what you set us up to do!
You the shareholders supported the historic General Capital Increase of the Bank, raising the capital of the Bank from $93 billion to $208 billion. This represents an increase of $115 billion, the highest in the history of the Bank.
As shareholders, you strongly supported a 32% increase in resources for the African Development Fund (ADF) 15th replenishment, to support low-income countries and fragile states. Today, the ADF countries receive 700% larger resources than they did in 2015.
We’ve to deliver value for money for our shareholders. The Bank has the lowest cost among all multilateral development banks.
The African Development Fund has also been rated as the 2nd best managed concessional financing institution globally.
Over the past five years we have maintained our AAA rating by all three major rating agencies — thanks to your continued extraordinary support as shareholders.
The Multilateral Organization Performance Assessment Network, otherwise known as MOPAN, ranked the African Development Bank as number one along with the World Bank.
Publish What You Fund ranked the Bank as the fourth most transparent globally.
In terms of organizations that people wish to work for in Africa, the Bank’s position as an employer of choice increased from number 82 out of 100 top companies in 2015, to number 4 in 2018 and number 3 in 2019.
We are also a very responsive Bank.
As COVID-19 shocks began, the Bank’s Board of Directors approved a $10 billion COVID-19 response facility to address immediate and project investments for countries, especially to contain fiscal meltdowns.
We launched a $3 billion social bond on the global market – the largest US dollar-denominated social bond ever in world history.
These actions reflect our ambitions, our unshaken commitment, and unyielding responsibility to support, stabilize, and strengthen African economies.
The COVID-19 pandemic has changed everything globally. It has thrown Africa’s growth back. The continent has lost gains and economic growth that were achieved over the last decade. Africa’s recovery will therefore be long and challenging.
Now, we must help Africa build back boldly, but smartly, paying greater attention to quality growth: especially in the areas of health, climate, and the environment.
As we look to the future, working with the Board of Directors, the Bank will pay increased attention to supporting Africa with quality health care infrastructure and building on its comparative advantage in infrastructure.
The Bank’s infrastructure work will focus on economic infrastructure, quality physical infrastructure, and quality health infrastructure.
COVID-19 opens up new opportunities and a greater sense of urgency to build-up Africa’s manufacturing capacity, industrial development, and critically needed industrial value chains, that must be supported by enabling infrastructure and policies.
Special attention will be given to regional industrial value chains and the strengthening of financial markets in order to expand intra-regional trade and competitiveness, and boost the Africa Continental Free Trade Area.
Your Excellencies, let there be no doubt, the challenges ahead are still many including poverty, inequality, fragility, high youth unemployment, significant infrastructure financing gaps, and sustainable debt management.
As we look to the future, let me assure you that the Bank will play a greater role in policy dialogues with countries. We will support sustainable debt management, boost green growth, and accelerate the promotion of jobs for youth on the continent.
More than ever before, we will expand partnerships – financial partnerships, knowledge partnerships, and investment partnerships. Stronger inclusive partnerships with civil society, academia, and knowledge centers of excellence.
We will reach out and tilt more global capital towards Africa — joining investment hands across the globe to support the needs of the continent.
The Bank will leverage its brand, its knowledge, and resources to help do more and better for Africa. We will deepen the Africa Investment Forum and make it a critical driver for this bold investment partnership to help move Africa forward.
We will ensure that Africa’s youth potential is fully unleashed. In this regard, the Bank will support the establishment of Youth Entrepreneurship Investment Banks. Banks that will help to mobilize and deploy capital to drive the entrepreneurship of the youth of Africa — in ways that are systemic, scalable and sustainable.
The shadows of youth unemployment and migration out of Africa must give way to a glowing light of successful youth-driven businesses across Africa. Africa’s youth must stay in Africa, develop Africa, and project Africa’s future.
We will build on the great successes we have had in agriculture, by scaling up technologies to reach tens of millions of farmers and supporting Africa to build competitive agricultural value chains. We will add value to what we produce in Africa, and provide creative and high-tech opportunities for massive youth engagement in agriculture and agribusiness.
The future beckons the Bank to be more agile and more selective; to scale up what’s working already and reinforce its own institutional and human capacity.
Our Bank must ensure its own long-term financial sustainability to drive Africa’s growth further, deeper and faster in the years to come. We must realise the dreams of a more prosperous Africa. A healthier Africa. A more resilient Africa. And, a more developed Africa.
Your Excellencies, Governors, distinguished ladies and gentlemen,
When you first elected me five years ago, I had a vision. Five years later, I have yet a vision to build on our collective achievements over the next five years. A vision to build a much stronger and resilient African Development Bank Group with the leadership and capacity to deliver greater quality impacts for the people of Africa, while remaining financially strong and sustainable.
So, our focus will be on ‘Institution’, ‘People’, ‘Delivery, and ‘Sustainability.’ Each of these are encapsulated in the following five areas which combine with the programmatic High 5s to transform the development landscape of Africa.
Build a top-notch IT capacity to enhance effectiveness and productivity in an increasingly digital age
Strengthen accountability, oversight and compliance systems
Promote a stronger performance culture
Strengthening human capacity
Preferred employer in Africa
Hire and retain top talent
Improve staff experiences and value propositions
Enhance career development and mobility
Improving responsiveness to clients
Decentralized decision making
More efficient systems and processes
Cost effectiveness and value for money
Accelerated Quality and Impacts
Enhance policy dialogues, knowledge, and debt management
Strengthen environmental and social safeguards
Accelerate development impacts
Stabilize prudential ratios
Drive a culture of cost effectiveness
Balance development objectives and financial sustainability
Optimize the Bank’s balance sheet
Leverage global private capital to complement Bank resources
Ensure the Bank attains its own intrinsic stand-alone ‘AAA’ rating for long term sustainability
With the strong support of the African Heads of State and Governments, Governors of the Bank, Ministers of Finance, the Board of Directors and staff, we will be ready from today, yet again, to roll up our sleeves and continue our collective work to deliver even greater results on our High5s to: Light up and Power Africa; Feed Africa; Industrialize Africa; Integrate Africa; and Improve the Quality of Life of the People of Africa.
The future beckons us for a more developed Africa and a much stronger and resilient African Development Bank.
In our time, Africa must shine like the brightness of the sun.
Together … united, we will achieve this.
So, today, yet again, let us move forward, driven by the power of our mission, inspired by the primacy of our vision and emboldened by the strength of our togetherness.
President George Weah of Liberia has congratulated Dr Akinwumi Adesina on his re-election as President of the African Development Bank (AfDB) for a second five-year term.
Speaking virtually during Adesina’s swearing-in ceremony, Weah said that his re-election shows the level of confidence the continent and its leaders have in him and Liberia looks forward to partnering with his leadership.
Describing Adesina’s re-election as historic, the Liberian leader said the AfDB President was able to distinguish himself within the past five years.
“Liberia looks forward to the continuous leadership under your leadership. Dr Adesina my good friend, your re-election signifies Africa and the world’s confidence in your leadership.
“God bless you in your endeavours. All the best, my brother, and congratulations,” the Liberian President said.
President of the African Development Bank Group (AfDB), Akinwumi Adesina has promised to give more support to ensure that the continent’s infrastructure gap is reduced by providing quality growth.
Dr Adesina, during his inaugural address after being sworn-in as AfDB President on Tuesday, pledged to expand partnership and tilt more attention to Africa.
The AfDB President, who was re-elected unanimously by the bank’s board of Governors to serve a second five-year term on August 27, said his administration will focus on the institution, people, delivery, and sustainability.
“The COVID-19 pandemic has changed everything globally; it has thrown Africa’s growth back. The continent has lost gains and economic growth that were achieved over the last decade.
“Africa’s recovery will therefore be long and challenging. Now we must help Africa build back boldly but smartly, paying greater attention to quality growth, especially in the areas of health, climate, and the environment.
“As we look into the future, working with the board of Directors, the bank will pay increased attention to supporting Africa with quality healthcare infrastructure and building on its comparative advantage in infrastructure. The bank’s infrastructure work will focus on economic infrastructure, quality physical infrastructure in health,” he added.
Dr Adesina also stated that the new opportunities provided by the pandemic will see additional growth trajectory in Africa’s industrialisation drive, alongside the Africa Continental Free Trade Agreement (AfCFTA).
“Covid-19 also opens up new opportunities and a greater sense of urgency to build Africa’s manufacturing capacity, industrial development, and critically-needed industrial value-chains that must be supported by enabling infrastructure and policies.
“Special attention will be given to regional industrial value chains and strengthening of financial markets in order to expand the intraregional trade and competitiveness and to boost Africa Continental Free Trade Area.”
He maintained that the continent still faces a lot of challenges and it is crucial that all the necessary support is received to bridge the gaps caused by the challenges.
“Your Excellency, let there be no doubt the challenges ahead are still many including poverty, inequality, fragility, high youth unemployment, significant infrastructure financing gaps, and sustainable debt management.
“As we look into the future, let me assure you, the bank will play a greater role in policy dialogue with Countries. We will support sustainable debt management, boost green growth, and accelerate the provision of jobs for youth on our beloved continent,” he stressed.
Dr Adesina, Nigeria’s former Minister of Agriculture and Rural Development, was re-elected on August 27 to serve a second five-year term, after a unanimous vote of all Governors, regional and non-regional members of the Bank.
The election which was announced by the former Chairperson of the Board of Governors of the Bank, Mrs. Niale Kaba, Minister of National Planning of Côte d’Ivoire, took place on the last day of the 2020 55th Annual Meetings.
The AfDB President described his re-election as historic, becoming the first President of the bank to be re-elected by 100 percent votes of all its shareholders and the first Nigerian to hold the post.
During his first 5-year term in office, the bank focused on five key development priorities known as the High 5s: Light up and Power Africa; Feed Africa; Industrialize Africa; Integrate Africa; and Improve the Quality of Life for the People of Africa.
The bank, Africa’s premier development finance institution, comprising of 54 regional and 27 non-regional member countries, was able to impact the lives of 335 million Africans.
Re-elected President of the African Development Bank, Dr Akinwumi Adesina, will be sworn-in on Tuesday, September 1, to serve a five-year term.
The ceremony, according to the AfDB in a statement on Monday, will be held virtually at 9am.
Dr Adesina, Nigeria’s former Minister of Agriculture and Rural Development, was re-elected last week after getting a hundred percent votes of all regional and non-regional members of the Bank.
The election took place on the final day of the 2020 Annual Meetings of the multilateral bank held virtually, and the Chairperson of the Board of Governors of the Bank, Mrs. Niale Kaba, Minister of National Planning of Côte d’Ivoire announced his victory, making him the first Nigerian to be elected and re-elected to serve as the bank’s President.
Dr Adesina’s first term in office focused on new agenda for the Bank Group based on five development priorities known as the High 5s: Light up and Power Africa; Feed Africa; Industrialize Africa; Integrate Africa; and Improve the Quality of Life for the People of Africa.
During his initial 5-year term, the bank was able to impact the lives of 335 million Africans, including 18 million people with access to electricity; 141 million people benefiting from improved agricultural technologies for food security; 15 million people benefiting from access to finance from private investments; 101 million people provided with access to improved transport; and 60 million people gaining access to water and sanitation.
In his speech after the announcement, Dr Adesina said, “I am deeply grateful for the collective trust, strong confidence and support of our shareholders for electing me for a second term as President. It is yet another call for selfless service to Africa and the African Development Bank, to which I will passionately devote myself.”
Dr Adesina was able to weather the storm of favouritism, corruption, and other allegations after an independent Review Panel cleared him of any ethical wrongdoings.
The Panel, chaired by a former President of the Republic of Ireland, Mary Robinson, was set up by the Bureau of Governors of the Bank, following a complaint by the United States, to review the process by which two previous organs of the Bank – the Ethics Committee of the Board, and the Bureau of the Board of Governors – had previously exonerated Adesina.
In January this year, Dr Adesina was accused of ethical misconduct by a group of whistle-blowers on 16 allegations, which was reviewed by the Bank’s Ethics Committee of the Board of Directors in March and described the allegations as frivolous and without merit.
The National Leader of the All Progressives Congress (APC), Bola Tinubu, has congratulated Nigeria’s former Minister of Agriculture, Dr Akinwunmi Adesina, on his re-election as the President of African Development Bank (AfDB).
He said Adesina’s re-election for another term of five years was an affirmation of Africa’s confidence in his ability and commitment to the development of the continent.
Dr Adesina was re-elected on Thursday last week by the Board of Governors of the AfDB Group at its 2020 Annual Meetings in Abidjan, the capital of Cote D’Ivoire.
In a passionate letter forwarded to Adesina at the weekend and personally signed by him, Asiwaju Tinubu said, “By way of this letter, please accept my heartfelt congratulations over your election to serve a second five-year as President, African Development Bank at the recent 2020 Annual Meetings of the AfDB Group.
“Your unanimous re-election by the Board of Governors, coming after ill-defined attempts to block your continuance, shows that if we remain vigilant and true to the collective purpose of the economic progress of the African continent, then fairness and justice will win out in the end.”
Tinubu described Adesina as a globally renowned economist who has demonstrated outstanding competence and professionalism during his first term, adding that his re-election was an affirmation of Africa’s confidence in his ability and commitment.
According to him, the AfDB president distinguished himself in his first term by driving to reshape the bank to be a more active catalyst for Africa’s development.
The APC leader noted that Adesina focused on five development priorities known as the High 5s – Light Up and Power Africa, Feed Africa, Industrialise Africa, Integrate Africa, and Improve the Quality of Life for the People of Africa.
He said, “As AfDB President for another term, I urge you to continue in like manner. Continue to invest your cognitive abilities, immense skills, and robust energy in the development of Africa.
“Given the exigencies of the present moment due to the global pandemic, you must put your knowledge and creativity into fullest use that we work towards creating more employment for the people of this continent and remove them from the grip of poverty and its attendant difficulties.
“The AfDB must be at the policy and intellectual vanguard as we seek ways to contain both the public health and economic challenges of COVID-19.
“For your re-election, we must also congratulate and applaud President Muhammadu Buhari and other present and past leaders in Africa who believed in you and worked assiduously for your success.
“This victory is not only yours, the AfDB group or Nigeria’s, it is victory for Africa itself. The continent deserves that our best and most able minds be able to serve and work for its betterment.
“I wish you an even more successful second term. May God be with you and may He help and guide you in the struggle against poverty and in our efforts to bring much-needed development to our continent and its people.
“Please rest assured of my highest regards always.”
Oyo State Governor, Seyi Makinde, has congratulated the President of the African Development Bank, Dr. Akinwumi Adesina, following his re-election for another five-year term.
In a statement issued by his Chief Press Secretary, Taiwo Adisa, Governor Makinde said that the victory was well-deserved adding that the ‘world class technocrat’, remains a pride to Nigeria and the Yoruba race.
To Makinde, Adesina has raised the standards and brought about immense growth in the multilateral development finance institution, in the last five years of his first tenure.
The governor said he was not surprised that Adesina was re-elected to lead the bank for another term.
While describing his leadership as insightful, Makinde said Adesina “could not have gone unnoticed by stakeholders and member-countries.”
“The victory is well-deserved, and it did not come to me as a surprise, because Dr. Adesina’s astute and visionary leadership at the bank, in the last five years, have been so convincing that member-countries cannot ignore them,” the governor was quoted as saying.
“As a technocrat and development enthusiast, Dr. Adesina deployed his wealth of experience towards raising standards across boards in the bank and these have translated into immense growth for the bank and development for member-countries.
“This victory, I am convinced, is a platform for Dr. Adesina and the AfDB to achieve more positive results and meet set targets. I wish him well in his endeavours.”
Nigeria’s Akinwumi Adesina has described his re-election as the President of the African Development Bank (AfDB) as historic and another call for selfless service to Africa.
Dr Adesina spoke about his re-election during the closing session of the 55th Annual Meetings of the bank which held virtually on Thursday.
“Of course, right now, the sound that is the loudest in my ears is the announcement of my re-election as President of the African Development Bank for a second term,” he said.
“We also made history by re-electing me by 100 percent votes. via a vote, I became the first President of the bank in its history to be re-elected by 100 percent votes of all its shareholders and I am most grateful and very appreciative.”
The AfDB president believes his re-election is important and has shown the transparency of the bank and the demonstrated weight of support behind his vision.
“It shows a very clear and strong mandate from all shareholders to go and implement the vision, it shows that all voices were heard, it shows that we are true to the constitutive test of our bank,” he added.
Adesina thanked the Governors of AfDB’s 81 member countries, the bank’s shareholders and members of staff for his re-election.
He believes AfDB has shown its high level of standards and commitment to transparency and good governance.
The AfDB president said he was grateful for the collective trust, confidence, and support shown by the governors and the others.
He stated his readiness to work closely with them for the urgent and difficult task of supporting Africa to rebuild it better, smarter, and boldly following the COVID-19 pandemic.
Adesina informed the shareholders of the AfDB that he and the board of directors, as well as the senior management and staff of the bank, would need their support for the bank to play its leadership role.
He said, “It is yet another call; a call for selfless service to Africa and the African Development Bank.
“Dear governors, you steadied the bank, you stabilised the bank’s leadership, you strengthened the bank, you reinforce our collective vision, you decided for continuity to build on what we have achieved together over the past five years.”
Giving an update on the 2020 annual meetings of the bank, the AfDP president disclosed that issues discussed included how to further strengthen the institution and deepen governance and accountability systems in Africa.
According to him, other issues that came up are regional trade, regional integration, climate, gender, youth, and jobs, debt sustainability, and focusing on quality health infrastructure to build economic resilience for Africa.
Akinwumi Adesina on Thursday was re-elected as President of the Africa Development Bank by its Board of Governors.
He was re-elected during the bank’s 55th Annual Meetings, which is being held virtually due to COVID-19 restrictions.
A globally-renowned development economist and a World Food Prize Laureate and Sunhak Peace Prize Laureate, Dr. Adesina has distinguished himself in driving a bold agenda to reform the bank and accelerate Africa’s development.
He was first elected as President of the AfDB on May 28, 2015.
As a newly re-elected President, Adesina will begin his new term on September 1, 2020.
The election result, which gave him a hundred percent of votes of all regional and non-regional members of the Bank, was announced by the Chairperson of the Board of Governors of the Bank, Mrs. Niale Kaba, Minister of National Planning of Côte d’Ivoire.
“I am delighted that the Board of Governors have re-elected Dr. Adesina for a second term in office as President,” Minister Niale Kaba, said.
“As shareholders, we strongly support the Bank and will give him all the necessary support to carry forward and implement his compelling vision for the Bank over the next five years.”
Adesina’s first term focused on the bold new agenda for the Bank Group based on five development priorities known as the High 5s: Light up and Power Africa; Feed Africa; Industrialize Africa; Integrate Africa; and Improve the Quality of Life for the People of Africa.
Under Adesina’s leadership, the African Development Bank’s Board of Directors approved a $10 billion facility to support African countries to address the COVID-19 pandemic.
The Bank also launched a $3 billion COVID-19 social bond on the global capital markets, the highest US dollar-denominated social bond ever in world history, which is listed on the London Stock Exchange, Luxembourg Stock Exchange and NASDAQ.
“I am deeply grateful for the collective trust, strong confidence, and support of our shareholders for electing me for a second term as President,” Adesina said. “It is yet another call for selfless service to Africa and the African Development Bank, to which I will passionately devote myself.”
The African Development Bank is Africa’s premier development finance institution, comprising 54 regional and 27 non-regional member countries.
“The future beckons us for a more developed Africa and a much stronger and resilient African Development Bank Group,” Adesina said. “We will build on the strong foundations of success in the past five years, while further strengthening the institution, for greater effectiveness and impacts.”
Adesina’s re-election was mired in controversy after he was charged with alleged ethical violations.
However, after repeated investigations, the former Nigerian Agriculture Minister was cleared of all charges levelled against him, paving the way for his re-election.
Adesina is the first Nigerian to hold the post of the bank’s President.
The AfDB, founded in 1964, is geared towards spurring “sustainable economic development and social progress” among member African countries.
Nigeria is the AfDB’s largest shareholder with 16.8 percent of rights, while Germany and the United States own 7.4 percent and 5.5 percent respectively.