President of the African Development Bank (AfDB), Dr. Akinwumi A. Adesina, has highlighted a decade of remarkable achievements in Africa’s economic transformation as he prepares to step down from office on September 1, 2025.
Speaking at the 38th African Union Summit in Addis Ababa, Adesina reflected on the Bank’s impact under his leadership, emphasizing its contributions to infrastructure, agriculture, energy, and financial stability.
Adesina noted that during his tenure, the Bank successfully increased its capital from $93 billion in 2015 to $318 billion, making it Africa’s largest multilateral financier of infrastructure. He pointed out that 515 million lives, including 231 million women, have been positively impacted through various initiatives aimed at economic growth and poverty reduction.
“It has been my greatest honor to serve you and Africa,” Adesina said, adding that the Bank’s High 5s Agenda—Light up and Power Africa, Feed Africa, Industrialize Africa, Integrate Africa, and Improve the Quality of Life for Africans—has been instrumental in transforming the continent.
Key milestones include the Africa Energy Summit held in Tanzania, where 48 nations signed the Dar Es Salaam Declaration to connect 300 million Africans to electricity by 2030. The AfDB, alongside the World Bank, committed $48 billion, with an additional $7 billion from other development partners, to achieve this goal. The Addis Ababa Summit endorsed this declaration, further solidifying Africa’s commitment to energy access.
Reflecting on food security, Adesina highlighted the Technologies for African Agricultural Transformation (TAAT) program and the Dakar 2 Food Summit, which mobilized $72 billion in funding. He noted that over 101 million people have become food secure, and Ethiopia has achieved self-sufficiency in wheat production within four years, now exporting the commodity.
To promote youth empowerment, the Bank has trained 1.7 million youth in digital skills and launched Youth Entrepreneurship Investment Banks to foster youth-led economic growth. Additionally, the Affirmative Finance Action for Women in Africa (AFAWA) initiative has provided $2.5 billion in financing to over 24,000 women-owned businesses.
On financial reforms, the African Financing Stability Mechanism, endorsed at the Summit, is expected to save African nations up to $20 billion in debt servicing by 2035. This initiative, co-led by the African Union Commission and the AfDB, aims to enhance Africa’s financial resilience amid global economic challenges.
During his address, UN Secretary-General António Guterres called for reforms in the global financial system, stating that Africa’s economic progress is hindered by high debt repayments and borrowing costs, limiting investments in education, healthcare, and infrastructure.
The Summit also featured Prime Minister of Barbados, Mia Mottley, who emphasized Africa’s strategic role in global economic trends, particularly as the continent controls 40% of the world’s minerals. She called for removal of artificial barriers between Africa and the Caribbean, including the elimination of transit visa requirements, to enhance trade and integration.
As he bid farewell, Adesina expressed gratitude to African Heads of State, the AU Commission, and regional economic bodies for their support throughout his tenure. “I am very grateful for your kindness, friendship, and partnership as we forged global alliances to advance Africa’s interests worldwide,” he stated.
With the theme “Justice for Africans and People of African Descent Through Reparations”, the 2025 Summit attracted global leaders, including Ethiopian Prime Minister Abiy Ahmed, who urged African nations to remain united in tackling socio-economic challenges and seizing emerging opportunities.
