In an enlightening discourse on the strides made under his leadership at the African Development Bank (AfDB), President Dr. Akinwunmi Adesina has shared insightful details on the bank’s historic capital growth and its implications for Africa’s economic landscape.
This growth, marking a significant leap from $93 billion to $208 billion, stands as the largest in the bank’s history and heralds a new dawn of ambitious projects aimed at alleviating poverty across the continent.
During a television interview with Arise Television, while in Lagos to accept the prestigious 2024 Obafemi Awolowo Leadership Award, Dr. Adesina outlined the bank’s strategic endeavors aimed at propelling Africa to new heights of prosperity.
His vision is not only to spur economic growth but also to address the enduring challenges of poverty head-on, leveraging the bank’s enhanced capital to finance transformative projects across the continent.
Dr. Adesina’s leadership at the AfDB is characterized by a proactive approach to development, underscored by the creation of the African Development Fund. This initiative specifically targets the 37 low-income African countries that have previously been unable to access the bank’s commercial offerings.
The fund’s replenishment every two years has been a cornerstone of Dr. Adesina’s strategy, with the 2022 replenishment successfully raising $8.9 billion – a record figure that underscores the confidence of the bank’s shareholders in its mission.
The underpinning of Dr. Adesina’s strategy is a comprehensive blueprint designed to transform the African continent. Rejecting the normalization of poverty, he has set forth a vision encapsulated in five pivotal areas: electrification and energy access, agricultural self-sufficiency, industrialization, regional integration, and improvement of living standards.
These objectives not only aim to eradicate poverty but also to position Africa as a competitive player on the global stage, leveraging its natural and human resources to break free from the constraints of being at the bottom of global value chains.
Central to Dr. Adesina’s vision is the empowerment of Africa’s youth and women, recognizing their vital role in the continent’s future. By focusing on skill development, financial inclusivity, access to quality healthcare, and the essentials of water and sanitation, he seeks to create a foundation upon which Africans can build prosperous and sustainable futures.
The United Nations Development Programme (UNDP) has conducted an external assessment of the AfDB’s ‘High Five’ strategy, concluding that achieving these objectives would propel Africa towards fulfilling 90% of the Sustainable Development Goals (SDGs) and the African Union’s Agenda 2063. This affirmation from a global body underscores the potential of Dr. Adesina’s vision to significantly alter Africa’s development trajectory.
Under Dr. Adesina’s stewardship, the AfDB has not only focused on financial growth but also on laying down the strategic foundations necessary for a prosperous Africa.His commitment to transforming the continent is evident in the ambitious goals he has set and the tangible steps taken to realize them.
Through targeted investments in energy, agriculture, industry, integration, and quality of life improvements, Dr. Adesina’s tenure at the AfDB is shaping up to be a period of significant advancement towards a brighter African future.
