Akinwumi Adesina: « a decade of transformation in service of Africa »

By Akinwumi Adesina*

Dear Ladies and Gentlemen of the Media,

Senior Management of the African Development Bank Group,

Director of Communications of the African Development Bank Group,

Distinguished Colleagues,

Friends,

Good morning – and welcome!

I am delighted to host you for this Media Welcome Breakfast to kick off the 2025 Annual Meetings of the African Development Bank Group.

Ten years ago, right here in Abidjan, I stood before many of you, for the very first time, newly elected as President of the African Development Bank Group. Today, I welcome you not only to the 2025 Annual Meetings, but also to the final chapter of a remarkable decade of transformation.

This morning, I am especially pleased to share this moment with you. This session is not just a tradition. It is one of my favorite moments of every Annual Meeting. It gives me the opportunity to speak frankly, reflect deeply, and thank you sincerely.

 Over the years, you have told the story of the African Development Bank Group. You have held us to account. You have shared our triumphs, and at times, our trials. You have been part of this journey. It is a family engagement time.

It marks a moment of renewal, transition, and continued ambition

Let me start by simply saying thank you for being here, in such large numbers, to launch these final Annual Meetings of my tenure. This year’s Annual Meetings are particularly meaningful, not just for me. By the end of this week, the Bank’s shareholders will have elected the next President of the African Development Bank Group.

It marks a moment of renewal, transition, and continued ambition. Leadership may change, but our mission endures. The Bank’s compass is steady, its sails strong, and its commitment to Africa’s development is unwavering.

It is hard to believe how swiftly time has passed.

When I was elected in 2015, I did not have any grey hair then. Now, my hair has turned several shades of grey!

Grey from 10 years of unrelenting drive to push Africa forward.

Grey, thanks to our tireless efforts to turn the Bank into a globally respected financial institution that was ranked as the best multilateral financial institution in the world.

Grey, from leading the Bank to achieve the largest capital increase in its history, raising the capital of the Bank from $93 billion in 2015 to $318 billion today – an unprecedented achievement.

Grey from leading the Bank to achieve the highest replenishment of the African Development Fund in the history of the Fund, as we successfully raised $8.9 billion for its 16th replenishment.

Grey from working side by side with my staff to lead on global financial innovations such as the launch of hybrid capital instruments and synthetic securitization, becoming the first ever multilateral financial institution to do so globally.

Grey from our collective work to ensure that we serve the people of Africa with passion, dedication, and accountability to help Africa develop with pride.

Grey, from holding nothing back in service of the people of Africa.

Today, we have become a people-centered Bank. Africa’s development solutions Bank

I remember vividly my first Board meeting in September of 2015; I said to the Boards of Directors and the Staff of the Bank that I would take the African Development Bank Group on a transformation journey to become Africa’s foremost development institution. Not just a lender but a lifeline. Not just numbers, but lives.

Today, we have become a people-centered Bank. Africa’s development solutions Bank.

As we set sail in 2015, we launched the Bank’s strategic High 5s to: light up and power Africa, feed Africa, industrialize Africa, integrate Africa, and improve the quality of life of the people of Africa.

The High5s were the sails on our ship.

Today, as we approach the shore of my 10 years as President of the African Development Bank Group, the sail on our ship remains high and strong.

A short recap of the journey so far.

The High 5s have impacted the lives of over 565 million people across Africa.

Think about the following:

• 128 million people now have access to improved health services.
• 121 million people now have access to improved transport.
• 104 million people are now food secure.
• 63 million people now have access to potable water.
• 34 million people now have access to improved sanitation.
• 28 million people now have access to electricity. And from the groundbreaking and unprecedented Mission 300 Energy Summit jointly launched in Dar Es Salaam by the African Development Bank Group and the World Bank Group, and other partners, another 300 million Africans will have access to electricity by 2030.

These are not just figures. They are futures. They are hopes realized.

In my trip to Lesotho two months ago, I was at the Sekete Primary School, where I got to see and feel the effects of our work on the lives and educational prospects of children. Through the Lower Lesotho water and sanitation project, children now have sanitation, along with 30,000 people in the school district. Attendance has risen, and girls are safer in school. As I visited the only medical facility in the village, staffed by only a resident nurse, she showed me the old well where people would queue to fetch water. Today, thanks to the work of the Bank, every household now has pipe-borne water.

On a visit to a village in the Rift Valley of Kenya, I saw the power of change that access to electricity brings to villages through our work on the Last Mile Connectivity Project, which pays for the cost of connecting poor households to the electricity grid.

As I walked towards the house of one of the beneficiaries, she was asked whether she knew that it was the African Development Bank that made this possible. She was also asked if she knew the President of the African Development Bank. Her response was, “I do not know the African Development Bank. I do not know the President of the African Development Bank. All I know is that we once were in darkness; now we have light.”

That, right there, is development.

I see the impact of the work of the Bank on the lives of people in Egypt, where today, our support for the Gabal El Asfar wastewater treatment plant now provides sanitation for 12 million residents. It is now the largest water treatment plant in Africa and is set to serve a total of 17.5 million people by 2040.

I see the impact of our work in Senegal and the Gambia, where a 50-year dream came true. The Senegambia Bridge, made possible by the African Development Fund, reduced a 2-day ferry crossing to just 15 minutes. Trade flows have surged. Communities have reconnected.

I see the impact of our work in helping Africa avert a looming food crisis following the outbreak of the war in Ukraine. As headlines warned that the continent would lose up to 30 million tons of essential food imports (wheat, maize and oilseeds) from Russia and Ukraine, the Bank moved swiftly. Through our $1.5 billion Emergency Food Production Facility, we implemented the Feed Africa plan. In just 2 years, 13 million farmers across 29 countries gained access to improved seeds and fertilizers, enabling them to produce 44 million tons of food (116% above target) valued at $17.3 billion.

The High5s have become the anchor for development across Africa

The High5s have become the anchor for development across Africa.

This is what bold leadership and responsive finance can achieve.

They say the taste of the pudding is in the eating.

If you want to know whether something is working, don’t just read the news; ask the people. They will tell you.

That is exactly what we did when we began preparing our new 2024–2033 Ten Year Strategy. Our Boards of Directors asked us to consult broadly. And so we did; we consulted with all of our 81 shareholder countries. We spoke to Heads of State, ministers, the private sector, civil society, youth, women, and development partners.

Their message was clear: continue the High 5s!

It is clear, the High5s have become the bedrock of transformation for African economies. They are no longer just priorities. They are a movement. And I will tell you more about the impact of the Bank over the past 10 years tomorrow during the Opening Ceremony of the Annual Meetings.

The sails of the ship of the African Development Bank will continue to be hoisted high and will hold on strong to cope with any feisty winds on Africa’s development pathway.

As I prepare to pass the baton, I do so with confidence. I am proud to leave behind a very strong financial institution that can weather the storms.

We are leading global financial innovation. We are deepening regional integration. We are preparing Africa to lead in food security, energy access, digital transformation, and climate resilience.

But we need partners. We need storytellers. We need the media.

Your role, Ladies and Gentlemen, is more important than ever. You are not just observers. You are amplifiers of Africa’s voice. You shape the narrative. You challenge us. You inform the world.

This week, we gather under the banner of a bold and timely theme: “Making Africa’s Capital Work Better for Africa’s Development.” Over the course of the next five days, we will host high-level dialogues, strategic policy conversations, and knowledge events tackling some of the most urgent and ambitious priorities for Africa, ranging from macroeconomic stability and domestic resource mobilization to energy transitions, food systems transformation, and climate finance.

From the Presidential Dialogue to the launch of the African Economic Outlook, to thematic discussions on leveraging capital amidst economic headwinds and building stronger institutions, these Annual Meetings will offer a powerful platform to rethink how Africa mobilizes, retains and deploys its own wealth to shape its future.

We will welcome over 5,000 Delegates from 91 countries here in Abidjan, including our Governors, policymakers, private sector leaders, academics, civil society, and media.

And your reporting, your storytelling, will be vital. You shape how these messages reach the world, and how the world engages with Africa.

So, I invite you, wholeheartedly, to walk this week with us. Attend the sessions. Ask the hard questions. Tell the real stories.

Serving as President of the African Development Bank Group has been the greatest honor of my life. It has been a decade of relentless purpose, of enduring passion, and of tireless service

Serving as President of the African Development Bank Group has been the greatest honor of my life. It has been a decade of relentless purpose, of enduring passion, and of tireless service. I thank you for walking with me on this journey.

To the next chapter of the Bank, of Africa, and of our shared story, I raise a toast.

Here’s to progress.

Here’s to the partnership.

And yes, here’s to the High 5s!

Thank you very much, and welcome again! Let’s make this week one to remember.

*Welcome Remarks by Dr. Akinwumi A. Adesina President and Chairman of the Boards of Directors African Development Bank Group – President’s Media Welcome Breakfast