In one of his final addresses as the President of the African Development Bank (AfDB), Akinwumi Adesina vigorously defended his record before a gathering of heads of state and government.
During his inaugural speech on Wednesday, May 29, 2024, at the 59th Annual Meetings of the AfDB in Nairobi, President Akinwumi Adesina indicated that over the past 9 years, his institution has invested over $50 billion, “by far the largest investment among all development banks and institutions.”
As his term comes to an end, the Nigerian economist provided a brief overview of his two terms, delivering what seems to be one of his final speeches as President of the AfDB.
Adesina highlighted the tangible impacts of AfDB investments across the continent.
“We have raised $3.2 billion for the East Africa standard gauge railway connecting Tanzania, Burundi, and the Democratic Republic of Congo. Moreover, we are providing $500 million for the development of the Lobito Corridor, covering Zambia, Angola, and the DRC. We are also mobilizing $375 million to finance the railway link between Nigeria and Niger,” detailed Mr. Adesina.
He added that the mobilization of $3.5 to $5 billion for the development of the Liberty Corridor, connecting Liberia and Guinea, is underway.
Additionally, in partnership with Africa 50 and other partners, under the auspices of the Africa Investment Forum, the leader indicated that the AfDB has mobilized approximately $6 billion in investment commitments for the development of the Lagos-Abidjan corridor. “We are also mobilizing $630 million for road and railway construction in the Republic of Congo and the Democratic Republic of Congo,” he continued.
Among other major achievements, the AfDB announced the construction of a national highway in Morocco and a 1000-kilometer highway connecting Addis Ababa to Nairobi and Mombasa, which quintupled trade flows between Ethiopia and Kenya. “This is our essence: to be catalysts for solutions and impacts for development. Your bank is in very good financial health,” concluded the President of the institution, with pride.
Social Impact investing
For him, the AfDB Group strongly supports African economies. In 2023 alone, its interventions reached $10 billion through its five strategic priorities: powering and feeding Africa, industrializing Africa, integrating Africa, and improving the quality of life for African peoples. “These five major challenges are at the heart of our mission,” emphasized Mr. Adesina during his speech.
“Since the launch of these priorities in 2016, AfDB financing has impacted the lives of over 400 million people. Just last year, it significantly improved the lives of 11 million farmers who gained access to advanced agricultural technologies, 8 million people benefited from new health services, 3.5 million people gained access to improved transportation, and 2.8 million people benefited from better health services,” recalled the Nigerian leader.
To conclude, he unveiled the results of the $1.5 billion Emergency Food Production Initiative launched on the eve of the AfDB Annual Meetings in Accra in 2022, in urgent response to the Russo-Ukrainian crisis, which exacerbated food security risks.
“We have approved loans and grants totaling $1.496 billion for this initiative, covering 35 countries,” reported the former Nigerian Minister of Agriculture. Through this program, the AfDB is said to have helped produce 26 million metric tons of food for a commercial value of $10.79 billion, achieving 90% of its commercial value goal two seasons before the end of the program. 10.5 million farmers have been supported as part