African Development Bank legacy: Dr. Akinwumi Adesina farewell address and Africa economic transformation

As the African Union Summit came to a close in Addis Ababa, the African Development Bank President, Dr. Akinwumi A. Adesina, delivered a poignant farewell address that reflected on a decade of groundbreaking achievements aimed at transforming Africa’s economic landscape.
In his address, delivered to Heads of State and Government, Adesina celebrated the Bank’s initiatives and underscored his pride in the progress made under his leadership.
The summit served as a high note to conclude his tenure ahead of his departure on 1 September this year.
Dr. Adesina, who assumed the presidency of the Bank in 2015, has been at the helm of Africa’s largest multilateral development finance institution during a period of profound transformation. His leadership has led to significant advancements in key sectors including energy, food security, infrastructure, and healthcare.
One of the pivotal moments of the summit was the endorsement of four key AfDB-led initiatives aimed at propelling Africa toward sustainable economic growth. These included the ambitious drive to provide electricity to 300 million Africans by 2030, an initiative that seeks to light up the continent and spur industrialization.
“It has been an unprecedented partnership to advance the goal of the African Union towards achieving Agenda 2063: the Africa we want,” Adesina stated. His remarks resonated with leaders present at the summit who recognized the alignment between the AfDB’s vision and the AU’s aspirations.
The AfDB boss highlighted the tangible impact of the AfDB’s High 5s agenda—Light up and Power Africa, Feed Africa, Industrialize Africa, Integrate Africa, and Improve the Quality of Life for the People of Africa. His summary was both a reflection and an achievement in itself:
“Over the past decade, the Bank has impacted more than half a billion lives across the continent,” he said, underscoring the Bank’s central role in driving Africa’s socio-economic transformation.
More than 515 million people, including 231 million women, have benefited from AfDB-led projects. Health access improved for 127 million people, while 61 million Africans gained access to clean water.
As part of the Bank’s concerted push to address Africa’s electricity deficit, 25 million people were granted access to electricity, with the ongoing Dar Es Salaam Declaration for energy expansion expected to push this number even higher by 2030.
The African Energy Summit in Tanzania in January 2025 was a key milestone in this agenda. At the summit, 48 African nations committed to policies aimed at expanding access to electricity.
“We secured $48 billion in commitments from the World Bank and the African Development Bank, alongside an additional $7 billion from other development partners,” Adesina noted, emphasizing the collective effort to electrify the continent.
On the food security front, Adesina reflected on the Technologies for African Agricultural Transformation (TAAT), a crucial initiative that has made strides in combating hunger. In 2023, the AfDB mobilized $72 billion during the Dakar 2 Food Summit to tackle food insecurity.
This was complemented by the $1.5 billion Africa Emergency Food Production Facility, launched in May 2022, which helped avert a major food crisis exacerbated by global conflicts.
“Over 101 million people became food secure as a result of the Bank’s efforts,” Adesina proudly stated.
Furthermore, the Bank’s focus on creating jobs, particularly for Africa’s youth, was integral to its mission. Through initiatives like the Youth Entrepreneurship Investment Banks, the AfDB has trained 1.7 million young Africans in digital skills.
“Our goal is simple: create youth-based wealth across Africa,” Adesina asserted, reiterating his commitment to youth-driven economic empowerment. The Affirmative Finance Action for Women in Africa (AFAWA) initiative has similarly provided $2.5 billion to more than 24,000 women-owned businesses, empowering women as key drivers of Africa’s economic future.
In terms of infrastructure, the AfDB has invested over $55 billion, making it the largest multilateral financier of African infrastructure. These investments have bolstered the continent’s healthcare sector as well, with $3 billion allocated to quality healthcare infrastructure and another $3 billion for pharmaceutical development, including the establishment of the Africa Pharmaceutical Technology Foundation.
Adesina’s legacy also includes historic financial mobilization. Under his leadership, the AfDB experienced its largest-ever capital increase, expanding from $93 billion in 2015 to $318 billion today. The Bank’s Africa Investment Forum, in partnership with other institutions, has raised over $200 billion in investment commitments, reinforcing Africa’s status as an attractive investment destination.
One of AfDB projects. Photo courtesy.
The 2025 AU Summit, themed “Justice for Africans and People of African Descent Through Reparations,” saw global leaders unite to address Africa’s pressing challenges.
UN Secretary-General António Guterres reiterated calls for reform of the international financial system, which has hampered African nations’ development. Guterres highlighted the high debt burden facing many African countries, restricting their ability to invest in critical sectors such as education and healthcare.
Barbados Prime Minister Mia Mottley, speaking at the summit, emphasized Africa’s strategic role in the global economy, particularly in the context of its vast mineral resources, which account for 40% of the world’s reserves.
Mottley also underscored the urgency of Africa becoming a leader in technological innovation, noting the continent’s need to control its future rather than become “victims of technology.”
As Dr. Adesina’s tenure at the African Development Bank nears its conclusion, his legacy remains one of transformative leadership and visionary action. Reflecting on his tenure, he expressed immense gratitude to the African leaders for their unwavering support.
“I am very grateful for your kindness, friendship, and partnership as we forged global alliances to advance the continent’s interest around the world,” Adesina said, leaving behind a legacy poised to guide Africa toward a prosperous future.
Aggency:Africa Development Bank.