CORRECTION: African Union Summit: AfDB President Adesina Reflects on a Decade of Economic Transformation
At the 38th African Union Summit in Addis Ababa, African Development Bank (AfDB) President Dr. Akinwumi A. Adesina delivered a compelling farewell address, highlighting a decade of the Bank’s transformative impact on Africa’s economic landscape.
Adesina, who will step down on September 1, 2025, reflected on key achievements under his leadership and received widespread recognition from African leaders for his exceptional service.
Dr. Adesina emphasized the success of the Bank’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. The initiative has positively impacted over half a billion people, including 231 million women, across the continent.
Key achievements over the past decade include:
– 127 million people gained improved healthcare services.
– 61 million people accessed clean water.
– 33 million people benefited from improved sanitation.
– 46 million people gained access to ICT services.
– 25 million people received electricity access.
Adesina cited the landmark Africa Energy Summit held in Tanzania in January, where 48 nations signed the Dar Es Salaam Declaration to connect 300 million Africans to electricity by 2030. The initiative has already secured $48 billion in commitments from the World Bank and AfDB, plus an additional $7 billion from development partners.
During his tenure, the AfDB’s capital base grew from $93 billion in 2015 to $318 billion. The most recent replenishment of the African Development Fund secured a record $8.9 billion, with a target of $25 billion for its upcoming cycle.
The Africa Investment Forum, co-led with eight partner institutions, has mobilized over $200 billion in investment commitments, reinforcing Africa’s status as a prime investment destination.
The Summit endorsed several key AfDB-led initiatives, including:
– African Financing Stability Mechanism – Expected to save $20 billion in debt servicing by 2035.
– Measuring Africa’s Green Wealth – Incorporating environmental assets into GDP calculations.
– Strategic Framework on Inclusive Growth – A roadmap targeting a 7% annual GDP growth rate over the next 50 years.
Adesina highlighted the success of the Technologies for African Agricultural Transformation (TAAT) initiative, the Dakar 2 Food Summit, and the $1.5 billion Africa Emergency Food Production Facility. These programs helped 101 million people achieve food security and enabled Ethiopia to become self-sufficient in wheat production within four years.
The Affirmative Finance Action for Women in Africa (AFAWA) program has provided $2.5 billion in financing to 24,000+ women-led businesses. Meanwhile, the Bank has trained 1.7 million youth in digital skills and launched Youth Entrepreneurship Investment Banks to drive youth-led economic growth.
The Summit also addressed broader financial and political challenges. UN Secretary-General António Guterres called for reform of the global financial architecture, citing high debt costs that limit African investments in education and healthcare.
Barbadian Prime Minister Mia Mottley emphasized Africa’s strategic role in global economic trends, particularly its 40% share of the world’s mineral reserves. She advocated for removing visa restrictions between Africa and the Caribbean to boost trade and integration.
Dr. Adesina expressed deep appreciation for African Heads of State and the AU for their unwavering support.
“As today will be my final attendance of the AU Summit as President of the African Development Bank, I would like to immensely thank your Excellencies for your extraordinary support over the past ten years,” he said.
The 2025 AU Summit, themed “Justice for Africans and People of African Descent Through Reparations,” brought together global leaders, including Guterres and Mottley. Ethiopian Prime Minister Dr. Abiy Ahmed called for continued African unity in addressing global challenges.
