Adesina Bids Farewell, Calls for Partnerships to Power Africa’s Growth
African Development Bank Group (AfDB) President and Chairman of Africa50, Dr Akinwumi A. Adesina, has urged African nations and investors to deepen partnerships to close the continent’s annual $170 billion infrastructure financing gap, as he prepares to conclude his decade-long tenure at the helm of the Bank.
Speaking at the Africa50 General Shareholders Meeting in Maputo, hosted by Mozambican President Daniel Chapo, Dr Adesina praised Mozambique’s economic stabilisation efforts and its commitment to infrastructure growth. He highlighted the AfDB’s $1.6 billion in support to Mozambique since 2015, including a $400 million contribution to the $20 billion liquefied natural gas (LNG) project in Cabo Delgado, which he said has boosted investor confidence.
“Our support has helped double Mozambique’s national energy access from 30% in 2018 to 60% in 2024, bringing electricity to 45,500 households, including 14,000 female-headed households,” Adesina noted. He also pointed to AfDB-backed agro-industrial processing zones, transport corridor upgrades, and debt transparency reforms as evidence of transformative partnerships.
Turning to his role as Chairman of Africa50, Adesina lauded the institution’s growth since its creation by the AfDB eight years ago. Africa50, now boasting 37 shareholders and $1.4 billion in assets under management, has mobilised more than $275 million from African institutional investors and built a portfolio worth over $8 billion. Projects include the Ressano Garcia gas-fired power plant, power transmission lines with EDM, and a planned data centre in Maputo.
“Together, we must join our hands around the Baobab tree of infrastructure opportunities in Africa,” Adesina said, stressing the need for stronger collaboration with governments, multilateral institutions, private equity funds and pension investors to drive cross-border infrastructure and advance the African Continental Free Trade Area.
Reflecting on his tenure, which ends on 1 September, the AfDB chief cited key milestones: a rise in the Bank’s capital from $93 billion to $318 billion, the mobilisation of $225 billion in investment through the Africa Investment Forum, and a decade of maintaining AAA global credit ratings. He noted that AfDB programmes had impacted the lives of 565 million people.
“Africa50 is a good investment. Africa50 delivers impactful results. You can never go wrong with investing in Africa50,” he assured shareholders, before signing new memorandums of understanding with the Government of Mozambique and the Alliance for Green Infrastructure in Africa (AGIA).
Adesina closed on a personal note, pledging continued commitment to Africa’s development even beyond his AfDB presidency. “As I move into a new future, Africa will always be on my mind. I will not be stepping back — I will be stepping forward in our collective drive to unlock global capital for Africa.”
