In a historic address at the 38th African Union Summit, African Development Bank (AfDB) President Dr. Akinwumi A. Adesina celebrated a decade of groundbreaking economic transformation across the continent. His farewell speech resonated deeply as he reflected on the Bank’s monumental impact, highlighting key achievements that have reshaped Africa’s economic landscape and paved the way for a brighter future.
Dr. Adesina’s address came as African leaders endorsed four ambitious initiatives designed to drive sustainable development: connecting 300 million Africans to electricity by 2030, incorporating Africa’s vast green wealth into GDP measurements, creating a financial buffer for economic stability, and outlining a bold roadmap for inclusive growth.
As both President and Chairman of the AfDB Board, Dr. Adesina outlined the Bank’s transformative “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. These initiatives, he revealed, have directly impacted over 515 million lives, including 231 million women, a feat that solidifies the AfDB’s role as a catalyst for progress.
“The African Development Bank has engaged in groundbreaking partnerships to advance the African Union’s Agenda 2063: the Africa we want,” Dr. Adesina declared. His leadership, marked by relentless advocacy and visionary policies, has positioned AfDB as the backbone of Africa’s economic renaissance.
As the Summit drew to a close, African leaders and AU officials paid glowing tributes to Dr. Adesina’s exceptional tenure, lauding his unwavering commitment to Africa’s development. His term officially ends on September 1, 2025, leaving behind a legacy of unprecedented economic strides and bold reforms.
The Summit, held from February 15-16, also saw Djibouti’s Foreign Minister Mahmoud Ali Youssouf elected as the new Chairperson of the African Union Commission, taking over from Moussa Faki Mahamat. Additionally, Algeria’s Ambassador Salma Malika Haddadi was elected Deputy Chairperson, signaling a new era of leadership for the continental body.
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Dr. Adesina highlighted the significance of the recent Africa Energy Summit in Tanzania, where 48 nations signed the landmark Dar Es Salaam Declaration. This commitment to expanding electricity access aims to power 300 million more Africans by 2030, with an unprecedented $48 billion pledged by the AfDB and the World Bank, alongside an additional $7 billion from development partners.
The Addis Ababa Summit also endorsed two pivotal agreements—the Dar Es Salaam Energy Declaration and the Baku Declaration, both designed to elevate Africa’s economic standing through innovative financial and environmental policies. Among the key highlights was the adoption of the African Financing Stability Mechanism, a game-changing initiative that could save the continent up to $20 billion in debt servicing costs by 2035.
Additionally, leaders embraced a new Strategic Framework for Inclusive Growth and Sustainable Development, laying out a bold vision for achieving a sustained 7% GDP growth rate over the next five decades.
“In this rapidly evolving world, filled with both challenges and opportunities, we stand at a critical juncture. Now is the time to unite, build resilience, and drive Africa forward,” Dr. Adesina declared, leaving behind a resounding message of hope, unity, and progress.
As the continent looks ahead to a new era of leadership, investment, and innovation, Dr. Akinwumi Adesina’s decade-long tenure at the AfDB will be remembered as a defining chapter in Africa’s economic history.
