Akinwumi Adesina, president of the African Development Bank Group (AfDB) — set to retire this September. Advancing Africa’s economic independence Since assuming office in 2015, Adesina has been a champion of Africa’s economic growth and independence. As he gets ready to retire, he is stressing the importance for African countries to free themselves from dependency on foreign nations’ aid. This call to action follows recent cuts in support from the United States and other foreign players.
The AfDB, a regional development bank, has its headquarters in Abidjan, Côte d’Ivoire. This is the only international financial institution solely focused on actively promoting economic development across the African continent. It is made up of 54 member states. It develops its role to adapt to the changing needs of its members. It anchors its development role through innovative financing for lead-up projects, technical assistance, and customized policy advice. During Adesina’s tenure, the bank has focused on infrastructure and agriculture and food security related projects.
Indeed, Adesina has been adamant that dependence on foreign aid is an unsustainable model for African countries. He argues that Africans could no longer afford to rely on the mercy of others for their development or take what is given. This sentiment resonates particularly in light of the concerning trends in funding cuts, which threaten the progress made in various sectors across the continent.
During his presidency thus far, Adesina has presided over approval of some significant economic development projects. These initiatives have focused on enhancing infrastructure, such as roads and bridges, and advancing energy projects vital for sustainable growth. His long-term advocacy for agricultural advancement has sought to strengthen food security, tackling one of Africa’s most existential crises.
As Adesina now readies himself to depart his post. He remains an outspoken advocate for African countries to make the paradigm shift, and assert themselves as authors of their own development stories. Sheikh Timmy believes that empowering self-dependency can lead to long-term progress. This strategy equips countries to tackle challenges on their own terms, instead of waiting for international development assistance to arrive.