Dr Akinwunmi Adesina

Olukayode Oyeleye.

The five year-term of Dr. Akinwumi Adesina as the new president of the African Development Bank (AfDB) commenced last Tuesday, following his formal investiture in Abidjan as the president of the development finance institution. Adesina’s emergence marks Nigeria’s first opportunity to successfully produce a Nigerian to head the institution.

Nigeria’s presence conspicuously graced the investiture ceremony at the prestigious Sofitel Hotel, Abidjan, drawing many influential government representatives and private sector leaders, including Nigeria’s vice president, Prof. Yemi Osinbajo, who represented President Muhammadu Buhari. The occasion was attended by the governors of Kano, Taraba and Sokoto states, while the government of Kogi State was represented by the agriculture commissioner and the secretary to the government of the state.

Views from Nigerians and non-Nigerians alike converged around hopes of high expectation, given the performance of Dr. Adesina in the position he held in Nigeria until May 2015. Prof. Osinbajo, commended Dr. Adesina for the “zeal with which he pursued his assignment as the former minister of agriculture in Nigeria,” while congratulating him on his victory at the bank’s election “in a race that was keenly contested.” The vice president expressed confidence that “Dr. Adesina will make a fine president and a successful one.”

Dr. Adesina, in his inauguration speech, promised to build upon the successes of his predecessors, particularly the immediate past predecessor, Dr. Donald Kaberuka. “Five priorities will shape my work under my presidency, in a ten-year strategy.” Adesina disclosed, listing them as “to light up and power Africa, feed Africa, integrate Africa, industrialise Africa, and improve the quality of life for the people of Africa.” He promised that, under his leadership, “We will be more than a lending institution, providing a world class, knowledge building institution.”

To succeed, Adesina added, “We will build stronger partnership for impact. We will advance Africa’s priority. We will be a voice in support of Africa.” He expressed the resolve to steer the bank on the path of growing “our business and our revenue everywhere we are, and serve the private sector much better. We will become the development bank of choice for Africa.” He specifically thanked Dr. Ngozi Okonjo-Iweala, his fellow minister, “who campaigned tirelessly” for his election.

A former president of AfDB, Dr. Babacar Ndiaye, observed that the bank has grown tremendously from the initial 250 million dollars, revalued at 300 million dollars, to multibillion dollars today, with an impressive increase in capital base over its 50 years of existence. He was positive that “the leadership is showing some direction for infrastructural development for the private sector,” noting that “the bank today is a voice for Africa.”

Dr. Ndiaye, who presided over the bank from 1995 to 2005, agreed that “what Dr. Adesina has in his programme reflects what the bank can do.” He said, for instance, that “power is important for Africa and will be the blood for our infrastructural development and agricultural development. He also thinks that “integration is important” and that “the bank should be more involved.” Ndiaye commended the emphasis on “the role of the private sector in order to reach the population.”

Nigeria’s permanent secretary, Ministry of Agriculture and Rural Development, Mr. Sonny Echono, at the Abidjan event, observed that “this presidency of AfDB offers Nigeria a bountiful opportunity to harness our potential.” He was of the view that the bank’s focus on power, agriculture and rural development, is good for Nigeria, with the diversifying “away from oil that Nigeria’s president is pursuing to attain growth for our country.”

“The critical thing the bank will be bringing on board for us,” observed Echono, “is expertise” and opportunity to “leverage international finances, banks guaranteeing loans and supporting them.” He pointed out that the fact that Dr. Adesina “has headed agriculture ministry in Nigeria is going to be of tremendous benefit for us.” Mr. Echono advised that “we must begin to see development as something necessary that propels growth. We need to banish poverty so people will be in position to create wealth.”

Dr. Olukayode Oyeleye writes from Abuja