Former AfDB boss, Akinwumi Adesina, pledges support for Nigeria’s economic development

Adesina made the pledge on Tuesday during a visit to President Bola Tinubu at the Presidential Villa, Abuja, where he briefed the president on his 10-year tenure at the bank.

He said the AfDB provided approximately 7 billion dollars in financing to Nigeria between 2015 and 2025, representing about 63 per cent of its total financing to the country since 1971.

According to him, the bank’s cumulative financing to Nigeria since commencing operations in 1971 stands at 11.1 billion dollars.

Adesina said Tinubu was pleased with the bank’s achievements and its support for Nigeria during his tenure.

He commended the President for undertaking macroeconomic reforms, particularly the removal of the fuel subsidy and the unification of foreign exchange rates.

He described the measures as difficult but necessary, adding that they were beginning to yield positive results.

According to him, the reforms had contributed to increased foreign exchange availability, renewed portfolio investor interest and a downward trend in inflation.

Adesina also noted improvements in international perceptions of Nigeria, citing positive and stable outlooks from some credit rating agencies.

He, however, said the next critical phase was to move beyond economic reforms and stabilisation toward structural transformation, economic growth and shared prosperity.

He said Tinubu recognised the need to translate the gains of the reforms into improved living standards and broader economic opportunities for Nigerians.

Adesina assured the President of his readiness to contribute to Nigeria’s development in any capacity considered appropriate.

“My heart is always at home. In any capacity that His Excellency feels I can help, I can help in anything.

“I’m not looking for a job. I’m not looking for anything. I’m just here to help. It’s my country. I have a duty, an obligation and a responsibility to do so, and I will,” he said.