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Tag: Akinwumi Adesina

  • Outgoing AfDB President, Adesina gets top appointment

    Outgoing AfDB President, Adesina gets top appointment

    The World Food Prize Foundation has named outgoing African Development Bank (AfDB) President, Dr. Akinwumi Adesina, to its prestigious Council of Advisors.

    The announcement was made by the Foundation’s President, Mashal Husain, through a statement issued in New York and shared with the News Agency of Nigeria (NAN).

    Adesina, whose decade-long tenure at AfDB ends in September, was honoured as a World Food Prize Laureate in 2017 for his transformational work in agriculture and food security across Africa.

    “President Adesina embodies the values and vision of Dr. Norman Borlaug—transforming bold ideas into tangible impact,” said Husain. “His lifelong commitment to agricultural innovation, sustainability and economic development across Africa makes him an extraordinary addition to our Council of Advisors. We are honored to welcome him back to the Foundation in this new role.”

    The Council of Advisors consists of distinguished global leaders—former heads of state, ministers, scientists, and policymakers—tasked with guiding the Foundation’s mission and advancing Borlaug’s vision of a world free from hunger.

    In response, Adesina expressed his appreciation, stating: “I am deeply honoured to join the Council of Advisors of the World Food Prize Foundation. Dr. Norman Borlaug was not only a mentor, but a personal inspiration whose passion for ending hunger shaped my own journey. As a Laureate, I carry his legacy with me, and I look forward to working with the Foundation to advance bold, science-driven solutions that uplift farmers, feed nations and transform our world.”

    A globally renowned development economist and agricultural expert, Adesina was instrumental in launching initiatives that significantly boosted food production, tackled corruption in Nigeria’s fertilizer distribution system, and expanded credit access for millions of smallholder farmers.

    Before his appointment at AfDB in 2015—where he became the first Nigerian to hold the position—Adesina served as Nigeria’s Minister of Agriculture and Rural Development from 2011 to 2015.

    He also held key roles at the Rockefeller Foundation and AGRA (Alliance for a Green Revolution in Africa).

    During his leadership at AfDB, Adesina championed the “High 5” development agenda: Light Up and Power Africa, Feed Africa, Industrialize Africa, Integrate Africa, and Improve the Quality of Life for the People of Africa.

    Under his guidance, the bank’s capital grew from $93 billion to $318 billion, enabling landmark investments in infrastructure, youth entrepreneurship, and food systems.

    “Dr. Adesina has long been a trailblazer in global agriculture and economic development,” said Tom Vilsack, CEO of the World Food Prize Foundation. “His leadership has reshaped the landscape of African agriculture, from fighting corruption to empowering farmers and fueling sustainable growth.”

    Adesina holds a Ph.D. in Agricultural Economics from Purdue University. He is expected to assume his new role on the Council after completing his term as AfDB president in September.

    Founded by Nobel Peace Prize Laureate Dr. Norman Borlaug, the World Food Prize honors individuals who have significantly improved the quality, quantity, or availability of food around the world.

    Since its inception, the prize has been awarded to 55 global changemakers and is presented annually during the Borlaug Dialogue—a week-long event focused on tackling global hunger

  • BREAKING: AfDB elects new President, Sidi Ould Tah

    BREAKING: AfDB elects new President, Sidi Ould Tah

    Sidi Ould Tah of Mauritania has been elected president of the Africa Development Bank (AfDB) to take over from Akinwumi Adesina of Nigeria.

    Sici Ouid Tsh was elected as the President of the African Development Bank Group during the organization’s Annual Meetings in Abidjan, Cote d’Ivoire on Thursday.

    TheNewsGuru.com (TNG) reports Sidi Ould Tah is a former Minister of Finance Mauritania.

    The election was decided in three rounds, where Tah received 76.18% of votes, surpassing Zambia’s Samuel Maimbo, who garnered 20.26%, and Senegal’s Amadou Hott, who received 3.55%.

    The new AfDB president will replace Adesina, a Nigerian economist, who led the AfDB for 10 years following his election in 2015.

     

    Details shortly…

  • Presidency tackles  AfDB’s Adesina over Nigeria’s GDP Per capita claims

    Presidency tackles  AfDB’s Adesina over Nigeria’s GDP Per capita claims

    The Nigerian Presidency has strongly challenged recent comments made by African Development Bank (AfDB) President, Dr. Akinwumi Adesina, regarding the country’s economic progress since independence. In a widely shared statement, Adesina had claimed that Nigeria’s GDP per capita was significantly higher in 1960 estimated at $1,847 than it is today at $824, suggesting a decline in citizens’ living standards.

    In a rebuttal issued by Bayo Onanuga, spokesperson for President Bola Tinubu, the Presidency criticized Adesina for what it described as inaccurate and poorly researched claims, comparing his remarks to political rhetoric. The statement said Adesina’s assertion was “unverifiable” and lacked due diligence, pointing out that in 1960, Nigeria’s GDP per capita was actually about $93 based on a total GDP of $4.2 billion and a population of nearly 45 million.

    The Presidency emphasized that Nigeria’s GDP only began to grow substantially in the 1970s due to oil revenue. By 1981, per capita income peaked at $2,187 but soon dropped. The figure hit a record high of $3,200 in 2014 following a rebasing of economic data.

    Furthermore, the Presidency criticized Adesina for basing conclusions about poverty and development solely on GDP per capita, arguing that the metric fails to account for key aspects like wealth distribution, informal economic activity, and improvements in healthcare, education, and infrastructure.

    Highlighting advancements since 1960, the statement pointed to expanded access to education, improved healthcare, a modern transportation system, and the widespread availability of mobile phones and digital services—contrasting sharply with the limited infrastructure at independence.

    Using MTN’s success in Nigeria as an example, the Presidency argued that GDP figures do not always reflect a country’s true economic potential or living standards, citing how early consultants underestimated the viability of the telecom market based on GDP data.

    In conclusion, the Presidency insisted that despite challenges, Nigeria has made substantial progress since independence and warned against drawing simplistic conclusions from incomplete economic indicators.

  • 64 years after independence, Nigeria’s underdevelopment disappointing – Adesina

    64 years after independence, Nigeria’s underdevelopment disappointing – Adesina

    Mr Akinwumi Adesina, President African Development Bank Group (AfDB) has decried the state at which Nigeria still remaining stagnant in so many areas of development.

    Adesina said that after the 64 years of independence, the country should be among the developed nations of the world.

    Adesina made the remark while delivering a lecture on “building a global Nigeria” to mark the 90th birthday anniversary of rtd. Gen. Yakubu Gowon in Abuja.

    He said that prior to independence in 1960, the founding fathers had a dream of a Nigeria that would be the shining light of Africa and indeed the black race.

    He said that Nigeria, being the largest black nation on earth, should carry the hopes and aspirations of all black people in the world yearning to become a beacon in the world.

    Adesina added that Nigeria by should be an inspiration to elevate the whole continent of Africa.

    “Certainly, 64 years after independence, Nigeria should not be a developing country but should be a developed nation.

    “As President of the African Development Bank, when I travel around Africa, one issue that often marks conversations is, when will Nigeria develop?

    ”I have listened to several leaders tell me that the rise of Africa depends on the rise of Nigeria,” he said.

    He cited the instance of Saudi Arabia that set the pace of development within the Gulf region, leading the development of United Arab Emirates, Qatar and Kuwait, which had risen to become global giants.

    He said that Nigeria needed to develop faster for Africa to develop, adding that Nigeria could not remain a disappointment to Africa continent as history was beckoning on the country.

    “When the Gulf region was to develop, it took Saudi Arabia to set the pace. Today, the United Arab Emirates, Qatar and Kuwait, each of these nations have risen to become global giants.

    “When Europe had to develop, it needed Germany, the United Kingdom and France to spur the growth across the continent,” he said.

    According to Adesina, when Asia had to develop, it took China, Japan, and South Korea, to spark even wider growth from Singapore to India, Malaysia, and Indonesia.

    “For Africa to develop, it needs Nigeria to develop faster. History beckons on Nigeria and we cannot disappoint,” he said.

    The AfDB boss said that it was his dream to see a better tomorrow for the country,

    He called on leaders to start with a poverty free nation, adding that poverty is particularly extreme in rural areas where millions of people have been forgotten and abandoned.

    “Today, poverty is extremely pervasive in Nigeria. The National Bureau of Statistics (NBS) as of 2022 estimated that 63 per cent of persons living within Nigeria (133 million people) are multi-dimensionally poor.

    “It also states that over half of the population of Nigeria cook with dung, wood or charcoal rather than cleaner energy.

    “High deprivations are also apparent nationally in sanitation, healthcare, food security, and housing,“ he said.

    He said that the resultant effects of poverty was the prevailing kidnapping, drug abuse, banditry and social vices among the Nigerians youths.

    “To address the situation, urgent and comprehensive efforts are needed to restore security and order, to protect lives, property, farmlands, and to restore normalcy to traumatised zones, towns, villages, and communities.

    “To stabilise and restore economic fortunes, education, health, social protection and jobs for youth programmes must be prioritised. Simultaneously, we must decisively tackle and reduce the burgeoning numbers of out-of-school children,” he said.

  • How lack of electricity is killing businesses in Nigeria – Adesina

    How lack of electricity is killing businesses in Nigeria – Adesina

    Mr Akinwumi Adesina, President, African Development Bank Group (AfDB), says Nigeria is losing about 29 billion dollars annually due to a lack of reliable power supply.

    Adesina said that it amounted to 5.8 per cent loss in the nation’s Gross Domestic Product (GDP),

    He made this known during his lecture on “building a global Nigeria” to mark 90th birthday anniversary of retired Gen. Yakubu Gowon in Abuja.

    He said that the major challenge facing Nigeria’s manufacturing industries was the high cost and unreliability of electricity supply.

    The AfDB boss said that load shedding and the inconsistent availability of electricity had resulted in high and uncompetitive manufacturing costs.

    According to him, most Nigerian manufacturing companies are providing their own energy with a high dependence on generators, diesel and heavy fuel oil.

    “It has been estimated by the IMF that Nigeria loses about 29 billion dollars annually, that is, 5.8 per cent of its GDP, due to a lack of reliable power supply.

    “The report also indicates that Nigerians spend 14:billion dollars yearly on generators and fuel.

    “There is no other way to say it, lack of electricity is killing Nigerian industries,” he said.

    He quoted the Manufacturers Association of Nigeria (MAN) as saying that industries spent N93.1 billion on alternative energy in 2018.

    “Today, no business can survive in Nigeria without generators.

    “Nigeria had gas and crude oil in abundance, which can be vital means of generating electricity, yet, 86 million people live daily without electricity.

    “Today, Nigeria is the number one country in the world in terms of the total number of people without electricity,” he said.

    Adesina said that it was a situation that called for government’s attention so as to boost the country’s economy.

    He said that looking at achieving a “global Nigeria”, the country must achieve universal access to electricity.

    Highlighting AfDB‘s contributions, Adesina said that the bank had invested massively in the power sector to support the implementation of Nigeria’s Power Sector Recovery Programme by providing 200 million dollars for the Nigeria Electrification Project.

    “To support Nigeria and other African countries, the AfDB invests massively in the continent’s power sector.

    “This is through provision of 200 million dollars for the Nigeria Electrification Project, which is designed to fill the country’s electricity access gap.

    “We have also invested 210 million dollars in the Nigeria Transmission Project to strengthen the grid power evacuation and regional interconnection, ” Adesina said.

    According to him, a major component of AfDB’s energy strategy is the launch of the Desert to Power initiative, a 20 billion dollars initiative to provide electricity.

    He said that the initiative would provide electricity for 250 million people across 11 countries of the Sahel, including Northern Nigeria.

    He said that it was expected that Desert to Power would create the world’s largest solar zone.

    “This initiative will draw lessons from successful projects already financed by the bank, including the Noor Ouarzazate solar PV power project in Morocco,
    and the Ben Ban solar project in Egypt.

    “The President of the World Bank Group, Ajay Banga and I made the decision that the two institutions will work together to connect 300 million Africans, including Nigerians, to electricity by 2030, ” Adesina said.

  • AfDB President, Adesina reveals what is killing Nigerian businesses

    Akinwumi Adesina, President, African Development Bank Group (AfDB), has said Nigeria is losing about 29 billion dollars annually due to a lack of reliable power supply.

    Adesina said that it amounted to 5.8 per cent loss in the nation’s Gross Domestic Product (GDP).

    He made this known during his lecture on “building a global Nigeria” to mark 90th birthday anniversary of retired Gen. Yakubu Gowon in Abuja.

    He said that the major challenge facing Nigeria’s manufacturing industries was the high cost and unreliability of electricity supply.

    The AfDB boss said that load shedding and the inconsistent availability of electricity had resulted in high and uncompetitive manufacturing costs.

    According to him, most Nigerian manufacturing companies are providing their own energy with a high dependence on generators, diesel and heavy fuel oil.

    “It has been estimated by the IMF that Nigeria loses about 29 billion dollars annually, that is, 5.8 per cent of its GDP, due to a lack of reliable power supply.

    “The report also indicates that Nigerians spend 14:billion dollars yearly on generators and fuel.

    “There is no other way to say it, lack of electricity is killing Nigerian industries,” he said.

    He quoted the Manufacturers Association of Nigeria (MAN) as saying that industries spent N93.1 billion on alternative energy in 2018.

    “Today, no business can survive in Nigeria without generators.

    “Nigeria had gas and crude oil in abundance, which can be vital means of generating electricity, yet, 86 million people live daily without electricity.

    “Today, Nigeria is the number one country in the world in terms of the total number of people without electricity,” he said.

    Adesina said that it was a situation that called for government’s attention so as to boost the country’s economy.

    He said that looking at achieving a “global Nigeria”, the country must achieve universal access to electricity.

    Highlighting AfDB‘s contributions, Adesina said that the bank had invested massively in the power sector to support the implementation of Nigeria’s Power Sector Recovery Programme by providing 200 million dollars for the Nigeria Electrification Project.

    “To support Nigeria and other African countries, the AfDB invests massively in the continent’s power sector.

    “This is through provision of 200 million dollars for the Nigeria Electrification Project, which is designed to fill the country’s electricity access gap.

    “We have also invested 210 million dollars in the Nigeria Transmission Project to strengthen the grid power evacuation and regional interconnection, ” Adesina said.

    According to him, a major component of AfDB’s energy strategy is the launch of the Desert to Power initiative, a 20 billion dollars initiative to provide electricity.

    He said that the initiative would provide electricity for 250 million people across 11 countries of the Sahel, including Northern Nigeria.

    He said that it was expected that Desert to Power would create the world’s largest solar zone.

    “This initiative will draw lessons from successful projects already financed by the bank, including the Noor Ouarzazate solar PV power project in Morocco,
    and the Ben Ban solar project in Egypt.

    “The President of the World Bank Group, Ajay Banga and I made the decision that the two institutions will work together to connect 300 million Africans, including Nigerians, to electricity by 2030, ” Adesina said.

     

  • Food importation: Tinubu’s latest policy ‘depressing’ – AfDB President, Adesina

    Food importation: Tinubu’s latest policy ‘depressing’ – AfDB President, Adesina

    President of the African Development Bank (AfDB) Akinwunmi Adesina, has faulted the decision of the federal government to import food, describing it as depressing.

    Adesina’s criticism was made known while speaking on the topic of “Food Security and Financial Sustainability in Africa,”  at the Council of Anglican Provinces of Africa retreat in Abuja.

    He posited that Nigeria cannot continue to depend on food importation to keep prices stable and that doing so would undermine the nation’s agriculture strategy.

    He clarified that food production should be prioritized in order to maintain price stability, ease pressure on the foreign exchange front, and generate employment.

    He said, “Nigeria’s recently announced policy to open its borders for massive food imports, just to tackle short-term food price hikes, is depressing.”

    “Nigeria cannot rely on the importation of food to stabilize prices. Nigeria should be producing more food to stabilize food prices while creating jobs and reducing foreign exchange spending, which will further help stabilize the Naira,”

    “Nigeria cannot import its way out of food insecurity. Nigeria must not be turned into a food import-dependent nation.”

    He noted that Africa constitutes nearly a third of the over 780 million people worldwide who are hungry, emphasising the critical role of agriculture in diversifying economies and transforming rural areas, where more than 70 percent of Africa’s population resides. “It is clear therefore that unless we transform agriculture, Africa cannot eliminate poverty,” he insisted.

    Adesina noted that Africa holds 65% of the world’s remaining uncultivated arable land, which is crucial for feeding an estimated 9.5 billion people by 2050. Therefore, what Africa does with agriculture will determine the future of food in the world. “Essentially, food is money. The size of the food and agriculture market in Africa will reach $1 trillion by 2030.”

     

  • GDP not enough to measure economic growth – AfDB

    GDP not enough to measure economic growth – AfDB

    Akinwumi Adesina, the President, African Development Bank (AfDB), says an increase in the Gross Domestic Product (GDP) must translate to job creation for youths to ensure growth on the continent.

    Adesina said this at a presentation on the African Economic Outlook held on the sidelines of the ongoing 2024 Annual Meetings in Nairobi.

    The AfDB president dismissed the pursuit of GDP growth, adding that the quality and impact of growth on job creation are paramount.

    “We have to ensure that our growth also gives value to the youth and women. We do not need GDP.

    “It does not matter how that GDP is. We have to make sure that it is creating quality jobs for our people.’’ he said.

    Adesina identified youth unemployment as a critical issue, pointing out that Africa could not afford to have 477 million young people under the age of 35 without opportunities.

    “I have said it: Migration to Europe is not Europe’s problem. It is our problem. We cannot have 477 million young people under the age of 35 and have nothing for them.

    ” We must invest in our young people, in their skills, talents, entrepreneurship, and give them tools.”

    He expressed enthusiasm for initiatives like the Youth Entrepreneurship Investment Banks and the Special Agricultural Processing Zones, designed to transform agriculture structurally.

    Adesina also emphasised the potential of the African Continental Free Trade Area (AfCFTA) to boost industrial manufacturing and trade within Africa, reducing dependency on exports outside the continent.

    “Trading among ourselves in a free trade zone must be backed by industrial manufacturing to avoid being competitively poor.

    “We need consolidated infrastructure for export-oriented industrial manufacturing to increase our manufacturing share of GDP,” Adesina said.

    Addressing financial strategies, Adesina called for increased domestic resource mobilisation, a stronger private sector, and a shift from reliance on commercial creditors to concessional finance.

    He urged more blended funds to accelerate the continent’s development and expressed gratitude for governments’ robust support for the AfDB’s capital increase.

    According to him, this is crucial for maintaining the bank’s triple-A rating and securing long-term, low-interest financing for Africa.

    Adesina highlighted governance, transparency, and accountability as essential for Africa’s progress.

    He said that Africa had 6.8 billion dollars in national capital assets as of 2018, which, if managed transparently and effectively, could significantly accelerate the continent’s transformation.

    “Africa’s future is bright, but we must tackle governance issues and ensure our resources are fully utilised for the benefit of our people,” Adesina said.

  • How to stem trend of Japa syndrome in Africa – AfDB president

    How to stem trend of Japa syndrome in Africa – AfDB president

    President of the African Development Bank (AfDB), Dr Akinwumi Adesina, has called on African leaders to create quality jobs for their teeming unemployed youths, to stem the trend of brain drain bedevilling the continent.

    Adesina said in Abuja on Friday at the Second Veritas University Digital Innovations Exhibition and 12th Convocation Lecture, that Nigeria was losing its best brains to Japa syndrome.

    The former Minister of Agriculture, who spoke on the convocation lecture theme: ” Africa, It’s Your Time”, tasked Nigeria to turn its huge youth demography into an asset and not a liability.

    The former Minister of Agriculture who was conferred with an honorary doctorate degree by the institution, announced that Nigeria had been listed among 10 other African countries to benefit from the Bank’s $20 billion Desert-to-Power initiative.

    He noted that the power project was conceived to develop 10 GW of solar power, being the largest solar zone in the world when completed.

    He listed other countries to benefit from the initiative as Burkina Faso, Cameroon, Chad, the Gambia, Guinea, Mauritania, Mali, Niger, Eritrea, and Senegal.

    He also announced AfDB’s adoption of the Veritas University as a Centre of Excellence for Computer Coding for Employment.

    “What Africa lacks is not money. What Africa lacks is lack of bankable ideas. Remember, money will always follow great ideas,” he said.

    “As you join the workforce, technology and Artificial Intelligence will play a big role in your lives and in your enterprises.

    “I expect to see many of you provide creative solutions to many of our challenges through analytics and data aggregation. There are huge opportunities in smart and digital economies of the future.

    “All this matter to me personally because I do not want to see the continued exodus of young people who risk their lives to dangerously cross land and sea to go to Europe at all cost.

    “The fastest way for Nigeria to dramatically expand the wealth of its economy, create jobs and provide decent work opportunity for its youth is to implement bold, effort-oriented, industrial manufacturing actions.

    “This will rapidly expand foreign exchange earnings, boost income per capita and provide quality and well-paying jobs for millions of its young people,” he added.

    Adesina charged the youth, both in Nigeria and Africa as a whole, to dream again while urging Africa to make us of the largest reserves of cobalt, lithium, diamonds, cocoa, nickel, copper, platinum and uranium in the world.

    According to him, those resources could boast of 65 per cent of the world’s arable land and the largest deposit of solar potentials but has not materialised into wealth for the continent.

    The Vice Chancellor of the University, Prof. Hyacinth Ichoku, revealed that the institution’s undergraduate enrollment had increased from 1,200 in 2018 to over 6,000.

    Also, the Pro-Chancellor and Chairman Governing Council of the institution, Most Rev. Matthew Kukah urged the graduating students to be good ambassadors of the institution.

    Kukah, in a bid to give back to the institution, announced a donation of N3 million to three students who demonstrated their ideas to the gathering.

  • How Fuel subsidy is killing Nigeria’s economy – AfDB president

    How Fuel subsidy is killing Nigeria’s economy – AfDB president

    Dr Akinwumi Adesina, the President African Development Bank (AfDB), says Fuel subsidy is killing Nigeria’s economy, costing it 10 billion dollars alone in 2022.

    Adesina, who said this at a lecture in Abuja, said Nigeria’s fuel subsidies benefit the rich not the poor, fueling their government’s endless fleets of cars at the expense of the poor.

    “Estimates show that the poorest 40 per cent of the population consume just three per cent of petrol.”

    According to him, support should be given to the private sector and modular refineries to allow for efficiency and competitiveness to drive down fuel pump prices.

    ” The newly commissioned Dangote Refinery by President Buhari, the largest single train petroleum refinery in the world, and its Petrochemical Complex will revolutionise Nigeria’s economy.

    “Congratulations to Aliko Dangote for his amazing 19 billion dollar investment,” he said.

    Adesina also said there was an urgent need to look at the cost of governance.

    “The cost of governance in Nigeria is way too high and should be drastically reduced to free up more resources for development.

    “Nigeria is spending very little on development.

    “Today, Nigeria is ranked among countries with the lowest human development index in the world.

    “This is with a rank of 167 among 174 countries globally, according to the World Bank 2022 Public Expenditure Review report.”

    Adesina said to meet massive infrastructure needs, according to the report, Nigeria will require three trillion dollars by 2050.

    He said according to the report, it will take Nigeria 300 years to provide its minimum level of infrastructure needed for development at the current rate.

    “Nigeria must rely more on the private sector for infrastructure development to reduce fiscal burdens on the government.

    He further said there was the need to raise tax revenue, diversify the economy, tackle power challenge, revive rural areas, and invest in human capital among others.

    “We must move away from the so-called “youth empowerment programmes as youths do not need handouts, they need investments.

    “The current banking systems do not and will not lend to the youth.

    “Special funds, with palliative in approach are not systemic and are also not sustainable.

    “What’s needed to unleash the entrepreneurship of the youth in Nigeria are brand new financial ecosystems.

    “Ecosystems that understand, value, promote and provide financial instruments and platforms for nurturing business ventures of the youth at scale.”

    On AfDB contribution, Adesina said through its  partnership with  Agence Francaise de Developement and the Islamic Development Bank, 618 million dollars  I-DICE programme was initiated.

    He said it was initated to develop digital and creative enterprises, they will create six million jobs and add 6.3 billion, dollars to Nigeria’s economy.

    “With the support of the African Development Bank, Kenya, under President Kenyatta, was able to expand electricity access from 32:per cent in 2013 to 75 per cent in 2022.

    “Today, 86 per cent of Kenya’s economy is powered by renewable energy.

    “In 2014, Egypt had electricity deficit of 6,000 megawatts, but by 2022 it had 20,000 megawatts of surplus power generation capacity,” he said.

    Adesina commended President Muhammadu Buhari for his stewardship of Nigeria for the past eight years.

    “I Thank you very much for all your strong support for me as President of the African Development Bank Group.

    “I also wish to congratulate the in-coming President, Bola  Tinubu, who will take over the mantle of stewardship of Nigeria on Monday.