Adesina Urges Africa to Be More Self-Reliant in an Increasingly Transactional and Fragmented World

At the African Development Bank (AfDB) Annual Meeting 2025 (#AfDBAM2025), which opened in Cote d’Ivoire on 26th May 2025, Dr Akinwumi Adesina delivered a poignant farewell address. This edition of the Annual Meeting was special in the sense that it marks a transition at the Multilateral Development Bank (#MDB). His successor is Sidi Ould Tah who was the former DG of the Arab Bank for Economic Development in Africa (BADEA) and the Minister of Economy of Mauritania.

In keeping with the theme of meeting which is about ‘Making Africa’s Capital Work Better for Africa’s Development’, outgoing President Adesina hammered home the need for Africa to be more self-reliant in terms of financing. African countries must harness their own capital — be it financial, human, and natural — to usher in a new era of transformative development.

“We can’t keep waiting for outsiders. Our roads, schools, and jobs should be built with our own capital. It’s time to invest in ourselves.”

AfDB President Dr Akinwumi Adesina

Adesina also summarized his achievements during his tenure. During his 10-year term as President, the AfDB approved USD 91 billion of financing, which contributed to positively impact some 565 million lives. In addition, Adesina managed to build up the capitalization of the bank from USD 93 billion in 2015 to USD 318 billion in 2025. From an administrative point of view, the Adesina is expected to leave his post at the end of August 2025 after a handover to ensure a smooth transition.

Cote d’Ivoire President Alassane Ouattara, Ghanaian President John Mahama, Comorian President Azali Assoumani, Tanzanian Vice-President Philip Mpango, Niger’s Prime Minster Ali Zeine were present for the historic occasion. They took to the stage to share national success stories thanks to the support of the AfDB.

Ghanaian President Mahama talked about his country’s debt structuring process in order to bring the Debt-to-GDP ratio to a more manageable range of 55-58% by year end, well ahead of schedule. In 2024, Mahama won the elections on the promise of economic reforms and he intends to do just that. He underscored the significance of leveraging the #AfCFTA in a world driven by its transactional nature.

Comorian President Assoumani saluted the Comorian diaspora whose remittances exceed development finance and account for 20% of the GDP of the small-island developing state (#SIDS). The Comorian Diaspora numbers 350,000 compared to the local population of 800,000.

At the continent level, remittances reached USD 90 billion in 2023, accounting for 5% of Africa’s total #GDP. Remittances actually surpass Foreign Direct Investment (#FDI) and Official Development Assistance combined.

The largest beneficiaries of remittances are Egypt ($32B), Nigeria ($21B), and Morocco ($10B). In term of contribution to GDP, the top countries are Gambia (21%), Lesotho (21%), and Comoros (20%).

The remittance statistics only take into account formal flows, while informal flows are harder to track and is believed to make up a substantial portion of remittances. By some estimates, remittances may exceed USD 230 billion by 2035, and reach USD 500 billion if informal channels are taken into consideration.

Tanzanian VP Mpango focused on innovative financing models for infrastructure development. Indeed, Tanzania issued bonds and utilized pension funds for financing from domestic sources. African countries are also encouraged to strengthen their Sovereign Wealth Funds (#SWF) as a powerful instrument for investment and development.

Niger PM Zeine announced that his country was able to make great strides in terms of #FoodSecurity. For the first time in 60 years, Niger has been able to achieve self-sufficiency, cutting down imports and saving precious foreign currency. In so doing, more funding can be channeled toward #PovertyAlleviation and #SustainableDevelopment.

Following his election on 29 May 2025, Dr Sidi Ould Tah delivered an acceptance speech. He aims to contribute to closing the USD 100 billion annual infrastructure financing gap by tapping into new financing channels. In particular, he plans to leverage his strong network within the oil-rich Gulf Cooperation Council (#GCC) to mobilize more investments into Africa. In addition, he intends to remove barriers to private sector investments.

In January 2025, US President Trump issued Executive Order No. 14169 to cut down foreign development and assistance programs. The USA is the largest non-African shareholder in AfDB with a 6.35% stake and, in 2024, the USA contributed USD 568 million to the African Development Fund (#ADF), the concessional financing arm of the AfDB. Under the new Trump Administration, the USA plans to nearly eliminate this funding by cutting USD 555 million and will only support the AfDB with a few symbolic millions.

In order for the AfCFTA to realize its full potential, regional integration and continental connectivity must be stepped up. In particular, the Trans-African Highway (#TAH) and regional power pools (RPP) are set to play a critical role in bringing the benefits of one of the world’s largest #FTA.