- Nigeria provides $500 million to extend the Nigeria Trust Fund for another 15 years
- “It has been the greatest honour of my life to serve as president of the African Development Bank Group and to serve Africa “– Dr. Akinwumi Adesina
The African Development Bank Group’s 2025 Annual Meetings (www.AfDB.org) closed on Friday with a plenary session, following five days of meetings and discussions on Africa’s development landscape. The meetings also saw the election of a new president for a five-year term, beginning 1 September.
On Thursday, governors of the Group’s 81 shareholders elected former finance minister Mauritanian Sidi Ould Tah as the new president of the continent’s premier development institution.
The meetings were held in Abidjan, Côte d’Ivoire from 26-30 May under the theme: Making Africa’s Capital Work Better for Africa’s Development—a call for leaders to ditch aid and look inwards to Africa’s rich capital to solve its development and economic challenges.
Secretary General of the Bank Vincent Nmehielle described the meetings as a “resounding success”. He thanked Nialé Kaba, Minister of Economy, Planning and Development, outgoing Chairperson of the Boards of Governors, for her “sterling work, dedication and guidance of her duties over the past year.” He also thanked the 81 governors—finance ministers, economy ministers or central bank governors representing each of the African Development Bank’s shareholder countries.
Thirteen outgoing executive directors who have finished their term of office were recognized. Together, they represent a 75 percent change in the board composition for the next year.
Outgoing President Dr. Akinwumi Adesina expressed his best wishes to the president-elect.
“I am delighted for my brother and friend on his election as president of the African Development Bank Group. Hearty congratulations! I wish you great success in the years ahead,” Adesina said.
Participants also heard video congratulatory messages to Adesina from world leaders, including World Bank head Ajay Banga and Ngozi Okonjo-Iweala, director general of the World Trade Organization.
The Board of Governors also sent a congratulatory message conveyed through the Bank governor for Zambia, Situmbeko Musokotwan, Minister of Finance and National Planning. “We thank you for the remarkable results,” he said.
The meetings also saw new milestones for the Bank.
On Thursday, the Bank signed an agreement with the Finance ministry of Nigeria to extend the Nigeria Trust Fund (https://apo-opa.co/4ko9r9u)—for another 15 years. Nigeria provided an additional $500 million to the Nigeria Trust Fund. “An impressive contribution. Thank you, Nigeria,” Adesina said.
The Nigeria Trust Fund, the third arm of the Bank Group, is a self-sustaining revolving fund set up to assist the development efforts of the Bank’s low-income regional member countries whose economic and social conditions and prospects require concessional financing. Its resources are allocated to projects, not to countries.
“I am glad this agreement was signed a day before the end of the meetings,” Adesina said.
In an emotional farewell, Adesina sang a few of his favorite songs—Johnny Nash’s “I can see clearly now,” and Bob Geldof’s “We are the World.”
“This is my last Annual Meetings as president of the African Development Bank Group, after completing two five-year terms,” Adesina said. “It has been an extraordinary ten years working together… Thank you for the opportunity, trust and resources you gave me to serve as President of the African Development Bank Group. It has been the greatest honour of my life to serve as President of the African Development Bank Group and to serve Africa.”
In a short ceremony Kaba, handed the African Development Bank’s flag to Congolese Economy minister Ludovic Ngatse and announced that the 2026 Annual Meetings of the Bank Group will take place in Congo Brazzaville from 25-29 May 2026.
Speaking on behalf of Ivorian Prime Minister Robert Beugre, Kaba also thanked all participants “for contributing to the strategic reflection and solidarity with a view to steering our continent to a better future. and Cote d’Ivoire, the host country.”
In addition to the official programme, 60 side events as well as cultural events and a spouse’s programme were part of this year’s colourful meetings.
To review sessions you missed or for any information on the Annual Meetings, click here (https://apo-opa.co/43T3MlS).
Distributed by APO Group on behalf of African Development Bank Group (AfDB).
- Dr. Adesina’s closing speech : https://apo-opa.co/4kmAt15
- Closing ceremony pictures : https://apo-opa.co/3SoQreK
- 2025 Annual Meetings pictures : https://apo-opa.co/3FsfE58
Contact:
Amba Mpoke-Bigg
Communication and External Relations Department
email: media@afdb.org
About the African Development Bank Group:
The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org
