Dr. Akinwumi Adesina, the President of the African Development Bank (AfDB), announced the culmination of his decade-long tenure, effective September 1, 2025. During his final official visit to Nigeria as President, Adesina reflected on his accomplishments at the helm of the continent’s premier financial institution, marking a period of transformational growth and institutional strengthening. Speaking at the groundbreaking ceremony of the Oyo State Special Agro-Industrial Processing Zone, Adesina expressed gratitude for the support received from Nigerian stakeholders, including President Bola Tinubu, Vice President Kashim Shettima, and various government bodies, highlighting their crucial role in the Bank’s success story. He emphasized the substantial growth of the AfDB’s capital, which surged from $93 billion in 2015 to an impressive $318 billion under his leadership, attributing this achievement to a strong focus on good governance, transparency, and accountability. This focus, he noted, has elevated the AfDB’s global standing, earning it recognition as the best and most transparent multilateral financial institution worldwide.
Adesina’s final visit to Nigeria as AfDB President underscored his commitment to agricultural development, a sector he views as foundational to economic transformation and national security. He commended Governor Seyi Makinde of Oyo State for spearheading the revitalization of the Fashola Farm Settlement, an initiative that has successfully attracted over ₦11 billion in investments. This revitalization serves as a prime example of the transformative potential of agricultural development. Furthermore, Adesina highlighted the strategic significance of Special Agro-Industrial Processing Zones (SAPZs), which are designed to link producers, processors, and markets, thereby minimizing post-harvest losses, strengthening value chains, and generating employment opportunities. He noted the widespread adoption of the SAPZ model across Africa, with 28 sites already operational in 11 countries, a testament to the AfDB’s commitment to driving agricultural modernization and economic growth across the continent.
Adesina’s vision for agricultural transformation centers on value addition, emphasizing that exporting raw materials perpetuates poverty, while adding value to agricultural products is the key to economic prosperity. He expressed deep satisfaction in witnessing the fruition of the SAPZ concept, which he initially conceived during his tenure as Nigeria’s Minister of Agriculture 15 years prior. He revealed the impending launch of Phase II of the SAPZ program in September, acknowledging the unwavering commitment of Agriculture Minister Abubakar Kyari to the project’s continuation, despite facing political pressures to abandon what some perceived as “Adesina’s project.” The minister’s recognition of the initiative as a vital national project, however, underscores its importance for Nigeria’s economic development and the upliftment of communities.
The significant increase in the AfDB’s capital base during Adesina’s presidency is a clear indicator of the Bank’s growing influence and capacity to finance development initiatives across the continent. This financial strength allows the AfDB to play a pivotal role in supporting various sectors, including agriculture, infrastructure, and education, furthering its mandate to promote sustainable economic development and social progress in Africa. Moreover, the Bank’s improved transparency and governance, reflected in its high ranking among multilateral financial institutions, enhances its credibility and attracts further investment, thereby amplifying its impact on the continent’s development trajectory. This commitment to good governance is crucial for ensuring the effective and responsible use of resources, maximizing the impact of investments, and fostering trust among stakeholders.
The SAPZ initiative, championed by Adesina, represents a pragmatic approach to addressing some of the key challenges facing African agriculture, including post-harvest losses, limited market access for smallholder farmers, and inadequate value addition. By establishing dedicated zones for agro-processing, the SAPZ model fosters the development of localized value chains, creating opportunities for farmers, processors, and other stakeholders within the agricultural ecosystem. This approach not only enhances productivity and profitability but also contributes to job creation and rural development, thereby addressing systemic issues of poverty and unemployment. Furthermore, the SAPZ model promotes diversification and reduces dependence on raw material exports, crucial for building resilient and sustainable economies.
The continuity of the SAPZ program beyond Adesina’s tenure as AfDB president, as evidenced by the forthcoming Phase II launch, highlights the program’s inherent value and its alignment with broader national development goals. The commitment of Minister Kyari to the initiative, despite political pressures, underscores its significance as a strategic investment in Nigeria’s future. The SAPZ in Atan-Ijaye, Oyo State, serves as a concrete example of the program’s potential to transform rural communities, create economic opportunities, and enhance food security. This commitment to long-term agricultural development signifies a crucial step towards building a more resilient and prosperous agricultural sector, contributing to overall economic growth and poverty reduction. Adesina’s legacy extends beyond the financial achievements of the AfDB, encompassing a visionary approach to agricultural development that holds significant promise for Africa’s future.
