AU endorses Adesina for second term as AfDB President

By Editor |   26 February 2020   |   4:05 am  

Adesina

The Executive Council of the African Union (AU), has endorsed Dr. Akinwumi Adesina’s candidacy for a second term as President of the African Development Bank (AfDB).

According to a statement from the AfDB, yesterday, the decision was taken at the 36th Ordinary Session of the AU Executive Council, during the AU Summit, in Addis Ababa, Ethiopia, held between February 6 and 7.

Adesina was elected to his first term as President by the Bank’s Board of Governors at its Annual Meetings in Abidjan, Côte d’Ivoire, on May 28, 2015. He is the eighth President of the AfDB Group, and the first Nigerian in the post.

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During his first term, the Bank’s shareholders approved a landmark $115billion capital increase in late October. The increase in the capital base from $93billion to $208billion, signalled strong support from the Board of Governors in the continent’s foremost financial institution.

Adesina is a renowned development economist, who has held a number of high-profile international positions, including with the Rockefeller Foundation, and as Nigeria’s Minister of Agriculture and Rural Development from 2011 to 2015.

The African Union Executive Council comprises 55 ministers of foreign affairs representing the member states of the African Union.

In December 2019, the Economic Community of West African States (ECOWAS), also endorsed Adesina for a second term as the Bank chief.

The election will take place at the Bank’s Annual Meetings in May, in Abidjan.

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