Nigeria remains largest shareholder as Adesina’s tenure ends
The African Development Bank (AfDB), Africa’s premier development finance institution, will elect a new president this week as representatives of its 81 member countries gather in Abidjan, Côte d’Ivoire.
The vote to choose a successor to Dr. Akinwumi Adesina, who is set to step down in September after completing the maximum two five-year terms, will be held on Thursday.
Candidates from South Africa, Senegal, Zambia, Chad, and Mauritania are vying for the top job at the institution, which plays a pivotal role in financing infrastructure, agriculture, and economic growth across the continent.
Complex Voting Process
To win, a candidate must secure:
- 50.01% of the vote from 54 African member states, and
- 50.01% from all 81 members, which includes major non-African shareholders like the United States, Japan, and European countries.
The AfDB is majority-owned by African nations, but its non-regional members – including G7 countries – wield significant influence. Nigeria, Africa’s most populous country and largest economy, remains the biggest single shareholder.
Funding Pressure Looms
The incoming president will face immediate fiscal headwinds. The United States recently proposed cutting $555 million in funding to the AfDB and its concessional lending arm, the African Development Fund (ADF).
Experts say this poses a significant challenge to the institution’s capital mobilisation efforts.
“This is going to be a major task, and it is effectively the new president’s first test,” said Hannah Ryder, CEO of Africa-focused consultancy Development Reimagined.
“They will need to either persuade the U.S. to reverse the cuts, attract funding from countries like China or Saudi Arabia in exchange for more influence, or push African member states to increase their own contributions.”
Global Shifts Add Complexity
Observers note that the AfDB’s leadership transition is taking place in a complicated global context, with economic uncertainties and shifting geopolitical alliances under the current Trump administration.
“Many of the key contributors have been cutting bilateral support to African countries,” noted Fred Muhumuza, a lecturer at Makerere University Business School in Uganda.
The meeting is also expected to address the broader impact of global economic shifts on Africa’s development financing landscape.
As the continent grapples with infrastructure gaps, rising debt, and limited fiscal space, the AfDB’s new leadership will be instrumental in shaping the continent’s development priorities and financial resilience.
