Dr. Akinwumi Adesina, the Group President of AfDB during the 2023 AfDB Annual Meetings in Sharm El Sheikh, Egypt stated that all 54 African countries should strive for a sustained seven percent growth rate over the next 40-50 years.

This ambitious goal aligns with the United Nations Sustainable Development Goals and the 2023 African Union agenda, aiming to improve living standards and promote inclusive growth.

Dr. Adesina acknowledged the challenges that lie ahead but emphasized that achieving this objective is not impossible for the continent.

He highlighted the decline in Africa’s average gross domestic product (GDP) growth, from 4.8 percent in 2021 to 3.8 percent in 2022.

However, he expressed optimism for a projected increase to 4 percent in 2023 and further acceleration to 4.3 percent in 2024.

He cautioned against setbacks experienced by some countries after significant growth periods, emphasizing the importance of sustained progress.

The African continent faces various challenges, including the impacts of COVID-19, conflicts, and climate change, which have exposed vulnerabilities and highlighted the fragility of Africa’s growth pillars, particularly its dependence on commodity exports and external finance.

Despite these challenges, Dr. Adesina emphasized the incredible potential and opportunities that Africa possesses.

He stressed the significance of Africa’s demographic shift, which presents a demographic dividend and a large labor force that can support industrialization and reduce production costs.

Investing in the continent’s young population by providing them with skills and opportunities is crucial for driving Africa’s progress.

Dr. Adesina highlighted the game-changing potential of the Africa Continental Free Trade Area, which can significantly increase intra-African trade and reduce imports from outside the continent.

He encouraged African economies to harness the continent’s abundant natural resources to generate returns, drive youth employment, and foster job creation.

While emphasizing the importance of sustained economic growth, Dr. Adesina also highlighted the need to address issues of governance, inequality, and poverty.

He stressed the responsibility to promote green and sustainable development, diversify growth sources, and champion the fight against climate change and environmental sustainability.

In conclusion, Dr. Adesina emphasized that the studies presented during the event serve as a vital roadmap for Africa’s future. He expressed eagerness to receive the final report, which will be shared with heads of state and governments.

He emphasized the importance of feedback and input in shaping Africa’s unique development path, one that balances economic, social, and environmental dimensions while respecting the continent’s diverse environments, institutions, and aspirations.

Adesina revealed this at the launch of the Special Agro-Industrial Processing Zones (SAPZ) in Nigeria in Abuja on Monday.

He was re-elected unopposed through a voice vote at the annual meeting of the bank.

The election took place on Thursday during the closing ceremony of the virtual Annual General Meeting (AGM) of the bank.

Reacting, Dr. Adesina said “At this Annual Meetings, I offer myself to you, our Governors, for your consideration for election for a second term, as President.

“I do so, with humility, with a strong sense of duty and commitment and a call to serve Africa and our Bank, selflessly, to the very best of my God-given abilities,” he said.

Buhari’s congratulatory message was contained in a statement issued on Tuesday, by his Special Adviser on Media and Publicity, Femi Adesina, titled “President Buhari hails AfDB President, Akinwumi Adesina, on clearance by an independent panel”.

The President, however, urged Dr Adesina to remain steadfast, dedicated and resolute in pursuing his noble goals for the institution, especially with the now expected second term in office, assuring him of the prayers and support of Nigerians.

The statement read, “President Muhammadu Buhari warmly rejoices with President of the African Development Bank, Dr Akinwunmi Adesina, on the clearing of all allegations against him by an anonymous group, and further validation of his competence and integrity to lead the institution.

“President Buhari congratulates AfDB Board of Directors, the Ethics Committee and members of staff for their courage, maturity and patience in following through the process of investigations, and acceptance of Report of Panel of High-Level Independent Experts, which reviewed the Report of Ethics Committee of AfDB, and Dr Adesina’s response.

“The President commends the eminent personalities, consisting of Mary Robinson, Justice Hassan B. Jallow and Leonard F. McCarthy, who handled the review of the report of the Ethics Committee, and their professionalism in rejecting support services, and providing a unanimous report.

“President Buhari believes the conclusion of the review should finally draw a curtain on the allegations that created distractions for the entire institution for a period, and serve as impetus for more diligence in handling responsibilities while fuelling the zeal to deliver on the promises of a greater Africa.

“The President urges Dr Adesina to remain steadfast, dedicated and resolute in pursuing his noble goals for the institution, especially with the now expected second term in office, assuring him of the prayers and support of Nigerians.”

The board of governors reached the decision on Thursday June 4, in spite of sitting and former African leaders’ campaign for the bank to ignore the call for an independent investigation of allegations against Adesina as he has already been cleared by the bank’s ethics committee.

In a communique signed by the Chairperson of the bank’s Bureau of the Boards of Governors Niale Kaba, it was gathered that the independent review will be carried out by a neutral high calibre individuals with unquestionable experience, high international reputation and integrity within a short time period of not more than two to four weeks maximum.

It reads “The Bureau reiterates that it agrees that the Ethics Committee of the Boards of Directors performed its role on this matter in accordance with the applicable rule under Resolution B/BG/2008/11 of the Board of Governors. The Bureau also reiterates that the Chairperson of the Bureau of the Board of governors performed her role in accepting the findings of the Ethics Committee in accordance with the said Resolution. However, based on the views of some Governors on the matter and the need to carry every Governor along in resolving it, the Bureau agrees to authorize an Independent Review of the Report of the Ethics Committee of the Boards of Directors relative to the allegations considered by the Ethics Committee and the submissions made by the President of the Bank Group thereto in the interest of due process. The Independent Review shall be conducted by a neutral high calibre individual with unquestionable experience, high international reputation and integrity within a short time period of not more than two to four weeks maximum, taking the Bank Group’s electoral calendar into account. The Bureau agrees that, within a three to six month period and following the independent review of the Ethics Committee Report, an independent comprehensive review of the implementation of the Bank Group’s Whistle-Blowing and Complaints Handling Policy should be conducted with a view to ensuring that the Policy is properly implemented, and revising it where necessary, to avoid situations of this nature in the future.”