Buhari Praises Adesina for Increasing AfDB’s Capital to $208bn

President Muhammadu Buhari at the weekend congratulated the President of African Development Bank (AfDB), Dr. Akinwunmi Adesina, Board of Governors and members of staff on the historic increase of the bank's capital from $93 billion to $208 billion.

A statement by the president's media adviser, Mr. Femi Adesina, said the increase had placed the multilateral institution on a stronger pedestal to drive growth and development on the continent.

The statement said Buhari joined shareholders of the bank and African heads of states and governments in celebrating the feat, which he said clearly demonstrated the quality of leadership at the helm of affairs.

It also said the feat was a reflection of the technical expertise that has been steadily pushing reforms for a smart and nimble institution focused on alleviating poverty.

Adesina said the president also felicitated with the leadership of the bank for numerous reforms undertaken to reposition the institution for current global realities and the peculiar needs of the African continent.

He also said Buhari commended the visionary policies that have started yielding results in providing electricity, financing and modernising agriculture, encouraging industrialisation, integrating Africa and improving the livelihoods of many.

"With the historic approval of $115 billion by the Board of Governors, which will buoy the bank’s operations and reach, the president extols Adesina for brilliantly and diligently taking the AfDB to new heights of achievements, and inspiring confidence that, indeed, the Sustainable Development Goals (SDGs) and the African Union Agenda 2063 are realisable," the statement added.