President of the African Development Bank (AfDB), Dr. Akinwumi Adesina, has revealed how he led the Bank’s capital expansion from $93 billion in 2015 to a staggering $325 billion during his decade-long tenure.

The Nigerian-born economist, who is set to step down in September after serving the maximum two five-year terms, spoke on Monday during the President’s Media Welcome Breakfast at the AfDB Annual Meetings in Abidjan, Côte d’Ivoire.

Reflecting on his leadership, Adesina said: “We mobilised resources like never before. Initially, we grew the Bank’s capital from $93 billion to $318 billion. But just yesterday, my Vice-President for Finance informed me that with exchange rate adjustments, the actual figure is now $325 billion.”

He added that he is also proud of how the Bank has defined and defended Africa’s interests globally.

Adesina, who launched the transformative ‘High 5s’ development strategy — Light Up and Power Africa, Feed Africa, Industrialise Africa, Integrate Africa, and Improve the Quality of Life for the People of Africa — said the initiatives have directly impacted over 565 million lives across the continent.

Among the achievements:

• 128 million people now have access to improved healthcare.

• 121 million benefit from enhanced transport infrastructure.

• 104 million are food secure.

• 63 million now access clean water.

• 34 million have better sanitation.

• 28 million have gained access to electricity.

He also highlighted the Mission 300 Energy Summit, a partnership between AfDB, the World Bank, and others, aimed at connecting an additional 300 million Africans to electricity by 2030.

When global food systems were threatened by the Russia-Ukraine conflict, Adesina said the Bank responded with a $1.5 billion Emergency Food Production Facility, benefitting 13 million farmers in 29 countries. The initiative yielded 44 million metric tonnes of food — 116% above target — worth $17.3 billion.

Offering advice to his successor, he said: “Africa doesn’t need Mickey Mouse projects from Mickey Mouses. If you don’t have the backbone to stand for Africa’s interests, don’t take this job.”

As the Bank prepares to elect its next leader on Thursday, Adesina’s exit comes amid financial challenges, including a proposed $555 million funding cut from the US government. The AfDB is Africa’s largest development finance institution, jointly owned by 54 African states and non-regional members including the G7. Nigeria remains its largest shareholder.

The new president will inherit the task of reversing potential funding shortfalls and raising $25 billion in the upcoming African Development Fund (ADF) replenishment round, up from $8.9 billion previously.

Five candidates — from South Africa, Senegal, Zambia, Chad and Mauritania — are in the race. Among them is Senegal’s Amadou Hott, a former Vice-President of AfDB, who advocates for tapping Africa’s own $4.5 trillion in domestic capital to reduce reliance on foreign borrowing.

Hott has also championed the creation of an African credit rating agency, to offer what he describes as “a second opinion” grounded in local data, and help African nations access cheaper financing.