Former AfDB President Adesina Highlights $7 Billion Grant Allocation to Nigeria Over 10-Year Tenure
Former African Development Bank (AfDB) President Akinwumi Adesina disclosed that Nigeria secured $7 billion in grants during his 10-year tenure from 2015 to 2025.
In Brief
- •Former African Development Bank (AfDB) President Akinwumi Adesina disclosed that Nigeria secured $7 billion in grants during his 10-year tenure from 2015 to 2025.
- •The $7 billion funding represents approximately 63 percent of the total $11.1 billion in financing AfDB has allocated to Nigeria since 1971.
- •Adesina met President Bola Tinubu at the Presidential Villa in Abuja to provide a final report following the completion of his two terms leading the bank.
- •During the meeting, Adesina commended the administration's economic reforms, including fuel subsidy changes and exchange rate window unification.
Why It Matters
The $7 billion grant total secured over the past decade underscores the crucial role multilateral development funding has played in Nigeria's recent economic development. Accounting for nearly two-thirds of all AfDB assistance to Nigeria since 1971, the figure highlights an unprecedented period of financial backing from the regional institution. Adesina's endorsement of recent macroeconomic reforms comes as Nigeria works to stabilize foreign exchange availability and manage inflation. His offered support following his presidential terms signals ongoing engagement between former multilateral leaders and Nigerian economic policy makers.
Key Details
- AfDB Grants (2015-2025)
- $7 billion
- Tenure Share of Cumulative AfDB Funding
- 63%
- Total Cumulative AfDB Funding (Since 1971)
- $11.1 billion
- AfDB Leadership Tenure
- 2015-2025 (2 terms)
Context & Background
Akinwumi Adesina previously served as Nigeria's Minister of Agriculture under President Goodluck Jonathan before being elected AfDB President in 2015. The African Development Bank, established in 1964, provides grants, loans, and technical assistance to support economic development across African member states.
Original Reporting & Sources
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