Buhari praises Adesina over AfDB’s capital increase to $208bn

President Muhammadu Buhari has praised the President of African Development Bank, Dr Akinwumi Adesina, the Board of Governors and the members of staff on the increase of the bank’s capital from $93billion to $208bn.

Describing the increase as “historic”, the President said the bank was now stronger and positioned to perform its core duty of driving growth and development in Africa.

“President Buhari joins shareholders of the bank and African Heads of State and governments in celebrating the feat, which clearly demonstrates the quality of leadership at the helm of affairs, and the technical expertise that has been steadily pushing reforms for a smart and nimble institution focused on alleviating poverty.

“The President felicitates 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, commending 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 $115bn by the Board of Governors, which will buoy the Bank’s operations and reach, the President extols Dr Adesina for brilliantly and diligently taking the AfDB to new heights of achievements, and inspiring confidence that, indeed, the Sustainable Development Goals and the African Union Agenda 2063 are realisable”, a State House statement by his media aide, Mr Femi Adesina, said on Sunday.