President Bola Ahmed Tinubu has extended his warm congratulations to President Mohamed Ould Ghazouani of Mauritania following the election of Sidi Ould Tah as the ninth President of the African Development Bank (AfDB) Group.
Tah emerged as the new AfDB President on Thursday during the Bank’s annual meetings held in Abidjan, Côte d’Ivoire. Prior to his election, he served as Mauritania’s finance minister and most recently led the Arab Bank for Economic Development in Africa (BADEA) as Director-General.
In a phone call from Lagos, President Tinubu praised the transparent and credible process that produced Tah’s victory. He expressed confidence in Tah’s leadership, describing him as a seasoned development expert with a proven track record in public finance and international development.
Tah is set to take over from Dr. Akinwumi Adesina of Nigeria, whose decade-long tenure as AfDB President concludes in September after serving two full terms.
Reaffirming Nigeria’s longstanding partnership with the Bank, President Tinubu underscored the country’s role as the largest shareholder among AfDB member nations, which include 54 African and 27 non-African states.
He assured the incoming president of Nigeria’s full cooperation in advancing the continent’s development goals. These priorities include closing infrastructure gaps, transforming agriculture, expanding energy access, and building climate-resilient economies.
The presidency also highlighted Nigeria’s renewed commitment to the AfDB through the recent approval of a $500 million capital replenishment for the Nigeria Trust Fund (NTF). The decision extends the fund’s operations by 15 years. Established in 1976 and wholly financed by Nigeria, the NTF is a dedicated fund supporting development projects across the African continent.
President Tinubu expressed optimism about the future of the Bank under Tah’s leadership, noting the importance of deepening Africa’s financial autonomy, strengthening regional financial institutions, and harnessing population growth as an engine for development.
He also commended Akinwumi Adesina for his distinguished service and leadership over the past ten years and wished him success in his next chapter.
