Echotitbits – Nigeria News

Tag: African Development Bank (AfDB)

  • Adesina Visits Buhari, Describes Him as His Defender-in-Chief

    Adesina Visits Buhari, Describes Him as His Defender-in-Chief

    President of African Development Bank (AfDB), Akinwumi Adesina, has described President Muhammadu Buhari as his Supporter-in-Chief and his Defender-in-Chief.

    He said Nigeria gave him air, “when I badly needed it in my lungs,” and pledged to always support the country in his private capacity, and as AfDB President.

    President Buhari receives in Thank You Visit President of African Development Bank Dr Akinwunmi Adesina in State House on 10th Sep 2020

    Adesina had to battle stiff opposition last month to win an unprecedented 100 per cent votes from the regionals and non-regionals that make up the bank, and was inaugurated for second term of five years as AfDB President on September 1.

    He thanked Buhari and Nigerians for their support, saying he was proud to be a citizen of the country.

    “Home is where dreams are born. Home is where nurturing is provided. It is where support is given for realisation of dreams. I am glad to belong here.

    “When I came in June, you received me, and I shared my successes, and the difficulties facing me. You listened, and said you would stand by me. And you did. You not only stood behind me, but also beside me. No greater honour for a man than for his Commander-in-Chief to be his Supporter-in-Chief, and his Defender-in-Chief,” Adesina said, while paying courtesy visit to Buhari at State House in Abuja on Thursday.

    President Buhari receives in Thank You Visit President of African Development Bank Dr Akinwunmi Adesina in State House on 10th Sep 2020

    In his remarks, Buhari gave extensive reasons for supporting the newly re-elected President of African Development Bank (AfDB), Akinwumi Adesina.

    Buhari said: “I congratulate you on your second and final term in office. Congratulations on winning the election. Nothing succeeds like success.

    “I have told so many people why I backed you.

    “In 2015, at your first term, you were a Minister with the People’s Democratic Party (PDP) government, and I was of the All Progressives Congress (APC).

    “But you are a good Nigerian. So I recommended you the first time. You proved to be competent, you made us proud, and I recommended you the second time.”

    The President commended Adesina for his support for Africa in general, and Nigeria in particular, noting that the infrastructural deficits the country has in roads, rail, power, could not be overcome without support.

    “There can’t be sustainable development without infrastructure. Our efforts should be seen in the context of lack of resources, but you do your best to support us. I wish you all the best in your final term,” Buhari said, in a statement by his Special Adviser on Media and Publicity, Femi Adesina.

    Photos:

    Idowu Sowunmi

  • Adesina Set to Be Re-elected as African Development Bank President This Week

    Adesina Set to Be Re-elected as African Development Bank President This Week

    Incumbent President of the African Development Bank, Akinwumi Adesina, is set to be re-elected for the second term in office as the multilateral development institution, for the first time in the history, holds its Annual Meetings virtually to comply with the novel Coronavirus (COVID-19) pandemic-related social-distancing guidelines.

    Adesina is running as the sole candidate for a new five-year term.

    The bank’s Governors’ Dialogue and the election of the president would be top of the agenda of the upcoming meetings scheduled to take place from August 26 to 27.

    File photo: Nigerian President Muhammadu Buhari meets African Development Bank’s (AfDB) President, Dr. Akinwunmi Adesina

    This year, which marks the 55th meeting of the bank’s Board of Governors and the 46th Annual Meeting of the African Development Fund, has the significance of being an election year for the bank’s president.

    During the meetings, bank’s governors are expected to receive updates on a range of developments since the previous Annual Meetings held in Malabo, Equatorial Guinea in June 2019.

    READ ALSO:

    Buhari celebrates as Independent probe panel exonerates AfDB President Adesina

    This would include the bank’s seventh General Capital increase, which the Board of Governors approved in Abidjan, Cote D’Ivoire on October 31, 2019, and which increased the bank’s capital base by a historic $115 billion to $208 billion.

    The governors would vote on August 27 to re-elect Adesina as the eighth president of the bank being a sole candidate.

    Adesina, the first Nigerian to hold the post, was elected for a five-year term on May 28, 2015, by the bank’s Board of Governors during that year’s Annual Meetings held in Abidjan, Côte d’Ivoire.

    The bank’s governors are typically the finance and economy ministers or Central Bank Governors of the 54 African regional member countries and 27 non-regional member countries.

    Since the COVID-19 pandemic hit the continent’s shores in early March, over 1,000,000 confirmed cases of the virus have been recorded in Africa. The pandemic has hit the region’s economies hard in the wake of falling commodity prices and containment measures by governments that have led to country lockdowns.

    READ ALSO: Lagos health commissioner, Prof. Akin Abayomi tests positive to COVID-19

    For several months, the bank has been extending support to regional member countries in cushioning their economies, health systems, and citizens’ livelihoods from parallel health and economic impacts from COVID-19.

    In April 2020, the bank established a COVID-19 Response Facility of up to $10 billion to extend flexible support to African sovereign and non-sovereign operations. As of August 20, $2.29 billion in CRF funding had been approved for bank’s member countries.

    A further $1.186 billion has been disbursed to bank’s member countries, with approvals ongoing.

    In March, the bank also raised a record $3 billion with a COVID-19 social bond floated on London Stock Exchange.

    READ ALSO:

    5yr Free Fall: Naira crashes 108% against ‘French imprint’ CFA

    The institution reached some major milestones during the trying times of lockdown with both Fitch and Standard & Poor credit rating agencies reaffirming the bank’s AAA rating with a stable outlook.

    In December 2019, African Development Fund Donors pledged $7.6 billion, the fifteenth such replenishment, to help Africa’s poorest countries.

    Idowu Sowunmi