Former President of the African Development Bank (AfDB), Dr Akinwumi Adesina, has commended President Bola Tinubu’s economic reforms, particularly the removal of the fuel subsidy and foreign exchange reforms, describing them as difficult but necessary measures now yielding positive economic results.
Adesina also emphasised the need for Nigeria to consolidate the gains of its macroeconomic reforms by accelerating structural transformation, economic growth and shared prosperity, noting that stabilisation must translate into tangible improvements in the lives of Nigerians.
The former AfDB President said this on Tuesday, speaking to State House correspondents after meeting President Tinubu at the Presidential Villa, Abuja, where he briefed the Nigerian leader on his achievements after completing his 10-year tenure at the continental development finance institution.
He observed that the administration’s economic policies had improved foreign exchange availability, renewed interest from portfolio investors, and driven down inflation, although the cost of goods and services remained relatively high.
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Adesina described the reforms as significant interventions in addressing longstanding macroeconomic challenges, expressing optimism that their benefits would become more pronounced as the government sustains implementation.
“I used the opportunity to also commend him on the reforms that he’s been doing, both in terms of the macroeconomic reforms with the fuel subsidy and also the harmonisation of the exchange rate windows. These are very, very important, difficult reforms, but they are beginning to bear some fruit, quite some fruit,” he stated.
The former AfDB President further noted that Nigeria’s economic outlook had witnessed improvements in the assessment of international investors and credit rating agencies, some of which had assigned the country a stable rating.
According to him, the increasing availability of foreign exchange, increased portfolio investment and moderating inflation indicate that the reforms are beginning to strengthen confidence in the Nigerian economy.
“If you look at it, you have a lot more FX available today. You have a lot of portfolio investors that are coming into the country. You have inflation trending downwards. Prices are still a bit high, but inflation is trending downwards,” Adesina said.
He, however, maintained that macroeconomic stabilisation should constitute the foundation for broader economic transformation rather than the ultimate objective of the government’s reform agenda.
Adesina stressed that Nigeria must now prioritise structural changes capable of stimulating productivity, expanding economic opportunities and delivering sustainable prosperity for its citizens.
“You have to also now move from the issue of the reforms and stabilisation straight into structural transformation and also growth and prosperity, which is what the President is focusing on,” he stated.
On the African Development Bank’s financial interventions in Nigeria, Adesina disclosed that the institution provided approximately $7 billion in financing to the country during his 10-year tenure from 2015 to 2025, representing about 63 per cent of its cumulative $11.1 billion financing to Nigeria since 1971.
He explained that the volume of financing secured within the decade reflected the scale of the Bank’s development support to Nigeria under his leadership.
“One of the things that I mentioned to him was that if you look at the Bank’s support to Nigeria from 2015 to 2025, it was roughly $7 billion. But if you look at the total amount of Bank financing to Nigeria since 1971, when the African Development Bank started operations in Nigeria, it’s been $11.1 billion.
“So, within 10 years, we were able to do 63 per cent, literally, of that,” he stated.
Adesina said President Tinubu expressed satisfaction with the Bank’s contributions to Nigeria’s development and the achievements recorded during his two terms as President of the institution.
He explained that his visit was also in fulfilment of the customary responsibility of returning home to brief the Nigerian President on the completion of his tenure and present an account of his stewardship at the continental bank.
According to him, the meeting provided an opportunity to review the Bank’s financing interventions in Nigeria and discuss the country’s ongoing economic transformation.
Adesina also expressed his readiness to contribute his experience and expertise to Nigeria’s development in whatever capacity President Tinubu might consider appropriate.
He, however, clarified that his willingness to serve was not motivated by an ambition to secure a government appointment, but by a sense of national duty and commitment to the country’s progress.
“I’m fully able to help Nigeria in any capacity. My heart is always at home. And in any capacity that His Excellency feels I can help, I can help in anything,” Adeshina said.
Adeshina declared that he is not looking for a job, stressing that he is there to help his country as an obligation and a responsibility he owes.
