Former African Development Bank (AfDB) President Akinwunmi Adesina has said President Bola Tinubu’s economic reforms are beginning to yield results, citing increased foreign exchange availability, renewed portfolio investments and a downward trend in inflation.
Adesina, who visited Tinubu on Tuesday, described the removal of the petrol subsidy and the harmonisation of exchange rate windows as “very important, difficult reforms”, adding that the government must now focus on translating economic stabilisation into growth and prosperity.
Speaking to State House correspondents after the meeting, the former AfDB chief said Nigeria’s international perception had also improved, pointing to the outlooks assigned to the country by rating agencies.
“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,” he said.
Adesina added that some rating agencies had given Nigeria stable or positive outlooks, describing the development as an indication of changing perceptions of the country.
He, however, said the gains from the reforms should be followed by a stronger focus on structural transformation and economic expansion.
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👉 JOIN GISTSMATE WHATSAPP CHANNEL“Now that’s just the beginning of the work. I think the most critical thing is the president realised this, and everybody knows that being a dentist is not a very difficult job. But 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 said.
Adesina also expressed his willingness to contribute to Nigeria’s development in any capacity the President considers appropriate, insisting that he was not seeking a political appointment.
“I told the President, I’m back at home, here to help and ready to help. It’s my country. I love my country, and I’m ready to help,” he said.
Asked in what capacity he could support Nigeria, given his experience on the international stage, Adesina said he was prepared to serve wherever his contribution would be useful.
“I’m fully able to help Nigeria in any capacity. I’ve always had that. You know, my heart is always at home. And in any capacity that His Excellency feels I can help, I can help in anything. I’m not looking for a job. I’m not looking for anything. I’m just here to help,” he said.
“It’s my country. I have a duty, an obligation, and a responsibility to do so, and I will.”
Adesina also briefed Tinubu on his 10-year tenure as AfDB president, which ended after two terms, and the bank’s support for Nigeria during that period.
He said the AfDB provided about $7 billion in financing to Nigeria between 2015 and 2025, compared with $11.1 billion in total financing since the bank began operations in the country in 1971.
“So, within 10 years, we were able to do 63 percent, literally, of that,” he said, adding that Tinubu was pleased with the bank’s support to Nigeria during his tenure.
Adesina said the visit provided an opportunity to report on the achievements of his tenure and discuss the bank’s support for the country.
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