Connect with us

Business

African Union Summit: African Development Bank President Highlights a Decade of Economic Transformational Impact

Published

on

African Union Summit

During the final day of the assembly, several African governments and AU officials paid tribute to Dr. Adesina for his exceptional leadership of the Bank and strong global advocacy for Africa, He ends his tenure as the Bank Group’s president on 1st September 2025

ABIDJAN, Ivory Coast, February 18, 2025/APO Group/ —
  • “It’s been my greatest honor to serve you and Africa”—Adesina tells African leaders
  • Governments across Africa pay tribute to Adesina’s exceptional leadership
  • UN Secretary General Guterres says global financial architecture hampering Africa’s development, calls for reforms

 

African Development Bank Group (www.AfDB.org/en) President Dr. Akinwumi A. Adesina, delivered a compelling farewell address to Heads of State and Government at the 38th African Union Summit, highlighting a decade of remarkable achievements by the Bank in driving Africa’s economic transformation. Adesina’s participation at the august continental gathering in Addis Ababa ended on a high note as African leaders considered and endorsed four Bank-led initiatives including the drive to connect 300 million Africans to electricity by 2030, measuring Africa’s green wealth as part of its GDP, a $20 billion facility to provide Africa with a financial buffer and a roadmap for the continent to achieve inclusive growth and rapid sustainable development.

Adesina, who is also the Chairman of the Group’s Boards of Directors, underscored the impact of the Bank’s High 5s Agenda—Light up and Power Africa, Feed Africa, Industrialize Africa, Integrate Africa, and Improve the Quality of Life for the People of Africa—which has impacted more than half a billion lives across the continent.

“It has been an unprecedented partnership to advance the goal of the African Union towards achieving Agenda 2063: the Africa we want,” said Adesina who in February 2022, became the first president of the Bank Group to address the AU Summit.

During the final day of the assembly, several African governments and AU officials paid tribute to Dr. Adesina for his exceptional leadership of the Bank and strong global advocacy for Africa, He ends his tenure as the Bank Group’s president on 1st September 2025.

The February 15–16 Summit saw the election of Djibouti’s Foreign Minister Mahmoud Ali Youssouf as Chairperson of the African Union Commission, taking over from Moussa Faki Mahamat. Algeria’s Ambassador, Salma Malika Haddadi, was elected the Commission’s Deputy Chairperson.

Reflecting on his tenure at the helm of the African Development Bank, Dr. Adesina said the Bank has transformed 515 million lives, including 231 million women, over the past decade:

  • 127 million people gained access to better services in terms of health.
  • 61 million people gained access to clean water.
  • 33 million people benefited from improved sanitation.
  • 46 million people gained access to ICT services, and
  • 25 million people gained access to electricity.

He cited the landmark Africa Energy Summit held in Tanzania in January, where 48 nations signed the Dar Es Salaam Declaration to adopt bold policies in support of an initiative by the World Bank and the African Development Bank to extend electricity access to 300 million Africans by 2030. That meeting, attended by 21 heads of state, secured $48 billion in commitments from the two institutions and an additional $7 billion from other development partners.

The Addis Ababa Summit endorsed the Dar Es Salaam Energy Declaration, the Baku Declaration by African Heads of State on Measuring the Green Wealth of Africa. The Assembly also adopted the African Financing Stability Mechanism, a groundbreaking initiative by the African Development Bank to provide $20 billion in debt refinancing for African nations alongside  the Strategic Framework on Key Actions to Achieve Inclusive Growth and Sustainable Development in Africa report which  outlines key actions required to enable Africa to achieve, and sustain an annual growth rate of at least 7% of GDP over the next five decades.

On food security, Adesina cited the Bank’s Technologies for African Agricultural Transformation (TAAT), the Dakar 2 Food Summit that mobilized $72 billion in 2023, and the $1.5 billion Africa Emergency Food Production Facility that was launched in May 2022 to avert a major food and fertilizer crisis triggered by global conflicts.

Over 101 million people became food secure. We mobilized $72 billion to implement the food and agriculture delivery compacts across the continent

“The African Development Bank accelerated food production in Africa. Over 101 million people became food secure. We mobilized $72 billion to implement the food and agriculture delivery compacts across the continent,” he stressed. With the support of the Bank, Ethiopia has achieved self-sufficiency in wheat production within four years and is now a wheat-exporting nation.

A Decade of Transformative Impact

With a strong focus on job creation, the Bank has trained 1.7 million youth in digital skills and is rolling out Youth Entrepreneurship Investment Banks to drive youth-led economic growth. “Our goal is simple: create youth-based wealth across Africa,” Adesina reiterated.

Additionally, the Affirmative Finance Action for Women in Africa (AFAWA) initiative has provided $2.5 billion in financing to over 24,000 women-owned businesses, said Adesina.

Over the past decade, the African Development Bank has invested over $55 billion in infrastructure, making it the largest multilateral financier of African infrastructure.

The Bank has also prioritized healthcare, committing $3 billion in quality healthcare infrastructure and another $3 billion for pharmaceutical development, including establishing the Africa Pharmaceutical Technology Foundation.

Historic Financial Mobilization for Africa

Under Adesina’s presidency, the Bank achieved its largest-ever capital increase, growing from $93 billion in 2015 to $318 billion currently. The most recent replenishment of the African Development Fund, the Bank Group’s concessional window, raised a record $8.9 billion for Africa’s 37 low-income countries, setting the stage for a target of $25 billion for its upcoming 17th replenishment.

The Africa Investment Forum, a joint effort with eight other partner institutions, has also mobilized over $200 billion in investment commitments, reinforcing Africa as a leading investment destination.

As he bade farewell, the outgoing Bank chief expressed gratitude to the African Heads of State, the African Union Commission, regional economic communities, and the people of Africa for their unwavering support.

“As today will be my final attendance of the AU Summit as President of the African Development Bank, I would like to use this opportunity to immensely thank your Excellencies Heads of State and Government for your extraordinary support over the past ten years. I am very grateful for your always being there for the African Development Bank—your Bank. I am very grateful for your kindness, friendship, and partnership as we forged global alliances to advance the continent’s interest around the world,” he said.

The 2025 Summit under the theme, “Justice for Africans and People of African Descent Through Reparations,” drew global political leaders and other dignitaries, including UN Secretary-General António Guterres, and the Prime Minister of Barbados, Mia Mottley.

Guterres reiterated calls for reform of the international financial architecture, which is hampering the development of many African economies, beset by expensive debt repayments and high borrowing costs, which limits their capacity to invest in education, health and other essential needs.

Prime Minister Mottley emphasized Africa’s strategic role in shaping global economic trends, particularly highlighting the continent’s control of 40% of the world’s minerals. She stressed the importance of addressing emerging challenges like artificial intelligence, urging African nations to take a proactive role in technological advancement rather than becoming “victims of technology.”

She also underscored the urgency of removing artificial barriers between Africa and the Caribbean, calling for the elimination of transit visa requirements to boost trade and integration. Mottley echoed demands for reparatory justice, noting that both the Caribbean and Africa began their independence journey with “chronic deficits” in resources, fairness, and opportunity.

Opening the Summit on Saturday, Ethiopian Prime Minister Dr. Abiy Ahmed urged continued unity among member countries in addressing the challenges.

“In a world marked by rapid change and multiple challenges, we find ourselves at the crossroads of uncertainty and opportunity. This movement calls upon us to strengthen our collective resolve, embrace resilience and foster unity across Africa”, he said.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

Business

Creative Africa Nexus (CANEX) WKND 2026 opens in Lagos, bringing together leading African and diaspora creatives, investors and policymakers

Published

on

The four-day gathering will convene leading voices from film, music, fashion, sport, publishing, gastronomy and business to advance trade, investment and commercial opportunities across Africa’s creative economy

LAGOS, Nigeria, November 5, 2026/APO Group/ –Creative Africa Nexus (CANEX) WKND 2026 has opened today in Lagos, bringing together leading creatives, investors, policymakers, business leaders and cultural figures from across Africa and the diaspora for four days of conversations, deal-making, performances, exhibitions and industry-focused sessions.

 




  

Hosted by the Federal Government of Nigeria and organised by African Export-Import Bank (Afreximbank) through its Creative Africa Nexus (CANEX) programme, this year’s event runs from 5 to 8 November under the theme “One People, United in Culture, Creating for the World.”

The 2026 programme spans film and television, music, fashion, sport, literature and publishing, gastronomy and visual arts, with a strong focus on finance, intellectual property, technology, skills, investment and market access.

Across the four-day programme, CANEX WKND will provide platforms for deal-making, industry dialogue and sector-specific engagement, including the CANEX Deal Room, with the aim of turning creative talent and ideas into stronger businesses, partnerships and commercial opportunities.

That ambition reflects the evolution of Afreximbank’s commitment to Africa’s creative and cultural industries in 2020, subsequently doubling this to US$1 billion before quadrupling the original commitment financing available to US$2 billion.

The expansion reflects Afreximbank’s wider objective of helping African creators and creative businesses build scalable enterprises, strengthen ownership of intellectual property and retain more of the economic value generated by African culture and creativity.

The opening ceremony is expected to feature addresses by Ministers of Culture and Creative Industries across 11 African countries, Dr George Elombi, President and Chairman of the Board of Directors of Afreximbank, H.E. Dr Olajumoke Omoniyi Oduwole, Nigeria’s Minister of Industry, Trade and Investment, H.E. Wamkele Mene, Secretary-General of the African Continental Free Trade Area Secretariat, and H.E. Babajide Sanwo-Olu, Governor of Lagos State among other dignitaries.

The programme will bring together some of Africa and the diaspora’s most influential cultural and industry figures. Participants include Nobel Laureate, writer and playwright Professor Wole Soyinka; Emmy Award-winning actor Uzo Aduba; filmmaker and actor Funke Akindele; actors Richard Mofe-Damijo and Thuso Mbedu; former professional footballers Didier Drogba and Jay-Jay Okocha; alongside leading figures from Africa’s music, film, fashion, sport and creative business sectors.

The event will also include performances and appearances from musicians and entertainers such as Davido, Fally Ipupa, Flavour, Libianca and Charlotte Dipanda, reflecting CANEX WKND’s combination of industry engagement with live cultural programming.

Beyond the headline names, the programme places a strong emphasis on the business of Africa’s creative economy.

On 6 November, a high-level conversation titled “One Market, One Culture: Building the Creative Economy of Global Africa” will examine the steps required to convert the growing global influence of African culture into stronger creative businesses, exports and investment. Speakers include Professor Wole Soyinka; ministers responsible for culture and the arts from Côte d’Ivoire, South Africa and Rwanda; International Finance Corporation representatives; and from Afreximbank.

Financing will also be central to the programme. The Creative Economy Finance Summit, presented by Afreximbank in partnership with the Creative Economy Practice at Co-Creation Hub, will bring financial institutions and investors together to examine how creative-economy transactions can be structured, financed and de-risked.

CANEX Creations Inc. will lead discussions on unlocking investment in African intellectual property, while the CANEX Deal Room and Creative Pitch Sessions will connect creative entrepreneurs directly with financiers and investors considering opportunities across film and television, music, fashion, sport, publishing, gastronomy, visual arts and creative infrastructure. Technology and the changing economics of creative production will feature prominently. Sessions will examine artificial intelligence, authorship and intellectual property; the use of technology to reshape creative businesses; and how African creators can use digital tools to develop globally competitive products.

The CANEX CreaThon, delivered with pan-African technology company Gebeya, will bring creators, developers and innovators together around projects in music, video and gaming, supported by African-built digital tools, mentorship, computing resources and a US$50,000 prize pool. Film and television programming will explore both storytelling and the commercial infrastructure required to take African content to wider audiences. Sessions include “Stories Without Borders: Africa, Hollywood & the Global Diaspora”, featuring former Afreximbank President Professor Benedict Oramah, and “Made in Africa, Watched in Africa”, which will examine research into film distribution, audiences and financing across Egypt, Kenya, Nigeria, Rwanda, Senegal and South Africa.

Sport will form another major strand of CANEX WKND 2026. Discussions will examine athlete development, management, commercialisation and the links between sport and the broader creative economy. Didier Drogba and Jay-Jay Okocha are scheduled to participate in “When Giants Speak: The Business of the Game,” while the weekend will conclude with a Legends Football Match at Onikan Stadium on 8 November. Fashion programming will include masterclasses on building profitable African brands, textile value chains, market access and intellectual property, alongside the CANEX Fashion Show and Awards Night.

In gastronomy, the CANEX Junior Chefs Competition, Africa Jollof Wars Competition and a series of live demonstrations and conversations will explore how African food, ingredients and culinary traditions can become stronger commercial propositions across domestic, continental and global markets. Publishing and literature will feature through the CANEX Book Factory, Book Fair, writers’ workshops, manuscript pitching and the CANEX Prize for Publishing, while visual arts programming will combine exhibitions, collector engagement and practical sessions for artists navigating Africa’s growing art ecosystem.

On 7 November, CANEX WKND 2026 will host a major concert bringing together artists from across Africa and the diaspora, before the programme continues into its final day on 8 November with cultural excursions, gastronomy activities, the CANEX Music Factory Songwriting Camp and the Legends Football Game.

Distributed by APO Group on behalf of Afreximbank.

 




 

Continue Reading

Business

Coca-Cola system invests USD 1.22 million to strengthen water security in Namibia

Published

on

The initiative represents a nearly USD 25 million investment focused on helping address critical water-related challenges across 20 African countries by 2030

WINDHOEK, Namibia, November 5, 2026/APO Group/ –As Namibia continues to face recurring droughts and growing water demand, the country’s water resources are under increasing pressure. Windhoek is situated in one of the most water-stressed regions in sub-Saharan Africa, where low and unpredictable rainfall, combined with high evaporation rates, continues to challenge water availability and long-term water security.[1]

 




  

To help address these shared water challenges, the Coca-Cola system is investing USD 1.22 million in the //Gam-i Swakop Basin Resilience Project, designed to help strengthen water security and support ecosystem restoration in the Swakop River Basin, a vital water source for the city of Windhoek and surrounding communities.

The //Gam-i Swakop Basin Resilience Project aims to support improved water availability and help strengthen the resilience of the Swakop River Basin through nature-based solutions that support sustainable water resource management across the catchment area.

Implemented in collaboration with the Global Water Challenge (GWC) and World Wildlife Fund (WWF) Namibia, the project includes the construction of two sand storage dams, restoration of 235 hectares of land through the clearing of invasive alien plants, and the planting of 750 trees in river buffer zones and environmentally degraded areas within Windhoek’s informal settlements. In addition, two boreholes will be drilled to support groundwater recharge in the Windhoek aquifer, and a water resilience action plan has been developed.

Through the Africa Water Stewardship Initiative, the system aims to help protect important watersheds and to improve access to water and sanitation in local communities

This work forms part of the Coca-Cola system’s Africa Water Stewardship Initiative, launched in 2024. The initiative represents a nearly USD 25 million investment focused on helping address critical water-related challenges across 20 African countries by 2030.

“Because water challenges are local, our approach to water security is focused on local action and collaboration,” said Alfred Olajide, Vice President of East and Central Africa Operations at Coca‑Cola. “The Coca‑Cola system remains focused on helping to promote water stewardship, increasing water use efficiency, and treating and returning safe water to communities.”

Henry Friedrich, General Manager of Coca-Cola Namibia Bottling Company (CCNBC) added: “As part of the Coca-Cola Beverages Africa group, we have a responsibility to assist those who face water scarcity and to help protect local water resources where we operate, especially in places with the biggest challenges. Through the Africa Water Stewardship Initiative, the system aims to help protect important watersheds and to improve access to water and sanitation in local communities.”

WWF Namibia Country Director, Dr Juliane Zeidler, said: “Water is one of Namibia’s most precious and increasingly vulnerable resources. This project is an opportunity to demonstrate how investing in healthy ecosystems can deliver tangible benefits for people, while also helping communities become more resilient to future climate pressures. We hope the lessons and partnerships developed through this initiative can inform similar approaches elsewhere in the country.”

“Collaboration is essential to addressing shared water challenges effectively. Coca-Cola and its authorised bottlers continue to work with governments, businesses, and civil society organisations to design and implement strategic interventions,” concluded Olajide.


Distributed by APO Group on behalf of Coca-Cola Beverages Africa.

 

 




 

Continue Reading

Business

‘Power, Protect, Purchase’: Africa Made It unveils blueprint to capture USD 34B in GDP and accelerate African industrial sovereignty

Published

on

Africa Practice research shows that Africa exports up to 98% of its raw cotton overseas and captures only 2% of its total value while incurring a USD 35 billion annual trade deficit

African culture, design, and storytelling influence global fashion, music, and media like never before

LAGOS, Nigeria, November 5, 2026/APO Group/ –Africa Made It (https://AfricaMadeIt.co/), the continental movement driving Africa’s industrial sovereignty, today officially launched its campaign, “Power, Protect and Purchase,” at the CANEX weekend in Lagos, Nigeria. Aimed at unlocking USD 34 billion in annual GDP contribution through a structural transition from unprocessed raw cotton exports to end-to-end local garment processing, the initiative seeks to turn Africa’s vast natural wealth into sovereign, self-sustaining economic power.

 




  

Africa Made It is driven by a consortium of leading pan-African organisations, advocacy groups, and media organisations who are positioning Africa as a global investment hub. Its flagship campaign, spotlighting the fibre-to-fashion value chain, presents a clear roadmap for continental industrialisation: securing competitive energy power for local industrial mills, enacting policy measures to protect emerging domestic manufacturers from unfair foreign imports, and rallying African consumers to purchase locally manufactured apparel. Together, these three pillars ensure that value created from African resources remains on African soil.

 

Africa Practice research shows that Africa exports up to 98% of its raw cotton overseas and captures only 2% of its total value while incurring a USD 35 billion annual trade deficit.  Building the continent’s domestic processing capacity in spinning, weaving, and sewing locally produced cotton will sustain nearly two million permanent industrial jobs and inject approximately USD 33 billion directly into domestic household incomes every year, in addition to a recurring contribution of USD 34 billion to the continent’s GDP.

 

While these figures reveal the immense macro-economic potential of the value chain, the true heart of this transformation lies in its human impact. Industrial wages and local lint purchases leading to increased capital circulation in rural communities can drive community micro-economic vitality and contribute to rural poverty reduction. Additionally, formal employment opportunities can expand drastically for women, as they currently make up between 70-90% of garment factory workers on the continent.

 

Realising this vision and changing the lives of millions of people requires a deliberate combination of targeted investments, supportive trade policies, and consumer mobilisation. A USD 1.8 billion capital allocation toward critical structural enablers for garment transformation is the foundation for bridging Africa’s missing middle in the fibre-to-fashion value chain.

 

Marie Wilke, editor-in-chief of the Africa Made It magazine, said, “African culture, design, and storytelling influence global fashion, music, and media like never before. Yet, without domestic manufacturing infrastructure, Africa’s creative authority yields very little economic return. Linking raw cotton harvest directly to local processing ensures that the intellectual property, commercial margins, and industrial jobs remain on the continent. It is time to wear our power.”

 

To learn more about the potential of Africa’s fibre to fashion value chain, watch the campaign video (https://apo-opa.co/4BKAIvY) or read the Africa Made it (https://apo-opa.co/4zvA5VF)magazine (https://apo-opa.co/4zvA5VF). Access the campaign website and resources in English (https://apo-opa.co/4zvA5VF) and French (https://apo-opa.co/4zrK8e2).

Distributed by APO Group on behalf of Africa Made It.

 

 




 

Continue Reading

Trending

Exit mobile version