Akinwunmi Adesina meets Tinubu, says economic reforms yielding results, urges focus on growth

Former President of the African Development Bank (AfDB), Akinwunmi Adesina, has said President Bola Tinubu’s economic reforms are beginning to produce results, citing improved foreign exchange availability, renewed portfolio investments and a downward trend in inflation.

Adesina spoke on Tuesday after meeting with Tinubu at the Presidential Villa in Abuja, where he acknowledged the challenges associated with the removal of the petrol subsidy and the harmonisation of exchange rate windows.

He described the measures as “very important, difficult reforms”, but stressed that the government must now focus on translating economic stabilisation into sustainable growth and improved living standards.

Speaking to State House correspondents after the meeting, the former AfDB president said foreign exchange was becoming more available, while portfolio investors were returning to Nigeria.

“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 also pointed to improved assessments of Nigeria by international credit rating agencies, noting that some had assigned the country stable or positive outlooks.

He said such assessments indicated a shift in international perceptions of Nigeria’s economic prospects.

However, Adesina maintained that the progress recorded through economic reforms and stabilisation should be followed by deeper structural changes capable of expanding the economy and delivering prosperity to Nigerians.

He said Tinubu recognised the need to move beyond stabilisation and focus on structural transformation and economic growth.

“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,” Adesina said.

Adesina Offers to Support Nigeria’s Development

The former AfDB chief also expressed his willingness to contribute to Nigeria’s development in any capacity Tinubu considers appropriate, stressing 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 how he intended to support the country, given his experience in international development, 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 stated.

He added: “It’s my country. I have a duty, an obligation, and a responsibility to do so, and I will.”

AfDB Provided Nigeria $7bn During His Tenure

Adesina also briefed Tinubu on his 10-year tenure as AfDB president, which ended after two terms, highlighting the bank’s financial support for Nigeria between 2015 and 2025.

According to him, the development finance institution provided approximately $7 billion in financing to Nigeria during the period.

He compared the figure with the $11.1 billion in total financing the bank had provided to Nigeria since it began operations in the country in 1971.

“So, within 10 years, we were able to do 63 percent, literally, of that,” Adesina said.

He added that Tinubu was pleased with the bank’s contributions to Nigeria during his tenure.

Adesina said the visit provided an opportunity to update the President on the achievements recorded during his leadership of the AfDB and discuss the institution’s support for Nigeria’s development.

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