Economy

Nigeria's Minister to head African Development Bank

Date: May 29, 2015

Nigeria's Minister of Agriculture and Rural Planning, Akinwumi Adesina will succeed Rwanda's Donald Kaberuka as President of the African Development Bank.

Adesina won over 60 percent of the vote, overcoming challenges from the former Chad Minister of Finance, Kordjé Bedoumra and Cristina Duarte of Cape Verde, also a Finance Minister. Nigeria, Africa's largest economy, now has one of its own leading the continent's most influential financial institution. The board of bank has been reluctant in the past to elect as its leader representatives from the region's bigger economies, choosing Presidents from some of the smaller countries. It was their way of counteracting the potential dominance of the big nations. With Adesina's selection, the African Development Bank has bucked that trend. 55-year-old Adesina is an agricultural economist and takes over the role at a time of considerable promise for Africa.

--reuters--

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