AfDB President & Cardoso Win Top African Finance Awards | Mauritania, Nigeria
Mauritanian economist Sidi Ould Tah takes the helm as the new African Development Bank (AfDB) President, with a vision to boost projects and financial innovation across the continent. simultaneously, Nigeria’s Olayemi cardoso is celebrated as Central Bank Governor of the Year, a testament to his pivotal monetary reforms. The AfDB, under Tah’s leadership, is positioned for broader, multi-country initiatives, leveraging capital and partnerships to drive impact. His experience in African development finance will be key.Cardoso’s leadership has been crucial in stabilizing Nigeria’s financial landscape, achieving clarity in the foreign exchange market. News Directory 3 brings you this breaking news. Discover what’s next for African finance.
Sidi Ould Tah Elected African Development Bank President
Updated June 01, 2025
Mauritanian economist Dr. Sidi Ould Tah has been elected president of the African Development bank (AfDB),succeeding Dr. Akinwumi Adesina. The declaration was made at the AfDB’s Annual Meetings in Abidjan, Côte d’Ivoire. Tah’s five-year term begins Sept. 1, 2025.
The AfDB’s Board of Governors,comprising finance ministers and central bank governors from 81 member nations,elected Tah. He previously served as Director-General of the Arab Bank for Economic Development in Africa (BADEA), where he oversaw significant growth and project completion across 44 African countries. His experience in African development finance is expected to drive new initiatives at the AfDB.
Dr. Tah envisions the AfDB moving toward larger, multi-country interventions with measurable results. He plans to leverage callable capital and attract private co-financing to expand the bank’s impact. He also emphasized the importance of institutional credibility through transparent governance and strategic partnerships.
During his campaign, Tah stated the AfDB must enhance its financial innovation. “Under my leadership, the afdb will not limit ambition to its available capital. I will utilise callable capital,attract private co-financing,and enhance our impact using structured instruments that align with Africa’s needs,” Tah saeid.
Tah’s tenure at BADEA saw the mobilization of $50 billion for African development, including support for solar power projects and small and medium enterprises (SMEs). his South-South cooperation model generated over $6 billion in co-financing for trade, infrastructure, and industrial development.
In related news, Olayemi Michael cardoso, Nigeria’s Central Bank Governor, received the Central Bank Governor of the Year award at the African Banker Awards. The award recognized Cardoso’s leadership and monetary reforms that have stabilized Nigeria’s financial system.
African Banker magazine cited Cardoso’s “bold and strategic” approach to monetary policy, which included stabilizing the naira and improving clarity in the foreign exchange market. Since his appointment in 2023, Cardoso has implemented reforms aimed at strengthening regulatory oversight and restoring fiscal discipline.
cardoso dedicated the award to the people of Nigeria and reaffirmed the Central Bank of Nigeria’s commitment to financial inclusion,economic stability,and enduring development.
What’s next
As Dr. Sidi Ould Tah prepares to lead the African Development Bank (AfDB), his focus will be on implementing large-scale projects and fostering financial innovation to drive Africa’s economic growth. Meanwhile, Olayemi Cardoso will continue his efforts to stabilize Nigeria’s financial system and promote sustainable development.