Nigeria has boosted its voting powers ahead of the African Development Bank election.
The election is expected to hold during the virtual annual meeting scheduled between August 25 and August 27.
According to a report by Bloomberg, Nigeria has almost doubled its voting rights in the AfDB to 16.8 per cent.
By doubling its right, Nigeria reaffirms its position as the biggest rights holder followed by non-regional members Germany with 7.4 per cent and the U.S. with 5.5 per cent.
This was contained in a memorandum sent to governors on August 20.
This is as Nigeria’s Akinwumi Adesina is seeking re-election as the bank’s president for another five-year term.
Unlike in 2015 when he faced off against Chadian Finance Minister Kordje Bedoumra and Cape Verde’s Agriculture Minister Cristina Duarte, this time he is the sole candidate.
Adesina says the 2020 Annual General Meeting of the bank will provide a forum to discuss ways to help Africa in its economic recovery.
According to him, it will also provide an avenue to come up with post-COVID-19 strategies.
Adesina said this in a video to welcome shareholders and other stakeholders ahead of the forthcoming virtual annual meeting.
“We may not be in the same physical location, we are together in our commitment to Africa, we are together in our determination to help Africa build back its economy from the devastating effect of COVID-19.
“We are together to support and strengthen the AfDB and your collective support is what will keep us going,” he said.
Adesina said this year was the first time in the history of the bank to hold its AGM virtually due to the unprecedented effect of the COVID-19 pandemic.
“It is an extraordinary time, never before has the limit of science being so tested, the span of our physical capacity stretched to unimaginable limit and economic gains we have made over the decades lost in the wake of a global pandemic that affected economy, people and institutions.
“Never in our society and the economy with highly vulnerable population, especially women, youth and children have we faced challenges of such proportions that have plunged hundreds of millions into poverty all at the same time everywhere across the globe.
“No nation has been spared. The death toll is disheartening. Our collective humanity is at risk and the interconnectedness of our share losses is deeply felt every single day. The effects are deep and they will be prolonged.
“It will take massive and sustained effort to help countries, especially African countries to recover from the impact of the pandemic,” he explained.