Akinwumi Adesina, President of the African Development Bank (AfDB), delivered a blunt message to African leaders at the Africa Economic Summit in Nairobi on April 9, 2025, urging fiscal discipline as “the era of free money is gone.”
Addressing presidents and finance ministers, Adesina highlighted Africa’s $1.9 trillion debt, warning that dependence on unpredictable aid and loans fuels crises like Nigeria’s 34% inflation and Zambia’s 2024 default. He pushed for domestic revenue through efficient taxes, anti-corruption measures, and private-sector growth, praising Kenya’s $2 billion tech industry as a blueprint. “Discipline means prioritizing schools and roads over private jets,” he said, citing AfDB’s $10 billion investment in agriculture to boost self-reliance.
Adesina’s call comes as global donors cut aid post-COVID, with Europe diverting funds to Ukraine. Leaders like Rwanda’s Paul Kagame nodded, but others, including a Malawian delegate, argued for debt forgiveness, noting 60% of Africa’s debt is external. Youth activists at the summit demanded jobs, pointing to 29% unemployment continent-wide.
Adesina countered that discipline unlocks opportunities, referencing Ethiopia’s 7% GDP growth from tax reforms. The speech, shared widely on X, sparked mixed reactions—some hailed its realism, others called it tone-deaf amid poverty. As Africa faces climate and economic headwinds, Adesina’s push for self-sufficiency challenges leaders to act, but success hinges on political will.