Damilola's journey as a 2023 MIF Fellow at the AfDB

As the 2025 Ibrahim Fellowship applications open on Friday, 20 September, we ask former fellows to share their experiences.

Most memorable aspect of my fellowship year?

The most memorable part of my Fellowship was the opportunity to work directly with the President of the African Development Bank (AfDB), Dr Akinwumi Adesina. I gained invaluable insights into business leadership, strategic planning and the operational dynamics of leading Africa’s premier financial institution through the experience. Through participation in the President’s engagements with key stakeholders and strategy sessions as a member of his Cabinet, I was privileged to observe the complexities and dynamics of decision making at the highest levels – both Bank and continent. I was greatly impressed by the President’s empathy-led leadership style and his commitment to prioritising the needs of Africa’s people over mere operational metrics. In his words,“ Development is the most important part of the Bank’s name, and it can only be realised if the lives of people are positively impacted by the work we do”. This experience was not only inspiring but a reminder that the most important aspects of leadership start from the heart; putting others first and striving to make a positive impact in their lives. And because the mind follows as the heart leads, seamless vision setting, team building, and execution can be achieved.

What unique opportunities/skills within your sector did the fellowship provide?

Prior to joining the program, I worked as a Management Consultant providing advisory services to both public and private sector energy clients. Owing to the Bank’s position at the forefront of Africa’s development agenda, the Fellowship provided me with a unique platform to understand the factors involved in achieving universal access to clean and modern energy services across the continent, enabling me to expand my knowledge base beyond regional market expertise. In addition to my primary role in the Cabinet of the President, by supporting the Bank’s Energy Complex, I gained further insight into the challenges and opportunities across the continent’s energy landscape. The experience broadened my understanding of how regulatory uncertainty, slow technology adoption and non-cost reflective tariffs are impeding the profitability of utilities across the continent.

Working on high-level projects such as a renewable energy led least cost economic expansion plan for Africa’s power sector and a policy dialogue for an integrated electricity policy and strategic implementation plan, provided me with a continent-wide experience on policy formulation and strategic planning. These projects allowed me to leverage on my doctoral research findings and local market knowledge, further expanding my skillset.

The Fellowship exposed me to the prominent role of robust capital markets in achieving energy security. By providing local currency funds to mitigate against foreign currency risks, the alignment between end-user payments and project loan repayments is achieved. In addition, the speed of Africa’s energy transition is linked to the modernisation of distribution and transmission infrastructure, important for harnessing the continent’s abundant variable renewable energy resources. Ultimately, the key success factor stems from individual countries prioritising energy security and committing to its role in industrialisation and social welfare, manifesting in the form of strong political will, sector reforms, and adequate funding.

Reflection and future goals?

In a global financial system that was not designed with Africa as priority, the Bank under Dr Adesina’s stewardship, is leading innovative efforts to mobilise capital to accelerate the continent’s transformation. Under his leadership, the Bank has implemented over 3,000 projects and deployed over USD 79 billion which has impacted the lives of over 400 million beneficiaries. New initiatives include successfully leveraging hybrid capital to strengthen the Bank’s capital base, ongoing endeavours to rechannel sovereign drawing rights from the IMF and efforts to secure USD 25 billion for the highest replenishment of the African Development Fund, the Bank’s concessional arm. While being widely recognised for his acumen and optimism, the trait that has exemplified him during my program is empathy. By ensuring that their voices are heard, and the needs of Africa’s people are prioritised, high-quality outcomes are achieved for the continent. “We hold the Bank in trust for 1.2 billion people whose hopes and aspirations need to be achieved, as well as the shareholders who expect development impact.”

As I reflect, I realise that leadership is only effective when it is people focused, driven by a genuine desire to make a positive difference, supported by high-quality data, and anchored to a value system based on integrity. Inspired and energised to make a lasting positive impact, I intend to leverage on the lessons learnt, relationships fostered, and experiences gained, in making service my mission in every area of endeavour I find myself.

Through participation in efforts to close the continent’s development gap, direct engagements with key stakeholders, and via mentorship from the President of Africa’s most prestigious development institution, the program was not only a remarkable experience, but has equipped me with necessary tools, insights, and inspiration I need to contribute meaningfully to Africa’s development.

I encourage the 2025 Fellows to approach the program with confident curiosity, optimism and a strong desire to make a difference. One year goes by really fast, so institution research prior to program commencement, identification of development areas of interest and early engagements to offer collaborative support to relevant departments, will be crucial. Most importantly, they should not forget to enjoy the experience and have fun.