Akinwumi Adesina of Nigeria has been elected as the 8th President of the African Development Bank (AfDB).
Adesina, who is the Minister of Agriculture and Rural Development in Africa’s biggest economy, won the vote by 58.1 per cent of the total votes cast by both regional and non-regional members.
“I'm honored & humbled by support I've received & the confidence placed in me. Our best days are ahead,” Adesina said on twitter.
Adesina will assume office on 1 September 2015.
AfDB governors began voting on Thursday to elect a new president to guide the pan-African lender through the continent's increasingly complex financial environment.
Adesina was one of eight candidates, which included Cape Verde's finance minister, Cristina Duarte, and Bedoumra Kordje of Chad, who vied to take over from Rwandan Donald Kaberuka.
Kaberuka will step down in August after serving two five-year terms, the limit for a president.
Kaberuka congratulated his successor on Twitter, “My warmest congratulations to @akin_adesina elected President of @AfDB_Group . Look forward to hand over on Sept 1st. He will do a great job.”
The Abidjan-based bank, which was founded in 1964 to provide capital to foster economic development and alleviate poverty in its member states, is financed by both Africa nations and shareholder countries outside the continent.
(READ MORE: The battle for the AfDB presidency underway in Abidjan)