Mauritania's Sidi Ould Tah has been elected as the ninth President of the African Development Bank (AfDB), taking over from Nigeria's Akinwumi Adesina whose tenure has come to an end.

According to an announcement on the AfDB website on Thursday, Tah secured 72.37 percent of African votes during elections held at the bank's weeklong annual meeting in Abidjan, Côte d'Ivoire.

The newly elected president brings significant experience to the role, having headed the Arab Bank for Economic Development in Africa (BADEA) for a decade prior to his AfDB appointment.

Tah's election marks the end of Adesina's leadership at the continental financial institution. Adesina, a Nigerian, had served as AfDB president since May 28, 2015, completing his tenure after nearly a decade at the helm of Africa's premier development finance institution.

During his time as president, Adesina championed various development initiatives across Africa, including the Special Agro-Industrial Processing Zones (SAPZs) program, which according to previous statements, was set to receive $934 million in funding across 11 countries.

Adesina was also known for his advocacy regarding youth development in Nigeria and across Africa, often emphasizing that young Africans needed capital investment rather than small-scale empowerment programs.

The transition of leadership at the AfDB comes at a critical time for African economies, many of which are facing significant challenges including high inflation, currency depreciation, and the ongoing effects of global economic uncertainties.

As the ninth president of the AfDB, Tah will be responsible for guiding the bank's strategic direction and overseeing its operations across the continent, including its lending programs and development initiatives aimed at reducing poverty and promoting sustainable economic growth in Africa.