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.