Afreximbank Celebrated as Cornerstone of Continental Sovereignty at 32nd Annual Meetings

In a groundbreaking keynote address, Nigerian President H.E. Bola Ahmed Tinubu honored the African Export-Import Bank at the 32nd Afreximbank Annual Meetings, celebrating its journey as a cornerstone of Africa's sovereignty. President Tinubu bestowed the Grand Commander of the Order of the Niger (GCON) upon the Bank's outgoing President, Professor Benedict Oramah, commending his decade of transformative leadership. Under Professor Oramah's stewardship, Afreximbank's assets surged from US $5 billion to over US $37 billion, mobilizing US $250 billion for trade and development, including US $50 billion in the last decade alone.

Key Takeaways:

• President Tinubu celebrated Afreximbank as a cornerstone of continental sovereignty, emphasizing its catalytic role in Africa's accelerated and inclusive development and Nigeria's economic growth.
• Afreximbank's assets surged from US $5 billion to over US $37 billion under Professor Oramah's leadership, mobilizing US $250 billion for trade and development, including US $50 billion in the last decade alone.
• President Tinubu highlighted flagship collaborations, including the Dangote Refinery expansion, the African Medical Centre of Excellence, and the Pan-African Payment and Settlement System (PAPSS), which enables cross-border trade in local currencies.
• Nigeria recorded 3% GDP growth in 2024, with oil production rising to 1.5 million barrels daily and debt service slashed from 96% to 65% of revenue.
• President Tinubu unveiled ambitious pan-African ventures, including the African Energy Bank, fertilizer production scaling to 7.5 million tons annually, and the US $3.5 billion Africa Trade Centre to foster SME growth in creative industries.
• The Grand Commander of the Order of the Niger (GCON) honor was conferred upon Professor Oramah, recognizing his leadership in pioneering healthcare sovereignty, financing 65% of Nigeria's solar infrastructure, and institutionalising self-reliance.

Statistics:

• US $250 billion mobilized by Afreximbank for trade and development, including US $50 billion in the last decade alone.
• US $37 billion in assets under Professor Oramah's leadership.
• 3% GDP growth in Nigeria in 2024.
• 1.5 million barrels daily oil production in Nigeria.
• Debt service slashed from 96% to 65% of revenue in Nigeria.
• 100,000 Nigerians accessing new consumer credit.
• 8,180 revitalized primary healthcare clinics.
• Nationwide fiber-optic deployment bridging digital divides.

Sources:

• "Nigerian President H.E. Bola Ahmed Tinubu Celebrates Afreximbank at 32nd Annual Meetings". Afreximbank.