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Tinubu, Bola

President Tinubu Commends Afreximbank for Driving Africa's Economic Development

Strategic Insights

— 1 min read

President Bola Tinubu has extolled the African Export-Import Bank (Afreximbank) for its pivotal role in championing Africa's economic growth and integration. Speaking at the 32nd Afreximbank Annual Meetings 2025 in Abuja, Tinubu praised the bank's achievements under the leadership of Professor Benedict Oramah, highlighting its impressive asset growth to over $27 billion and its contributions to Africa's pandemic response, industrialisation, free trade, and the creative economy. Tinubu also commended the bank's flagship projects, including Dangote Refineries, the African Medical Centre of Excellence, and the African Quality Assurance Centre, and encouraged other African nations to adopt the African Payment and Settlement System (PAPSS) to enhance economic stability.

Key Takeaways:

  • President Tinubu commended Afreximbank's audacious leadership under Professor Benedict Oramah, citing its significant asset growth to over $27 billion.
  • The bank has championed Africa's pandemic response, industrialisation, free trade, and the creative economy over the past decade, with Nigeria receiving over $52 billion in support.
  • Flagship projects cited by Tinubu include the Dangote Refineries, the African Medical Centre of Excellence, and the African Quality Assurance Centre.
  • Nigeria has formally approved the African Payment and Settlement System (PAPSS), which enables cross-border trade in local currencies and supports economic stability.
  • President Tinubu introduced reforms under his 'Renewed Hope Agenda' since May 2023, including removing the fuel subsidy and unifying Nigeria's exchange rate system to correct systemic distortions.
  • The reforms have yielded positive outcomes, including 3 per cent GDP growth in 2024, rising oil production to 1.5 million barrels, and easing inflation.

Statistics:

  • Afreximbank's assets have grown to over $27 billion under Professor Benedict Oramah's leadership.
  • Nigeria has received over $52 billion in support from Afreximbank for various sectors, including energy, agriculture, infrastructure, healthcare, manufacturing, and the creative sector.
  • The African Payment and Settlement System (PAPSS) has enabled cross-border trade in local currencies and supported economic stability.
  • Nigeria recorded 3 per cent GDP growth in 2024 with broad sector contributions.
  • Oil production in Nigeria has risen to 1.5 million barrels.

Sources:

  • News Agency of Nigeria (NAN)
  • (www.nannews.ng)

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