President Tinubu Conferes National Honour on President of Afrexim Bank, Benedict Oramah

Strategic Insights -

President Bola Tinubu, in a surprise move, conferred the Grand Commander of the Order of the Niger (GCON) on President and Chairman of the Board of Directors of African Export-Import Bank, Benedict Oramah, for his outstanding contributions to the development of Africa. The recognition was made at the 32nd Annual Meetings of the Bank, where President Tinubu expressed appreciation for Mr Oramah's leadership role in expanding trade on the continent and facilitating development projects. The President noted that Afrexim Bank, under Mr Oramah's leadership, has grown its assets from $5 billion to over $37 billion, and has championed Africa's pandemic response, driven industrialization, and supported the AfCFTA and the continent's creative economy.

Key Takeaways:

  • President Tinubu conferred the Grand Commander of the Order of the Niger (GCON) on President and Chairman of the Board of Directors of African Export-Import Bank, Benedict Oramah, for his outstanding contributions to the development of Africa.
  • Mr Oramah has led Afrexim Bank for ten years, with significant interventions in facilitating funds for 400 million vaccines to halt the spread of Covid-19 in Africa, supporting agricultural development, healthcare projects, and energy, including the Dangote Refinery.
  • Nigeria has benefited from over $52 billion in support from Afrexim Bank, with significant investments in energy, agriculture, infrastructure, manufacturing, healthcare, and creative industries.
  • The partnership between Nigeria and Afrexim Bank is expanding in scope and ambition, with the launch of the Africa Energy Bank, headquartered in Abuja, with $5 billion in initial capital to finance Africa's energy transition.
  • President Tinubu highlighted the gains of the Nigerian economy through repositioning in the last two years, including 3.4% GDP growth in 2024, oil production rebounding to 1.5 million barrels per day, and inflation easing.
  • The president noted that fundamental transformation was recorded in empowering citizens and thriving enterprises, with over 100,000 Nigerians accessing the new national consumer credit scheme, and 400,000 more Nigerians queued for the next phase.
  • President Tinubu urged African leaders to work towards greater integration and streamlining of payment systems, trade facilitation, and partnerships for regional development.

Statistics:

  • Afrexim Bank has grown its assets from $5 billion to over $37 billion under Mr Oramah's leadership.
  • Nigeria has benefited from over $52 billion in support from Afrexim Bank.
  • The Africa Energy Bank will have $5 billion in initial capital to finance Africa's energy transition.
  • The Nigerian economy recorded 3.4% GDP growth in 2024.
  • Oil production rebounded to 1.5 million barrels per day in 2024.
  • Inflation is easing, with the naira stabilizing, investor confidence recovering, and debt servicing declining from 96% to below 65% of revenue.

Sources:

  • [Premium Times: President Tinubu Conferes National Honour on President of Afrexim Bank, Benedict Oramah]
  • [Afrexim Bank: 32nd Annual Meetings]
  • [Office of the President of Nigeria: Remarks by President Tinubu at the 32nd Annual Meetings of Afrexim Bank]