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Tinubu, Bola

President Tinubu Honours Afreximbank's President Benedict Oramah with Grand Commander of the Order of the Niger

Strategic Insights

— 1 min read

President Bola Ahmed Tinubu has conferred Nigeria's highest national honour, the Grand Commander of the Order of the Niger (GCON), on Benedict Oramah, President of Afreximbank. This recognition comes in recognition of Oramah's transformative leadership over the past decade, during which the bank's assets grew from $5 billion to over $37 billion. Tinubu also announced the launch of the Africa Energy Bank with an initial capital of $5 billion to finance Africa's energy transition. The new institution, headquartered in Abuja, aims to leverage gas, renewables, and clean technologies to achieve this goal.

Key Takeaways:

  • Afreximbank's assets have grown from $5 billion to over $37 billion under the leadership of President Benedict Oramah over the past decade.
  • President Tinubu has launched the Africa Energy Bank with an initial capital of $5 billion to finance Africa's energy transition, leveraging gas, renewables, and clean technologies.
  • Nigeria has received over $52 billion in support from Afreximbank for trade and development, including energy, agriculture, infrastructure, manufacturing, healthcare, and creative industries.
  • Bilateral support includes the Dangote and BUA refineries, the African Medical Centre of Excellence, and the African Quality Assurance Centre.
  • Tinubu has called for the full adoption of the Pan-African Payment and Settlement System (PAPSS) across Africa to reduce transaction costs, conserve foreign reserves, and empower small businesses.
  • He has reaffirmed his administration's reform-driven agenda, citing key economic strides since mid-2023, including a 3% rise in oil production, inflation easing, and investor confidence returning.
  • Over 100,000 Nigerians have accessed the new national consumer credit scheme, and another 400,000 are expected in the next phase.
  • The student loan programme is also underway, enabling access to education for all.

Statistics:

  • Afreximbank's assets have grown from $5 billion to over $37 billion.
  • Nigeria has received over $52 billion in support from Afreximbank for trade and development.
  • The Dangote and BUA refineries, the African Medical Centre of Excellence, and the African Quality Assurance Centre have been supported by Afreximbank.
  • PAPSS has mobilized $250 billion for trade and development in the last 10 years.
  • The value of the new national consumer credit scheme is over N100 billion.
  • The annual production target for fertilizers in Nigeria is 7.5 million metric tons.

Sources:

  • The article's content from the referenced source.
  • [Presidency of Nigeria Official Website]
  • [Afreximbank Official Website]

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