Abuja –
In a stirring keynote address at the 32nd Afreximbank Annual Meetings, held yesterday at the newly built event hall of the prestigious Transcorp Hilton Hotel, Abuja, Nigerian President H.E. Bola Ahmed Tinubu celebrated the African Export-Import Bank as a cornerstone of continental sovereignty while bestowing Nigeria’s second-highest national honour, the Grand Commander of the Order of the Niger (GCON), upon the Bank’s outgoing President, Professor Benedict Oramah.
The ceremony underscored Afreximbank’s catalytic role in Africa’s accelerated and inclusive development and Nigeria’s economic growth.
President Tinubu framed Afreximbank’s 32-year journey as the embodiment of Africa’s resolve to, in his own words, “own its development,” praising Professor Oramah’s “decade of transformative leadership” that elevated the institution into Africa’s foremost trade finance institution.
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. President Tinubu emphasized that this capital represented far more than financial transactions. It was also a strategic investment in Africa’s sovereignty, with Nigeria receiving US $52 billion in critical support for energy, agriculture, healthcare, and industrial projects.
The President highlighted flagship collaborations symbolizing Afreximbank’s commitment, the Dangote Refinery expansion reducing Africa’s fuel import dependency, the 500-bed African Medical Centre of Excellence in Abuja curbing medical tourism and the revolutionary Pan-African Payment and Settlement System (PAPSS), enabling cross-border trade in local currencies. “Embrace PAPSS,” President Tinubu urged African nations, noting that deeper financial integration fortifies the continent against global volatility while promoting economic stability.
Linking Afreximbank’s support to Nigeria’s bold reforms, President Tinubu acknowledged the “difficult but essential” removal of fuel subsidies and naira unification, painful measures now yielding tangible dividends. 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. Beyond statistics, President Tinubu pointed to human impact, 100,000 Nigerians accessing new consumer credit, landmark student loan programmes, 8,180 revitalised primary healthcare clinics, and nationwide fibre-optic deployment bridging digital divides.
Looking ahead, the President unveiled ambitious pan-African ventures poised to redefine Nigeria’s leadership role. The African Energy Bank, headquartered in Abuja, will finance the continent’s energy transition leveraging gas and renewables. Fertilizer production will scale to 7.5 million tons annually, positioning Nigeria as Africa’s food security guarantor and the US $3.5 billion Africa Trade Centre will foster SME growth in creative industries. “Inter-African trade isn’t just a goal, it’s our pathway to industrialization and jobs,” President Tinubu declared, urging collective resolve against global protectionism.
The key moment came as President Tinubu conferred the Grand Commander of the Order of the Niger (GCON) honour upon Professor Oramah, calling him an architect of African resilience. “Your leadership made Afreximbank our trusted shield against economic shocks,” he stated, citing Professor Oramah’s legacy in pioneering healthcare sovereignty, financing 65% of Nigeria’s solar infrastructure, and institutionalising self-reliance. The rare and distinguished honour recognised Professor Oramah’s decade of turning the bank into “a builder of Africa’s growth.”
Closing with a call to unity, President Tinubu invoked Afreximbank’s founding spirit. “History records leaders who shape their own destiny. Let us stand together, for Africa’s prosperity waits for no one.” As Professor Oramah prepares to pass the baton, President Tinubu’s tribute cemented Afreximbank’s legacy as an institution that transformed African trade from aspiration into actionable sovereignty.
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