The African Export-Importation Bank (AFREXIMBANK) has committed a total sum of approximately $ 52 billion in financial exhibition for development to Nigeria.
This was revealed on Friday by Mr. Wale Edun, Minister of Finance and Minister of the Economy, at the 32nd annual meetings of AFREXBANK 2025 (AAM2025) in Abuja.
In the event, President Bola Tinubu conferred the national honor of the Great Commander of the Order of the Niger (GCON) to the outgoing president and president of the African Import Export Bank (AFREXIMBANK), Professor Benedict Oramah, for his excellent performance in the bank and contributions to the development of Nigeria's economy.
The national honor comes with international recognition and status, as Oramah is reduced after 10 years as president and executive director of the Bank.
President Tinubu said that “I have the honor and privilege of recognizing the excellent contribution of Professor Benedict Oramah, when conferreding it with one of Nigeria's highest honors, the great commander of the Niger order.”
He praised Oramah's transformative leadership, describing it as a fundamental figure in the configuration of Africa's financial and commercial landscape.
Tinubu commented: “Africa must remind those who chose to shape their destination,” and added that Oramah's contributions to the continent financial resistance and support to the African continental free trade area (AFCFTA) were monumental.
Tinubu said that, under Oramah's leadership, Affreximbank assets grew significantly from $ 5 billion to more than $ 37 billion, and that the bank mobilized more than $ 150 billion for trade and development in Africa in the last decade.
He said: “Nigeria has proudly benefited more than $ 52 billion in support aimed at energy, agriculture, infrastructure, manufacturing, medical care and creative industry.”
Tinubu highlighted projects such as the Dangote refinery, the African Medical Center of Excellence and the African Quality Guarantee Center as symbols of confidence in the future of Nigeria and the potential of Africa.
In addition, Afreximbank has launched its African commercial report 2025 badge, with the issue of “African trade in a changing global financial architecture.”
The report examines the performance of the African trade in a global environment challenging characterized by the increase in geopolitical tensions, new commercial barriers and financial uncertainty, and analyzes how the continent could take advantage of these challenges in opportunities to improve their resistance and navigate the evolving landscape.
Professor Oramah, president and president of the Board of Directors of AFREXIMBANK, said: “This year's report provides a convincing road map for Africa to reposition in a volatile global economy. From the strengthening of commercial finance systems to accelerate AFCFTA, the message is clear: Africa must convert global fragmentation into an opportunity for industrialization, digital progress and greater control.”
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DR YEMI KALE, AFREXIMBANK'S Group Chief Economist and Managing Director of Research, Added: “Global Global Headwinds, Africa's Trade Rebounded Strongly In 2024, With Trade Between African Countries Growing By 12.4% To Reach US $ 220.3 Billion, From of 5.9% in 2023. This shows the tangible Benefits of AFCFTA Implementation, Even The Continent Contends with Rising Inflation, Sovereign Debt Risks and a Brecha of Persistent Commercial Financing. “
The report shows that the total merchandise trade in Africa recovered, increasing by 13.9 percent by 2024 to US $ 1.5 billion, after a contraction of 5.4 percent in 2023.
“However, Africa still represents only 3.3 percent of global exports. That is a clear signal. The continent must do more when moving away from the exports of basic products and accelerate its industrialization process if it refers to its integration into the global value chains and boost intrafrican trade. It also needs better access to trade to close the estimated gap of approximately US $ 100 billion,” says the report.
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