Abuja, Nigeria | THE INDEPENDENT | Nigerian President Bola Ahmed Tinubu on Friday described the African Export-Import Bank (Afreximbank) as an emblem of African sovereignty and resilience, as he awarded the country’s 2nd- perfect national honour to the Bank’s outgoing president, Professor Benedict Oramah, correct throughout the lender’s Thirty 2nd Annual Conferences in Abuja.
President Tinubu conferred the Colossal Commander of the Speak of the Niger (GCON) on Oramah in recognition of what he known as a “decade of transformative management” that seen Afreximbank’s sources upward push from $5 billion to over $37 billion. The Bank has mobilised more than $250 billion for commerce and model since its founding, in conjunction with $50 billion within the previous decade on my own.
“Afreximbank represents Africa’s resolve to maintain its model,” Tinubu mentioned, citing the Bank’s expanding role in commerce finance, regional integration, and strategic infrastructure. He mentioned Nigeria on my own had purchased $52 billion in financing from the lender, supporting tasks in energy, healthcare, agriculture and commerce.
Amongst the initiatives Tinubu highlighted were Afreximbank’s backing of the Dangote Refinery, which is predicted to cut the continent’s gas import dependence; the African Clinical Centre of Excellence in Abuja, designed to curb medical tourism; and the Pan-African Fee and Settlement Machine (PAPSS), which enables intra-African commerce in native currencies.
“Embrace PAPSS,” Tinubu urged African governments, calling monetary integration key to shielding the continent from external shocks and boosting inner economic stability.
The President also linked Afreximbank’s toughen to Nigeria’s maintain economic reforms, which encompass ending gas subsidies and unifying switch rates. While these moves have sparked inflation and brief- term public hardship, Tinubu mentioned they were foundation to yield results. Nigeria posted 3% GDP growth in 2024, oil output rose to 1.5 million barrels per day, and the country’s debt provider burden dropped to 65% of earnings from 96%.
“These reforms are complicated nonetheless main,” he mentioned, adding that their proper affect may maybe moreover be seen in expanded salvage entry to to credit, unusual pupil mortgage programmes, 8,000 revitalised health clinics, and improved digital connectivity through fibre-optic growth.
Taking a detect ahead, Tinubu outlined several pan-African ventures spearheaded by Nigeria and backed by Afreximbank. These encompass the Africa Vitality Bank, to be headquartered in Abuja, which is able to finance the continent’s energy transition; plans to elevate fertiliser production to 7.5 million metric tonnes yearly; and a $3.5 billion Africa Alternate Centre aimed in the direction of supporting inventive industries and runt businesses.
“Inter-African commerce isn’t true a operate—it’s our pathway to industrialisation and jobs,” Tinubu mentioned, calling for increased regional cooperation within the face of rising world protectionism.
The awarding of the GCON honour to Oramah marked a key 2nd within the event. Tinubu described the Nigerian economist as “an architect of African resilience,” crediting him with building the Bank correct into a counter-cyclical force and a driver of self-reliance.
“Your management made Afreximbank our trusted defend in opposition to economic shocks,” Tinubu mentioned, pointing to the Bank’s role in supporting healthcare sovereignty, financing solar infrastructure, and promoting indigenous solutions to model challenges.
As Oramah prepares to step down after more than three a long time at Afreximbank, in conjunction with 10 years as president, Tinubu closed with a name for solidarity and continental ambition.
“Historic previous recordsdata leaders who form their very maintain destiny,” he mentioned. “Allow us to face together, for Africa’s prosperity waits for no one.”
