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Abuja, Nigeria | THE INDEPENDENT | Nigerian President Bola Ahmed Tinubu on Friday described the African Export-Import Bank (Afreximbank) as a symbol of African sovereignty and resilience, as he awarded the country’s second- highest national honour to the Bank’s outgoing president, Professor Benedict Oramah, during the lender’s 32nd Annual Meetings in Abuja.
President Tinubu conferred the Grand Commander of the Order of the Niger (GCON) on Oramah in recognition of what he called a “decade of transformative leadership” that saw Afreximbank’s assets rise from $5 billion to over $37 billion. The Bank has mobilised more than $250 billion for trade and development since its founding, including $50 billion in the past decade alone.
“Afreximbank represents Africa’s resolve to own its development,” Tinubu said, citing the Bank’s expanding role in trade finance, regional integration, and strategic infrastructure. He said Nigeria alone had received $52 billion in financing from the lender, supporting projects in energy, healthcare, agriculture and industry.
Among the initiatives Tinubu highlighted were Afreximbank’s backing of the Dangote Refinery, which is expected to reduce the continent’s fuel import dependence; the African Medical Centre of Excellence in Abuja, designed to curb medical tourism; and the Pan-African Payment and Settlement System (PAPSS), which enables intra-African trade in local currencies.
“Embrace PAPSS,” Tinubu urged African governments, calling financial integration key to shielding the continent from external shocks and boosting internal economic stability.
The President also linked Afreximbank’s support to Nigeria’s own economic reforms, which include ending fuel subsidies and unifying exchange rates. While these moves have sparked inflation and short- term public hardship, Tinubu said they were beginning 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 service burden dropped to 65% of revenue from 96%.
“These reforms are difficult but necessary,” he said, adding that their real impact can be seen in expanded access to credit, new student loan programmes, 8,000 revitalised health clinics, and improved digital connectivity through fibre-optic expansion.
Looking ahead, Tinubu outlined several pan-African ventures spearheaded by Nigeria and backed by Afreximbank. These include the Africa Energy Bank, to be headquartered in Abuja, which will finance the continent’s energy transition; plans to boost fertiliser production to 7.5 million metric tonnes annually; and a $3.5 billion Africa Trade Centre aimed at supporting creative industries and small businesses.
“Inter-African trade isn’t just a goal—it’s our pathway to industrialisation and jobs,” Tinubu said, calling for greater regional cooperation in the face of rising global protectionism.
The awarding of the GCON honour to Oramah marked a key moment in the event. Tinubu described the Nigerian economist as “an architect of African resilience,” crediting him with building the Bank into a counter-cyclical force and a driver of self-reliance.
“Your leadership made Afreximbank our trusted shield against economic shocks,” Tinubu said, pointing to the Bank’s role in supporting healthcare sovereignty, financing solar infrastructure, and promoting indigenous solutions to development challenges.
As Oramah prepares to step down after more than three decades at Afreximbank, including 10 years as president, Tinubu closed with a call for unity and continental ambition.
“History records leaders who shape their own destiny,” he said. “Let us stand together, for Africa’s prosperity waits for no one.”
