By 
The African Export-Import Bank (Afreximbank) on Saturday inaugurated, Dr. George Elombi, as its fourth President and Chairman of the Board of Directors, succeeding Prof. Benedict Oramah.
The ceremony, held in Cairo, Egypt, was formalised with an oath administered by Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, in his capacity as Chairman of the Bank’s Annual General Meeting of Shareholders.
More than 2,000 guests attended the event, including African and Caribbean Heads of State, Ministers, business leaders, former Afreximbank presidents, and members of the Bank’s Board of Directors.
In his inaugural address, Elombi pledged to build on his predecessors’ legacy by advancing Africa’s industrialisation and self-reliance through trade and value addition.
“The structure of global trade is disfavourable to Africa and must change,” he said, adding, “To change the structure, we must process. We must produce. Unless we produce, we cannot trade.”
He announced plans to introduce a high-impact financing window for projects that process raw minerals into finished goods and to establish a Strategic Minerals Development Programme aimed at supporting value chains from extraction to manufacturing.
Elombi also said Afreximbank would intensify efforts to promote intra-African trade and strengthen cross-border infrastructure under the African Continental Free Trade Agreement (AfCFTA).
“Afreximbank will continue to play a catalytic role in implementing the AfCFTA by driving forward key programmes and targeted interventions to accelerate progress,” he said.
He further outlined plans to explore a Pan-African digital currency, strengthen financial integration, and mobilise African capital while maintaining the Bank’s financial strength.
“We recognise that Africa’s progress depends not only on the strength of individual institutions but also on the power of collaboration among them,” Elombi said.
Dignitaries who addressed the ceremony included Egypt’s Central Bank Governor, Hassan Abdalla, Cameroon’s Finance Minister Louis-Paul Motazé, Dangote Group Founder, Aliko Dangote, African Union Deputy Chairperson, Selma Malika Haddadi, and Saint Kitts and Nevis Prime Minister, Dr. Terrance Drew.
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