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President, Bola Ahmed Tinubu, has called for stronger intra-African financial and trade integration while showcasing Nigeria’s economic reform agenda, as he officially opened the 32nd Annual Meetings of the African Export-Import Bank (Afreximbank) in Abuja on Friday.
Addressing delegates under the theme “Building the Future on Decades of Resilience,” Tinubu said the summit offered a critical moment to reflect on the continent’s collective progress and to intensify cooperation in key sectors including finance, energy, and infrastructure.
The President praised Afreximbank for expanding its assets from US$5billion to over US$37 billion under the leadership of Professor Benedict Oramah and for mobilizing more than US$250 billion in trade and development finance, including US$140 billion in the past decade alone.
“Nigeria has proudly benefited from over US$52 billion in Afreximbank support, spanning energy, agriculture, infrastructure, manufacturing, healthcare, and the creative industry,” Tinubu stated.
He cited transformative national projects—such as the Dangote Oil Refinery, the African Medical Centre of Excellence, and the African Quality Assurance Centre—as tangible symbols of Nigeria’s development potential and the strength of continental partnerships.
Tinubu commended Nigeria’s formal adoption of the Pan-African Payment and Settlement System (PAPSS), describing it as a “significant step toward financial independence.”
The system, he said, will ease cross-border trade in local currencies and reduce over-reliance on foreign exchange.
“Deeper financial integration strengthens our collective resilience,” he said, urging all African nations to fully embrace the initiative.
Reflecting on reforms launched since May 2023, Tinubu pointed to the removal of the long-standing fuel subsidy and the unification of exchange rates as essential steps toward correcting structural imbalances in the economy.
“These reforms, though difficult, are essential. And the results are already clear,” he said.
The President highlighted Nigeria’s 3.4 percent Gross Domestic Product (GDP) growth in 2024, improved oil production now at 1.5 million barrels per day, and macroeconomic indicators showing easing inflation, stabilised data, and a decline in the debt-service-to-revenue ratio from 96 percent to below 65 percent.
Tinubu said ₦45.9 billion had been invested to upgrade 8,800 primary healthcare centres, while the government was expanding access to higher education through a landmark student loan programme, already benefiting over 100,000 Nigerians.
He also cited progress in infrastructure, with 279 roads completed and 460 projects overall, as well as a major push for digital inclusion through nationwide fibre-optic deployment.
On a continental scale, Tinubu confirmed that Nigeria will host the African Energy Bank in Abuja, backed by US$5 billion in seed capital to support Africa’s transition to cleaner and more secure energy sources, including gas and renewables.
Nigeria is also scaling up domestic fertilizer production to 7.5 million tonnes annually and investing in logistics infrastructure, including the US$3.5 billion Bakassi Deep Seaport.
As the summit drew to a close, the Bank paid tribute to outgoing President and Chairman of the Board, Professor Benedict Oramah, whose leadership was described as transformational.
President Tinubu conferred on Oramah one of the country’s highest honours — the national award of Grand Commander of the order of the Niger (GCON) — in recognition of his contribution to trade, industrial policy, and institutional innovation across Africa.
Dr. Yemi Kale, Afreximbank’s Chief Economist and Managing Director for Research, described Oramah’s three-decade journey — including nearly 10 years at the helm — as one defined by “character, competence, and capacity.”
“Under your leadership, Afreximbank evolved beyond a trade finance institution to become a true catalyst for Africa’s economic evolution,” Kale said, citing signature initiatives including PAPSS, AfrexInsure, CANEX, FEDA, and the Africa Trade Gateway.
He noted Oramah’s extraordinary work ethic, particularly in the final months of his term, when he launched new programmes and accelerated initiatives with renewed urgency.
“It was as if he understood, with crystal clarity, that time was short — and so he poured out every last ounce of energy, intellect, and passion,” Kale said.
Oramah’s legacy, Kale added, is etched not just in the numbers, but in the livelihoods saved, SMEs empowered, and regional economies strengthened through the Bank’s interventions.
“With unity and purpose, we are redefining the future of Global Africa — on our own terms,” Kale stated.
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