By Ayomide Otitoju
President Bola Ahmed Tinubu on Friday lauded the achievements of the African Export-Import Bank (Afreximbank) under the leadership of Prof. Benedict Oramah, describing the bank’s impact as transformative for Nigeria and the continent. The President made this known during the 32nd Annual Meetings of the Afreximbank in Abuja, where he conferred the national honour of Grand Commander of the Order of the Niger (GCON) on the outgoing bank President.
Speaking at the event, President Tinubu stated that more than 100,000 Nigerians have accessed the new national consumer credit scheme, with 400,000 others enlisted for the next phase. He also highlighted the federal government’s investments in healthcare, education, digital infrastructure, and road construction as part of efforts to empower citizens and stimulate enterprise growth.
“Our landmark student loan programme ensures that no child is denied higher education due to financial hardship,” Tinubu noted. “We have invested ₦45.9 billion to upgrade 8,800 primary healthcare centres, improved diagnostics, and maternal care in underserved areas, and deployed fibre-optic cables nationwide to drive digital inclusion.”
On infrastructure, he disclosed that 279 roads had been completed, 65 were under construction, and 260 rural road projects were being executed. He cited major projects like the Lagos-Calabar Coastal Highway and the Abuja-Kaduna-Kano Expressway as key to regional integration and national logistics efficiency.
Tinubu described Prof. Oramah as a visionary whose decade-long tenure at Afreximbank saw the bank’s assets grow from $5 billion to over $37 billion. He praised Oramah for leading the bank’s intervention during the COVID-19 pandemic, facilitating access to 400 million vaccine doses, and driving projects across sectors such as energy, healthcare, and manufacturing.
“The recognition of GCON is in appreciation of your exceptional service to Africa, and especially Nigeria,” Tinubu said. “You have championed industrialisation, supported the AfCFTA, and promoted creative and digital economies.”
The President said Nigeria has benefited from over $52 billion in support from Afreximbank, including investments in refineries, medical facilities, agriculture, and trade infrastructure. He also announced the establishment of the Africa Energy Bank, to be headquartered in Abuja, with an initial capital of $5 billion aimed at financing energy transition projects across Africa.
“Nigeria’s formal approval of the Pan-African Payment and Settlement System (PAPSS) is a step toward financial independence,” Tinubu added. “We urge all African countries to adopt PAPSS to reduce foreign exchange dependency and lower trade costs.”
Highlighting recent reforms under his Renewed Hope Agenda, the President said his administration had removed the fuel subsidy and unified the exchange rate to correct systemic distortions. He reported a GDP growth rate of 3.4% in 2024, a rebound in oil production to 1.5 million barrels per day, easing inflation, stabilising currency, and improved debt servicing—now below 65% of revenue.
He commended Afreximbank’s role in co-creating platforms such as FEDA, AQAC, CANEX, and PAPSS, which he said promote entrepreneurship, improve quality standards, and scale SMEs.
Coordinating Minister of the Economy and Minister of Finance, Wale Edun, also thanked Afreximbank for its continued support and commended the opening of the African Trade Centre in Abuja.
In his valedictory remarks, Prof. Oramah said he had given “the best of my energy, talent, and intellect” to the bank, noting that shareholders reinvested 50–70% of a $1.35 billion dividend. He projected that Afreximbank’s assets could reach $250 billion within a decade.
The event was attended by former Presidents Olusegun Obasanjo (Nigeria), Nana Akufo-Addo (Ghana), Macky Sall (Senegal), Mahamadou Issoufou (Niger), and former Vice Presidents Namadi Sambo and Yemi Osinbajo.
