By George Ozalla
The 32nd Annual General Meeting of the African Export-Import Bank (Afreximbank) started this week in Abuja, Nigeria, from June 25, to end on 28, 2025, with over 6,000 delegates from across Africa and beyond in attendance. The event has all the trappings of great leadership transition, with Professor Benedict Oramah set to conclude his second tenure as President and Chairman of the Board of Directors.
President Bola Tinubu used the occasion to confer national honor of Grand Commander of the Order of the Niger (GCON) on Professor Oramah, praising his transformative leadership in shaping Africa’s financial and trade landscape. Tinubu emphasized the importance of financial integration, reaffirming Nigeria’s formal approval of the Pan-African Payment and Settlement System (PAPSS).
Aliko Dangote, Africa’s richest man and President & CEO of Dangote Group, argued that the continent can no longer afford to drain its wealth abroad if it hopes to prosper. “Africa can only be great if we make money within Africa and reinvest that money in Africa,” Dangote said.
Tony Elumelu, Chairman of Heirs Holdings, recounted how Afreximbank had stepped in with $600 million in financing when he transitioned from banking into the energy sector. Today, Heirs Energy produces over 58,000 barrels of crude oil daily. Elumelu credited the bank’s willingness to back African entrepreneurs with unlocking new sectors.
Vice President Kashim Shettima, represented by Dr. Tope Fasua, Special Adviser to the President on Economic Affairs, reiterated Nigeria’s commitment to collaborating with Afreximbank to advance Africa’s development priorities. Shettima highlighted the bank’s significant contributions to Nigeria, including the African Trade Centre, African Medical Centre of Excellence, and African Quality Assurance Centres.
Afreximbank’s Senior Executive Vice President, Denys Denya, urged African nations to seize control of their economic destiny amid an increasingly fractured global system. “The certainties of the past—stability, predictable alliances, and open markets—are giving way to a new era of fragmentation and volatility,” Denya said. He emphasized the need for institutional strength, regional solidarity, and political will to insulate the continent from mounting global instability.
Ghana’s Finance Minister, Ato Baah Forson, called for greater strategic autonomy in Africa’s response to global economic challenges. “The global economic landscape is rapidly evolving, and Africa must continue to chart its own course, based on self-reliance, integration over isolation, production over dependence, and collaboration over fragmentation,” he stated.
The event is primarily geared towards driving topical discussions on trade financing, economic growth, and investment opportunities across Africa, with a focus on building resilient institutions and promoting economic integration. With the African Continental Free Trade Area (AfCFTA) and PAPSS, Africa is poised to unlock new opportunities for economic transformation and growth.
