Afreximbank opens 32nd annual meetings, urges stronger African institutions
By Okeoghene Akubuike
The African Export-Import Bank (Afreximbank) commenced its 32nd Annual Meetings, themed “Building the Future on Decades of Resilience” in Abuja on Wednesday.
In his welcome note, Prof. Benedict Oramah, President of Afreximbank, said that the meetings would provide a platform for dialogue and a roadmap for action, exploring how Africa could assert greater control over its development destiny.
Oramah, who is also Chairman, Board of Directors, Afreximbank, highlighted the significance of the event, marking a memorable homecoming and the bank’s 32 years of service.
“This year’s Annual Meetings are in recognition of the remarkable journey of Afreximbank-from a child with an uncertain future to becoming one of the continent’s most consequential multilateral financial institutions.”
Oramah listed some of the bank’s achievements, which include the disbursement of 250 billion dollars mobilised into Africa.
According to him, over the past 32 years, Afreximbank has mobilised over 250 billion into Africa, empowering industries and serving as a lifeline during crises like the COVID-19 pandemic, commodity shocks and broken supply chains.
In terms of institutional growth, he said that Afreximbank had grown from a fledgling institution to one of the continent’s most consequential multilateral financial institutions.
“The story of Afreximbank is one of defiance against doubt, of institution-building in the face of resistance, and of steadfast belief in Africa’s potential,” he said.
He said that the meeting was held against a backdrop of global headwinds, including deglobalisation, rising protectionism, and geopolitical uncertainty.
Oramah emphasised the need for Africa to build strength from within, charting a future that is unapologetically African and globally impactful.
“It is expected to be a future where Africa’s youthful population, rich natural resources, expanding intra-African trade, and technological shifts create a new development paradigm,” he said.
He said that the 32nd AAM 32nd Annual meetings was aimed at:”examining our past, reimagining our institutions, and strategising for a fractured and changing, deglobalising world order.
“As we gather policymakers, development finance institutions, the private sector, civil society, and academia, our goal is to create not only a platform for dialogue but also a roadmap for action.
“Together, we will explore how Africa has been asserting greater control over its development destiny and how Afreximbank and our sister institutions can continue to be anchors of sustainable socio-economic transformation,” he said.
Denys Denya, Senior Executive Vice-President, Afreximbank, called for strengthened African institutions to navigate the emerging world order.
Denya highlighted the importance of building strong, independent institutions, promoting good governance, and fostering regional cooperation.
He stressed the need to support home-grown institutions, especially Development Finance Institutions, to solve Africa’s problems, particularly in an era of scarce funding for African entities.
Denya said that macroeconomic management, structural reforms, and investments in key areas such as infrastructure and human capital were crucial for fostering sustainable economic growth.
“The time is urgent for Africa to be deliberate about industrialisation, promoting value addition to its exports, and diversifying its export basket and destinations,” he said.
He emphasised the importance of improving regional trade through the African Continental Free Trade Area (AfCFTA) and forging new trading partners and strategic alliances.
Denya said that the bank would continue to support member states in advancing their short- and medium-term goals, leveraging its experience in responding to economic downturns and promoting industrialisation.
“As the world navigates uncertainty, Afreximbank is committed to supporting Africa’s aspirations and promoting sustainable economic growth and development.”(NAN)
Edited by Kadiri Abdulrahman
Published By
- Agriculture and Environment Desk Controller/Website Content Manager.
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