Nigeria’s Vice President, Kasim Shettima, and the Central Bank of Nigeria (CBN) governor, Olayemi Cardoso, on Wednesday celebrated Afreximbank as a true pillar of continental transformation in the last three decades.
Both leaders spoke at the opening of the 32nd Annual Meetings of the Afreximbank in Abuja to commemorate the success story of the Bank which grown from its uncertain beginning in May 1993 to emerge as one of Africa’s most influential development finance institutions.
Shettima acknowledged the contributions of Afreximbank as a regional trade financier and continental development anchor, saying out of $100 billion mobilized and disbursed across Africa, over $52billion went to Nigeria.
Afreximbank’s impacts on Nigeria, the VP said, could be seen not only in the opening of the African Trade Centre in Abuja as a nucleus for policy innovation, trade facilitation, and business intelligence, but also in establishing the African Medical Centre of Excellence to provide world-class oncology, cardiology, and haematology services to reduce the over $1 billion spent annually on medical tourism.
Besides, he said the impact of Afreximbank was also felt through the African Quality Assurance Centres in Kaduna and Ogun States, to strengthen the export readiness of Nigerian products as well as the $300 million export-manufacturing initiative in Cross River, Enugu, Imo, and Kano states, to catalyze industrial clusters in the country.
The other impact of Afreximbank, the VP noted, was through the pivotal $3 billion intra-African petroleum trade facility provided to enhance Nigeria’s energy security and support domestic refining capacity.
On his part, the VP said to build a resilient economy, the Bola Ahmed Tinubu’s administration was pursuing one of the boldest economic reform agendas in Nigeria’s history to establish a unified exchange rate to eliminate multiple FX windows to restore transparency and investor confidence; abolish fuel subsidies, develop strategic infrastructures, reforms in the oil sector, and expansion of access to trade finance and support to small and medium enterprises through digitized platforms and AfCFTA-aligned export development zones.
Over the last three decades, he said Afreximbank provided emergency trade financing in times of global liquidity crunch, by rolling out the Pandemic Trade Impact Mitigation Facility (PATIMFA), adding that today the bank was shaping continental policy through the Pan-African Payment and Settlement System (PAPSS), the Africa Trade Gateway, AfrexInsure, and its new Concessional Finance Window.
Shettima, who was represented by the Special Adviser to the President (Economic Affairs) in the Office of the Vice President, Dr Tope Fasua, urged Africans to go beyond resilience to renewal, by mobilizing blended finances to bring in private capital for infrastructure and green transition; deepen regional value chains, anchored in AfCFTA; institutionalize digital trade systems to cut costs and boost intra-African commerce as well as strengthen financial institutions with new capital, governance frameworks, and risk-sharing facilities, while ensuring that transformation was inclusive, reaching the youth, SMEs, and women entrepreneurs.
On his part, the CBN governor said over the last three decades Afreximbank has emerged as more than an average financial institution to become a trusted partner, a convener of ambition, and a catalyst for change, shaping strategy, enabling execution, and elevating African agency across the globe.
Apart from trade finance leadership that has sustained the survival of small and medium enterprises (SMEs) as well as exporters through volatile cycles, Cardoso said Afreximbank’s swift crisis response mechanisms, such as the Pandemic Trade Impact Mitigation Facility (PATIMFA), helped stabilize economies in times of global retreat.
Acknowledging the Bank’s achievements as both wide-ranging and deeply strategic, the CBN governor said over the years the Bank’s continental innovations, like the Pan-African Payment and Settlement System (PAPSS), have laid the foundation for Africa’s financial sovereignty, while supporting for the creative and industrial economy, through initiatives like CANEX and targeted manufacturing investments.
Also, he noted the contributions of the Bank in the areas of infrastructure and energy financing that powers productivity and deepening of regional connectivity.
On healthcare, he said the provision of quality infrastructure by the Bank was a demonstration of its belief that resilient economies could only begin with resilient and healthy people, adding that the Bank’s thought leadership consistently projected Africa’s voice to the world, shaping conversations on trade, finance, and development from an African perspective.
“Afreximbank has filled strategic gaps, anticipated future needs, and consistently shown up for Africa in moments that matter most, while helping define what resilience looks like in practice,” he said.
Elaborating on the theme, “Building the Future on Decades of Resilience,” Cardoso described resilience as not just about surviving shocks, but also an ability to absorb disruption, adapt with foresight, to emerge stronger and more self-reliant.
He said there was no more fitting institution to convey the message about resilience than Afreximbank, describing as a true continental engine of innovation, courage, and continuity.
In the context of African institutions, Cardoso said building an African institution that stands the test of time cannot be by accident, but must be engineered, through deliberate choices, strong foundations, and a mindset-oriented toward the long term.
Apart from taking strategic foresight beyond the noise of the present and investing in solutions for the next decade, he said resilient institutions are always thinking ahead and prepares ahead of the next crisis.
“Institutions that survive and thrive are those that plan for disruption before it arrives. They build buffers, diversify risks, and maintain discipline, especially when others are distracted by short-term gains.
“In moments of uncertainty, people follow clarity and have clear communication. Resilient institutions speak honestly, act transparently, and stay close to their stakeholders, particularly when the road is rough,” he pointed out.
For a truly resilient institution to emerge, Cardoso underlined the importance of robust systems and governance that allow sound decision-making processes, strong data, functional infrastructure, and the humility to learn and course-correct along the way must be in place, as great ideas cannot succeed on weak foundations.
Citing the example of the CBN, he said under his management the Bank has been able to make building solid systems and good governance a priority.
In the past year, he said the CBN focused on rebuilding trust, with markets, with Nigerians and partners, recognizing that institutional credibility was the anchor of effective monetary and financial policy.
The CBN’s efforts, he noted, were focused on restoring clarity, reinforcing consistency, and deepening confidence, not as an end in itself, but as a foundation for a resilient future, describing its as the essence of institution building.
As global systems evolve, he said African institutions must emulate Afreximbank and rise with confidence to pursue their dreams and aspirations, adding that when clarity of purpose meets bold execution, Africa would not just survive, it would lead.
“As we celebrate 32 years of Afrexim’s remarkable impact, we must also turn our eyes to the future, a future that calls for even greater ambition and clarity of purpose. A future defined by green growth that is African-led and African-owned. By digital transformation that connects our people and our markets, not just to the world, but to one another. By food and energy sovereignty that shields our nations from external shocks and secures our development pathways. And by a dynamic private sector that drives opportunity, innovation, and inclusive prosperity at scale,” he said.
In his introductory remarks, Senior Executive Vice President, Afreximbank, Mr. Denys Denya, said the annual meetings of the Bank have become a forum generating ideas, shaping policy design, and forging constructive partnerships and strategic alliances.
He said over the past three decades, the resilience of the Bank has been anchored on courage and determination, clear foresight and a firm belief in its vision, which informed the theme of the meeting.
The theme, he said was also influenced by the ongoing global development as the world continues to experience series of global shocks with significant implications, especially for developing and vulnerable countries.
Africa, he noted, was at a crossroads, where the people would need to be intentional about their aspirations, firm in their convictions, resolute in their actions and determined in their collective purpose.
“We have arrived at a point where we need to harmonise our collective strength, be firm and resolute in our convictions in addressing our challenges and shaping the future,” Denya admonished.
Strengthening African institutions, especially developing financial institutions, he pointed out, were critical for sustainable development, democratic governance and improved livelihood, adding that where there was scarcity of funding for African institutions, homegrown institutions must be given all the support required.
He said Africa must focus on building strong independent institutions, promoting good governance and fostering regional cooperation, underlining the imperative of institutional strengthening through political support from political leaders, to avoid undermining the institutions.
He said routine policy and reforms, including macroeconomic management, structural reforms and investment in key areas such as infrastructure and human capital across the continent were crucial for fostering sustainable development.
While underscoring the importance of industrialisation to promote value addition to Africa’s exports, Denya called for the diversification of Africa’s exports and improvement of regional trade through the Africa Continental Trade Agreement (AFCTA).
He stressed the need to forge new trading partnerships and strategic alliances to leverage Africa’s collective strength and resources, adding that these would contribute to enhancing access to new markets, offer competitive advantages and increase innovation.
On the African National Infobank, he said this would support member states to advance short and medium-term industrialisation goals, by facilitating the establishment of industrial parks and special economic zones to create jobs and foster national development.
