President Bola Ahmed Tinubu on Friday acknowledged the impactful contributions of the African Export-Import Bank (Afreximbank) to Africa’s economic and transformational development under the leadership of its exiting President, Prof. Benedict Oramah, over the last decade.
Addressing delegates at the 32nd Afreximbank Annual Meetings 2025 in Abuja, the President said under Prof Oramah’s leadership the bank championed various initiatives that drove the continent’s economic development and integration.
Apart from leading Africa’s response to the global COVID-19 pandemic, he said Afreximbank spearheaded the drive towards Africa’s industrialization, support the African free trade area, and continent’s creative economy.
He commended Oramah under who’s leadership he said Afreximbank’s assets grew from $5bn in 1993 to nearly $40bn. as he is stepping down from office at the end of his tenure after over three decades.
He described Oramah’s legacy during his tenure as one of Africa’s generational impact, saying Afreximbank was born out of Africa’s resolve to own and drive its development as well as mobilise resources towards trade and infrastructural development.
“With over $250bn, Afreximbank mobilised for trade and development, and another $150bn in the last decade alone, making the bank the pillar of Africa’s progress. Nigeria has proudly received over $52 billion in support for energy, agriculture, infrastructure, healthcare, manufacturing, and the creative sector, well done,” he said.
Nigeria, the President noted, also undertook several development flagship projects, including the Dangote Refinery, African Centre of Medical Excellence, and the African Quality Assurance Centre with the support of Afreximbank.
The development of the Pan-African Payment Settlement System (PAPSS), he said, has been established as a significant step towards Africa’s financial independence, as it would allow local trade in local currencies, reducing reliance on foreign exchange and promoting financial stability.
He urged all Africans countries and their partners to embrace PAPSS to reduce high cost of intra-African transactions, conserve foreign reserves, and empower smallscale enterprises throughout the continent.
In appreciation of the bank’s impactful contributions to Africa’s and the growing support for Nigeria, the president conferred Nigeria’s second highest national honour of the Grand Commander of the Order of Niger (GCON) on Prof. Oramah.
In his speech to mark the of his eventful tenure since October 1993, Prof Oramah said his pledge to shareholders as he assumed office was to deliver a solid bank that would be a leader among its peers in all measures of financial performance.
Besides, he said he promised to give priority to interventions that would have the broadest development impact, with the promotion of intra-African trade as a priority to improve Africa’s dynamic comparative advantage in the export of light manufactures.
“Gentlemen, I stand before you most pleased and fulfilled that I kept my promises. I gave the job the best of my energy, intellect, courage and determination,” he told the delegates.
Between 2020, the onset of the COVID-19 pandemic, and May 2025, he said he led Afreximbank to invest approximately $120 billion in Africa and the Caribbean and another $155 billion during the last decade to build a solid financial institution good for Global Africa.
Over the period, he said the bank’s total assets and guarantees grew more than eight-folds between September 2015 and April 2025, to reach about $43.5 bn, with total revenues also rising seven folds, to about $3.24 bn, from $408 mn in 2025.
He said the bank’s Net income grew by about 700% to about $1 billion last year, from about $125m in 2015, with shareholders’ funds rising from about $1 bn in September 2015 to $7.5 bn in April 2025.
Despite the challenging operating environment, he said the Bank Group was able to continue with the tradition of returning value to shareholders through annual dividends distributions, with aggregate dividend payments from 2015 to 2024, reaching $1.35 bn.
“Today, Afreximbank has become the trusted institution for mitigating the adverse impacts of economic shocks and the primary source of vital medium- to long-term financing for the African private sector and critical sectors of the African economy,” he said.
In his assessment of the impact of the bank in terms of its future growth trajectory, Prof Oramah said he foresees the bank attaining not less than $250 bn in total assets and guarantees in the next 10 years.
A new President and Chairman of the Board of Directors is to be elected during the meeting of the Board scheduled for Saturday.
