The outgoing President of the African Export-Import Bank (Afreximbank), Prof. Benedict Oramah, has said that the bank expanded its balance sheet and assets nearly eightfold during his decade-long leadership, growing from $6 billion in 2015 to almost $44 billion in 2025.
Speaking at a farewell conference in Cairo on Friday, Oramah said, ‘We kept a sharp focus on institutional strength and financial health and grew the balance sheet and guarantees almost eightfold, from $6 billion in September 2015 to almost $44 billion in September 2025.’
He added that the Bank recorded strong financial returns for shareholders, paying out ‘an aggregate of almost $1.4 billion as dividends for the period from 2015 to 2024.’
Oramah said the growth was anchored on a deliberate philosophy that Africa’s economic emancipation must be driven from within, promoting intra-African trade and investment as the ‘arrowhead’ of Afreximbank’s strategy.
He explained that when he assumed office in 2015, the continent faced serious challenges, including a commodity crisis, setbacks in industrial transformation, and weak trade integration.
He recalled that many had doubted the bank’s broad agenda but said it became clear that Afreximbank had to ‘fight on all fronts’ to make progress.
‘Hundreds of years of history had shown us that external interests had been mostly predatory and parasitic, unless engaged from a position of strength and purpose,’ he said.
Oramah listed several interventions delivered during his tenure. The bank supported the African Continental Free Trade Agreement (AfCFTA), launched the Pan-African Payment and Settlement System (PAPSS) backed by a $3 billion facility, and made ‘African currencies legal tenders across African borders.’
He added that the AfCFTA Adjustment Fund now had $1 billion in commitments, while the Intra-African Trade Fair had been held four times, attracting more than $170 billion in trade and investment deals and drawing 180,000 visitors.
The Africa Trade Gateway digital platform and Afreximbank Trade Centres were also launched to ease access to trade and investment information.
Oramah said the bank harmonised about 500 standards for pharmaceuticals, agriculture, automobiles, and textiles, and launched a collaborative transit guarantee scheme supported by $1 billion in guarantee limits.
He added that industrial parks and special economic zones were emerging across the continent, creating manufactured exports where none had existed, while the bank also supported heavy industries such as the Dangote Refinery and Petrochemical Plant.
According to him, socio-economic ties with the Caribbean and the wider African diaspora had been reignited, and the African Medical Centre of Excellence projects were paving the way for greater access to healthcare.
Recalling the COVID-19 pandemic, Oramah said, ‘We rose to the challenge, disbursing over $10 billion in the COVID-19 intervention.’
He added that Afreximbank provided $2 billion to help Africa and the Caribbean procure vaccines.
.To finance raw materials-to-finished goods projects – Elombi
George Elombi, the new president of the bank said the financial institution will create a financing window for projects that turn raw materials to finished goods.
Elombi announced the plan during his swearing-in ceremony on Saturday, while vowing his tenure will bring an end to raw commodities or mineral exports from Africa.
According to the Afreximbank president, the focus will now be on domestic processing across Africa.
‘No more Nigerian bauxite, or Gabonese manganese, or Cameroonian bauxite, or South African bauxite, raw. We are not interested,’ Elombi said.
‘We will focus on domestic processing. This has numerous benefits.’
He reiterated that his administration will focus on developing strategic industries that can drive industrialisation and job creation.
‘Afreximbank will therefore create a new high-impact financing window, specifically for projects that process raw minerals into semi-finished goods or finished goods,’ the president said.
Elombi reaffirmed the bank’s promise to partner with Dapo Abiodun, Ogun state governor, on the fabric processing zone, saying partnerships are already in place.
What it meant for Nigeria – Dangote
Meanwhile, in his remarks, Africa’s richest man, Aliko Dangote recalled the vital role Afreximbank played when his group embarked on the audacious project of building the Dangote Refinery, saying, ‘When we had the dream of putting up a refinery, one of the foremost banks that actually supported us was Afreximbank under the leadership of Professor Oramah.
‘At that time, we really didn’t even know what we were doing. We just said maybe 300,000 barrels per day. From there, we changed it to 400,000 because the biggest then was 450,000 built by Saudi Aramco. Later, we decided to do what had never been done before in the world.’ he said
He noted that the refinery has saved Nigeria foreign exchange which it used to import refined oil on a daily basis.
Also at the investiture ceremony of the new Afreximbank President, Wale Edun, Minister of Finance and Coordinating Minister of the Economy reflected on the Bank’s remarkable evolution under Professor Benedict Oramah’s stewardship and expressed confidence in the new President on the continuity of Afreximbank’s mission to advance intra-African trade, industrialisation, and shared prosperity.
He underscored the institution’s growing role as a pillar of African economic transformation linking visionary leadership to sustained impact across the continent.