Abuja: President Bola Tinubu has praised the African Export-Import Bank (Afreximbank) for its vital role in driving economic development and integration across the African continent. He particularly commended the bank's leadership and its impacts on Africa's economic future.
According to News Agency of Nigeria, Tinubu spoke at the 32nd Afreximbank Annual Meetings 2025 (AAM2025) in Abuja, where he applauded the bank's achievements and Nigeria's commitment to strategic partnerships. He praised Afreximbank's growth under Professor Benedict Oramah, describing its expansion as impressive. 'Afreximbank under Oramah's leadership has grown its assets to over $27 billion within a timeframe,' Tinubu noted.
He mentioned the bank's role in championing Africa's pandemic response, industrialisation, free trade, and the creative economy over the past decade. Tinubu highlighted the bank's founding 33 years ago as a pivotal decision for Africa's development destiny. 'Today, with over $250 billion in trade and development, including $150 billion in the past decade, the bank is a pillar of African growth,' he stated.
Tinubu emphasized Nigeria's benefits from the bank's support, mentioning over $52 billion received for energy, agriculture, infrastructure, healthcare, manufacturing, and the creative sector. Flagship projects cited include Dangote Refineries, the African Medical Centre of Excellence, and the African Quality Assurance Centre.
The President also applauded the collaboration that led to Nigeria's formal approval of the African Payment and Settlement System (PAPSS), which enables cross-border trade in local currencies and supports economic stability. He urged other African nations to embrace PAPSS for financial integration and resilience.
The News Agency of Nigeria reports that Tinubu conferred the GCFR honour on Professor Oramah after the speech. He discussed reforms under his 'Renewed Hope Agenda' since May 2023, including the removal of the fuel subsidy. Another reform was the unification of Nigeria's exchange rate system to correct systemic distortions.
Tinubu outlined positive outcomes from these reforms, noting a 3 per cent GDP growth in 2024 with contributions from various sectors. Oil production rose to 1.5 million barrels, with a 2.5 million target in sight, backed by strategic investments. He added that inflation is easing, data is stabilising, and investor confidence is returning.
He stressed that reforms must also be measured by their human impact. 'True transformation lies in empowered citizens and thriving businesses,' he said, highlighting social investment areas, including student loans and upgrades to 8,800 primary health centres. Tinubu also cited digital inclusion initiatives, such as deploying thousands of fibre-optic cables to bridge connectivity gaps.
Tinubu noted infrastructure progress, including the completion of 279 roads. He said Nigeria's collaboration with Africa is growing, reflecting shared development goals. He highlighted the launch of the African Energy Bank in Abuja with $5 million initial capital, aiming to finance Africa's energy transition using gas, renewables, and clean technologies.
The President also mentioned Nigeria's expanding fertiliser sector, aiming for 7.5 million tonnes annually to secure Africa's food needs. He urged African countries to build stronger institutions amid global fragmentation and rising protectionism. 'This is a time to reflect on our resilience and boldly commit to Africa's future,' he said.