Tinubu Hails Afreximbank’s Role in Breaking Africa’s Trade, Financing Barriers

•Says Africa must unlock new trade corridors, reduce dependency on imports, others 

•Wale Edun: bank has disbursed over $49bn to economy

•Oduwole: AATC game changer for Africa’s trade 

•Oramah: We can’t continue to export raw materials, import refined products

James Emejo in Abuja

President Bola Tinubu, yesterday hailed Afreximbank’s role in shaping Africa’s trade landscape, and commitment to breaking down barriers, bridging financing gaps as well as empowering African businesses to compete globally.

The president said the feats had been accomplished through flagship initiatives including the African Continental Free Trade Area (AfCFTA) Adjustment Fund managed by the bank’s  subsidiary- Fund for Export Development in Africa (FEDA);

the Pan-African Payment and Settlement System (PAPSS), and trade finance programmes.

Speaking at the unveiling of the

AFREXIM African Trade Centre (AATC) in Abuja, Tinubu, further noted that the impact of Afreximbank’s interventions continued to be felt across continent.

The unveiling of the magnificent trade edifice was graced by dignitaries including

Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, Minister of Budget and Economic Planning, Senator Abubakar Bagudu, Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, and Minister of State for Finance, Dr. Doris Uzoka-Anite.

Other are Governor of Imo State, Hope Uzodinma, Africa’s richest man, Alhaji Aliko Dangote,  Chairman, Heirs Foundation, Mr. Tony Elumelu, among others.

Represented by the Secretary to the Government of the Federation (SGF), Senator George Akume, the president acknowledged over $20 billion in trade finance facilities disbursed by the bank to facilitate intra-African trade with plans to double that amount by 2026.

He said the development financial institution had supported industrial parks and special economic zones development as well as boosted manufacturing and export capacity.

He also recognised the AfCFTA Secretariat’s partnership with Afreximbank which aims to operationalise the world’s largest free trade area, connecting 1.3 billion people and a combined GDP of $3.4 trillion.

Tinubu called on stakeholders to renew their resolve to build a stronger, more interconnected, and prosperous Africa.

To achieve these goals, he said the continent must unlock new trade corridors and reduce dependency on imports; empower SMEs and women-led businesses through access to markets and finance and harness digital technologies to streamline cross-border trade and reduce inefficiencies.

The president further  commended Afreximbank for its visionary leadership and assured the institution of the federal government’s continued partnership to ensure that AATC achieves the objectives of growth in Africa’s trade ecosystem.

He reaffirmed the government’s steadfast commitment to support initiatives that drive inclusive growth, digital transformation, and sustainable industrialisation.

The president also said the commissioning of AATC remained a landmark project that embodies our “shared commitment to advancing intra-African trade, fostering economic integration, and unlocking the vast potential of our continent”.

He said the AATC symbolised realisation of a bold vision for Africa’s economic future.

Edun, hailed the President/Chairman, Afreximbank, Prof. Benedict Oramah, for positioning the bank as one of the most respected and valued financial institutions among its peers, with a passion for uplifting the continent’s economy.

He said the federal government was pleased with the bank’s thoughtfulness in situating the AATC edifice among its kind in Nigeria.

The minister noted that Nigeria remained the second largest shareholder of the bank after Egypt, adding the former will continue to play a critical role in the bank’s growth and success story.

Edun said since its inception in 1993, Afreximbank had disbursed over $49 billion in funded and unfunded support to the country’s public and private sector entities.

He said this has had a huge developmental impact on Nigeria’s economy and international trade sector.

The minister said the trade centre was built to contribute to the hospitality businesses in the country, and create a leading commercial and business center in Africa where all trade can be easily consummated, elevating Africa’s position in global trade.

The AATC houses modern office spaces, commercial areas, conference centers, exhibition halls, and business hotels, and is built to reflect the African culture, he said.

He said, “I commend Prof Oramah for his pan-African vision. Under his leadership, the bank has indeed been a catalyst for the development of Nigeria and Africa.

“Prof. Oramah, your fortitude and grit are unprecedented. You have left an indelible footprint on the sands of Africa.”

Edun said, “Afreximbank’s trade and project financing initiatives positively impact trade and economic development across the African continent through activities centered on the bank’s main strategic pillars.

“Across the continent, Afreximbank has demonstrated partnership and collaboration with the public and private sectors.

“Afreximbank has been very compassionate in providing solutions to African Trade problems.

“Afreximbank serves the interests of the African continent and has continued to rigorously pursue the growth and integration of Caribbean countries to support their trade and economic development.”

On her part, Oduwole, also commended Oramah’s relentless pursuit of Africa’s trade renaissance, which had strengthen institutions, reshaped mindsets and inspired a generation.

She said the launch of the trade centre was more than just a new building but represented a clear step toward Africa taking greater control of its trade, both within the continent and globally.

Oduwole said Abuja AATC remained a “strategic nexus of finance, research, innovation, trade intelligence, and policy, exhibition center, SME and tech incubation hubs, and the digital trade gateway”

Oduwole said, “Afreximbank’s footprint in Nigeria is extensive. Over the last three decades, the bank has grown to become a consequential institution for the continent. In the last decade, it disbursed no less than $140 billion into the continent.

“Nigeria is the largest recipient of the bank’s trade and development finance; having attracted cumulative disbursements of about $52 billion, which has catalysed infrastructure, manufacturing, and export competitiveness across key sectors.”

In his remarks, Oramah said the AATC was envisioned to surmount some of the challenges to intra-Africa trade.

He warned that Nigeria, and Africa in general can’t continue to export raw materials, and import refined products in turn, stressing that value addition is the way to go.

However, he disclosed that the financing support to Nigeria had also helped to boost the oil refining capacity to about 1.2 million barrels per day and 7.5 million tonnes per annum of urea fertiliser production, up from under four million tonnes in 2019.

He said, “We expect urea capacity to rise to about 11 million tonnes by 2027, when Dangote Petrochemical company opens the new lines under development.

“These are remarkable and are contributing significantly to Nigeria’s non-oil exports revenues. 

“Cognisant of the critical role of the Nigerian creative sector in expanding job opportunities for the youth and women, Afreximbank is investing in growing the country’s creative sector.

“The Bank provides support through credit lines, capacity-building initiatives and market access opportunities.

Recently, the bank opened the dedicated 200 million facility to support the sector, under an ongoing partnership with the Federal Ministry of Culture and Creative Industry.

“These supports have helped Nigeria to boost the export of its creative content to the rest of Africa and the world, while boosting youth employment.”

He said, “Today, we mark the standing up of an edifice that defiantly roars: that we must re-shape our future; that we can no longer be hostages to a colonial legacy deeply rooted on ‘divide-and-conquer’ – a legacy that makes Africans to regard their colonisers as masters and brothers and sisters, as enemies, and even aliens.

“Step-by-step we will, on the success of this platform, build a network of Afreximbank African Trade Centres (AATCs) that would offer strong physical institutional infrastructure for deepening connections and exchange of information among Africans and the Caribbean and indeed the wider African Diaspora.”

He said, “Today, we open AATC Abuja. In August, we expect to open AATC Harare, and in 2026, we expect to open AATC Kampala. In a few months, we would break ground for AATC Cairo and AATC Yaoundé and others.

*Step-by-Step, Afreximbank African trade centres would rise into the blue skies across Africa and in Barbados in the Caribbean, flying the banner that would embolden every African and restore the pride and dignity of our people.”

According to him, the Abuja AATC is the first of several AATCs being developed across Africa and the Caribbean, pointed out that some would be Afreximbank owned while others would be supported through a franchise-scheme.

He said, “With these, we expect to create a sizeable network of AATCs that will act as the lighthouses to guide the interconnections and flow of trade and investments within continental Africa and between Africa and Caribbean regions.

“This particular AATC Abuja has been a 41-month journey, one built on hope and determination. Like the other AATCs, the Abuja AATC would serve a multi-purpose goal. It will serve as a platform for fostering deeper regional and continental integration and house Afreximbank’s permanent regional office, bringing a three-decade-old aspiration to fruition.”