President Tinubu commends Afreximbank for empowering African businesses, enhancing trade

President Bola Ahmed Tinubu, GCFR, has praised the Afreximbank for its unwavering commitment to bridging financing gaps and empowering African businesses through its exemplary initiatives across the continent.

Represented by the Secretary to the Government of the Federation, Sen. George Akume, CON, President Tinubu made this announcement during the commissioning of the Afreximbank African Trade Centre (AATC) in Abuja Thursday.

He emphasized the bank’s pivotal role in advancing Africa’s economic development, highlighting key initiatives such as the African Continental Free Trade Area (AfCFTA) Adjustment Fund, the Pan-African Payment and Settlement System (PAPSS), and various Trade Finance Programmes. President Tinubu stated:

“Afreximbank’s influence in reshaping Africa’s trade landscape is profound. The institution has consistently worked to eliminate barriers, bridge financing gaps, and empower African businesses to thrive in the global marketplace. Initiatives like the AfCFTA Adjustment Fund, managed by Afreximbank’s subsidiary Fund for Export Development in Africa (FEDA), along with PAPSS and Trade Finance Programmes, exemplify this commitment.”

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He expressed gratitude for Afreximbank’s visionary leadership and assured continued collaboration to ensure the AATC fulfills its mission of enhancing Africa’s trade ecosystem. The commissioning of the AATC, he noted, represents a significant step towards fostering intra-African trade, economic integration, and unlocking the continent’s vast potential.

Honourable Minister of Industries, Trade and Investment, Jumoke Oduwole, also addressed the gathering, revealing that over the past decade, Afreximbank has disbursed approximately $140 billion across Africa, with Nigeria being the largest beneficiary, receiving about $52 billion. She highlighted several key projects funded by the bank, including the African Medical Center of Excellence in Abuja and strategic support for the Dangote refinery, which contributes to Africa’s energy security.

Earlier, Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, urged African nations to reclaim their destinies and build a strong African trade network. He passionately called for a departure from colonial legacies that have historically divided the continent. He stated:

“We must reshape our future and take back our destiny. It is time to move beyond the colonial mindset that has pitted us against one another. Through this platform, we can create a robust network of African trade sectors that fosters deep connections and information exchange among Africans and the Caribbean.”