Tinubu Launches $5B Africa Energy Bank
President Bola Ahmed Tinubu has called on African leaders to deepen integration and economic cooperation across the continent as he delivered the keynote address at the 32nd Annual Meetings of the African Export-Import Bank (Afreximbank), held in Abuja.
Declaring Nigeria’s unwavering commitment to regional progress, Tinubu highlighted landmark reforms, partnerships, and future-focused investments aimed at positioning Africa for sustainable development and global competitiveness.
Themed “Building the Future on Decades of Resilience,” the 2025 Afreximbank meetings mark a critical juncture for African economies navigating post-pandemic recovery and a shifting global trade landscape.
“A united and purposeful Africa can define its destiny,” Tinubu said, noting that Africa must not wait for external validation to secure its future. “Let us fully adopt the Pan-African Payment and Settlement System (PAPSS), scale Afreximbank’s impact, and treat intra-African trade as a strategic imperative.”
Tinubu commended Afreximbank President, Prof. Benedict Oramah, for a decade of transformative leadership that saw the bank’s assets grow from US\$5 billion to over US\$37 billion and over US\$250 billion mobilized for trade and development, including US\$140 billion in the last 10 years alone.
Nigeria, he noted, has been a key beneficiary of the bank’s support—receiving over US\$52 billion for projects spanning energy, manufacturing, agriculture, healthcare, and the creative industries. Flagship projects include the Dangote and BUA Refineries, the African Medical Centre of Excellence, and the Africa Quality Assurance Centre.
In a major announcement, Tinubu confirmed the launch of the Africa Energy Bank, headquartered in Abuja, with US$5 billion in initial capital to finance Africa’s energy transition—focusing on gas, renewables, and clean technologies. “This is a strategic milestone for Africa’s sustainable future and energy independence,” he said.
President Tinubu detailed reforms and achievements under his administration’s Renewed Hope Agenda: which includes 3.4% GDP growth in 2024 with broad sectoral contributions, Crude oil production rebounded to 1.5 million barrels per day, Inflation easing and naira stabilising.
Other achievements include, Debt servicing reduced from 96% to below 65% of revenue, Over 100,000 citizens accessed the National Consumer Credit Scheme, ₦45.9 billion spent to upgrade 8,800 primary healthcare centres, Over **279 roads completed**, with 260 rural roads and major national highways under construction.
READ ALSO: Why 10 judges including Acting Chief Judge Imo State were sacked- NJC
Tinubu also spotlighted the student loan programme, digital fibre expansion, tax reform with four new tax laws, and Nigeria’s ambition to become Africa’s **fertiliser hub**, producing 7.5 million tonnes annually with Afreximbank’s backing.
