Your Excellencies, Distinguished Delegates, Esteemed Guests,
It is a great honour to welcome you to Abuja for the 32nd Annual Meetings of the African Export-Import Bank. Nigeria is a fitting host for this pivotal gathering as Africa’s most populous nation and one of its strongest voices for unity and progress. More than a routine meeting, this is a moment to reflect on our shared resilience and renew our commitment to shaping Africa’s future boldly and deliberately.
The theme of this year’s meeting—”Building the Future on Decades of Resilience”—is timely and profound. Afreximbank, under Professor Benedict Oramah’s steadfast leadership, has grown its assets from US$5 billion to over US$37 billion. His decade of leadership saw the Bank champion Africa’s pandemic response, drive industrialisation, and support the AfCFTA and the continent’s creative economy. His legacy is one of generational impact.
Thirty-two years ago, Afreximbank was born from Africa’s resolve to own its development. With over US$250 billion mobilised for trade and development—US$140 billion in the last decade alone—the Bank has become a pillar of African progress.
Nigeria has proudly benefited from over US$52 billion in support, directed into energy, agriculture, infrastructure, manufacturing, healthcare, and creative industries. Flagship projects such as the Dangote and BUA Refineries, the African Medical Centre of Excellence, and the Africa Quality Assurance Centre embody confidence in Nigeria’s future and Africa’s potential.
This partnership extends beyond capital.
Nigeria’s formal approval of the Pan-African Payment and Settlement System (PAPSS) is a significant step towards financial independence. PAPSS enables cross-border trade in local currencies, reducing reliance on foreign exchange and promoting economic stability. I urge all African nations to embrace PAPSS because deeper financial integration strengthens our collective resilience.
Since May 2023, under the Renewed Hope Agenda, my administration has advanced tough but necessary reforms rooted in macroeconomic stability, inclusive growth, and restored productivity. We removed the long-standing fuel subsidy and unified our exchange rate system. These reforms, though difficult, were essential to correcting systemic distortions.
The results of our efforts are clear and promising, providing a strong foundation for our future endeavours. We have made significant strides in various sectors, and these achievements should fill us all with optimism for what lies ahead.
In 2024, Nigeria recorded 3.4% GDP growth with broad sectoral contributions. Oil production rebounded to 1.5 million barrels per day with a 2.5 million target in view, supported by strategic investment deals like the $1.2 billion CNCEC agreement. Inflation is easing, the naira is stabilising, investor confidence is recovering, and debt servicing has declined from 96% to below 65% of revenue. Tax reform is also underway, with the passage of four tax bills by the National Assembly, which I signed into law a few days ago.
Numbers alone do not capture our progress. Fundamental transformation lies in empowered citizens and thriving enterprises. Over 100,000 Nigerians have accessed our new national consumer credit scheme, with 400,000 more queued for the next phase. Our landmark student loan programme ensures no child is denied higher education due to financial hardship.
We have spent ₦45.9 billion in healthcare to upgrade 8,800 primary health centres, improving maternal care and diagnostics in neglected communities. We are deploying thousands of fibre-optic cables for digital inclusion to bridge connectivity gaps and power innovation. Over 279 roads have been completed on infrastructure, with 65 under construction and 260 rural road interventions executed. Major arteries like the Lagos–Calabar Coastal Highway, Sokoto-Badagry Superhighway and the Abuja–Kaduna–Kano Road are reshaping national logistics and regional integration.
Nigeria’s collaboration with Afreximbank is expanding in both scope and ambition. Together, we are launching the Africa Energy Bank, headquartered in Abuja, with US$5 billion in initial capital to finance Africa’s energy transition—leveraging gas, renewables, and clean technologies. We are scaling our fertiliser sector to 7.5 million tonnes annually, supported by Afreximbank, positioning Nigeria as Africa’s fertiliser hub and ensuring food security for the continent. Meanwhile, transformative projects such as the US$3.5 billion Bakassi Deep Seaport enhance trade infrastructure and market access.
Through platforms like FEDA, AQAC, CANEX, and PAPSS, our partnership with Afreximbank is not just about financing. It’s about fostering African entrepreneurship, elevating quality standards, and scaling SMEs in creative and export-driven industries. Afreximbank is a strategic partner in co-creating the institutions, infrastructure, and innovations that will define Africa’s economic future.
As the world becomes increasingly fragmented—with rising protectionism and shifting trade dynamics—Africa must double down on its institutions and capabilities. Afreximbank, backed by committed member states, must remain agile, bold, and grounded in African realities.
In closing,
1. Let us fully adopt PAPSS to reduce costs, conserve foreign reserves, and empower SMEs.
2. Let us strengthen financial support to Afreximbank to scale its transformational impact.
3. Let us treat intra-African trade not as a goal but as a strategic pathway for growth, jobs, and industrial value chains.
4. Let us empower youth, women, and entrepreneurs as beneficiaries and architects of a new African century.
The world will not wait for Africa; a united and purposeful Africa can define its destiny. In the face of rising protectionism and shifting trade dynamics, it’s more important than ever that we stand together, united in our commitment to Africa’s development and prosperity.
On behalf of the government and the people of Nigeria, I welcome you again to Abuja. Let us remember these meetings for the bold steps, catalytic investments, and firm commitments they produce. Let history record that African leaders chose to shape new realities in this room.
Thank you for your presence, partnership, and enduring belief in Africa’s promise.
God bless you. God bless Afreximbank. God bless Africa. Long live the Federal Republic of Nigeria.
Fonte: Nigerian Information Portal