The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, on Saturday presided over the investiture of Dr. George Elombi as the fourth President and Chairman of the Board of Directors of the African Export–Import Bank (Afreximbank) at a historic ceremony held in Cairo, Egypt.
According to a statement by the Director of Information and Public Relations of the Ministry, Mr. Mohammed Manga, in Abuja, Edun described the leadership transition as a landmark moment in Africa’s economic and financial evolution.
Chairing the Afreximbank General Meeting, Edun praised the outgoing President, Professor Benedict Oramah, for a decade of “transformative leadership” that repositioned the Bank as a pillar of Africa’s financial resilience and trade integration.
He noted that Prof. Oramah’s tenure saw groundbreaking innovations such as the Pan-African Payment and Settlement System (PAPSS) and the AfCFTA Adjustment Fund, which have deepened intra-African trade and expanded opportunities for Nigerian and African businesses.
“This transition is a reaffirmation of Africa’s collective capacity to finance its own development and to chart its own economic destiny,”
— Edun declared, stressing the growing confidence of African institutions in shaping the continent’s future.
The minister added that under Dr. Elombi’s leadership, Afreximbank is expected to consolidate its role in driving industrialisation, boosting cross-border trade, and fostering shared prosperity across the continent.
Dr. Elombi, a seasoned executive within the Bank, has played a pivotal role in strengthening Afreximbank’s governance, capital expansion, and policy frameworks. His elevation, Edun noted, guarantees continuity in the Bank’s mission to empower Africa’s private sector and enhance access to growth financing.
For Nigeria, Edun explained, the transition carries strategic importance as it strengthens access to continental financing mechanisms, supports the government’s ongoing reform agenda, and unlocks new export opportunities in manufacturing, agriculture, and technology.
He expressed optimism that the new Afreximbank leadership would continue to partner with member states in advancing Africa’s economic aspirations through innovative financing and regional collaboration.
The ceremony was attended by African Finance Ministers, development partners, and senior executives of the Bank, marking a major milestone in Afreximbank’s 31-year history.
