Afreximbank President Elombi Sets Bold Agenda for Africa’s Trade and Infrastructure

George Elombi, the newly appointed President of the African Export-Import Bank (Afreximbank), has outlined a vision focused on transforming Africa’s trade ecosystem and overhauling key infrastructure to drive long-term growth across the continent.

Addressing journalists after his appointment at the Afreximbank Annual Meetings in Abuja, Elombi pledged to uphold the bank’s mandate while pushing for deeper reforms. “We must change the structure of our trade so we can confront development head-on. This is something we’ve already begun in recent years, and now is not the time to stop. We must continue that effort,” he said.

He highlighted plans to prioritise infrastructure critical to trade, such as export processing zones, ports, power plants, and human capital development.

“That’s going to involve developing export processing zones, port terminals, power stations, the infrastructure we need, and the human resources and capital required to make them function on many levels,” Elombi noted.

His comments followed the formal handover by outgoing president Benedict Oramah, who led the institution for 10 years and served the bank for 31 years. Oramah remarked, “If someone has been working for 31 years, there comes a time to pause and rest…”

Reflecting further, Oramah emphasised personal renewal and the importance of Africans controlling their own narrative. “We cannot allow others to write our story,” he declared.

The meeting also saw shareholders reaffirm their dedication to the Afreximbank treaty and approve the 2024 financial statements. A dividend of $250 million was declared and allocated to the bank’s concessional finance window, alongside an additional $700 million pledged for future initiatives.

More than 7,000 participants attended the event. “We are truly grateful to the government and people of Nigeria for the warm hospitality we’ve received since our arrival,” Oramah added.

In his concluding remarks, Elombi assured stakeholders of continued progress. “The affirmation of the work that Afreximbank has done over the last 10 years shows that the shareholders are pleased. They want us to carry on.”