“Over the past 32 years, we have mobilised over $250 billion into Africa.”
The African Export-Import Bank (Afreximbank) has disbursed more than $250 billion to support development across Africa over the last three decades, the bank’s president, Benedict Oramah, said on Wednesday at the opening of the bank’s 32nd Annual Meetings in Abuja.
Mr Oramah said the bank achieved this despite doubts and global economic uncertainty, positioning itself at the centre of Africa’s development efforts.
“With the backing of the Nigerian Government and the collective efforts of all our stakeholders, we have positioned the Bank at the forefront of Africa’s socio-economic battle and rallied the support of political leaders and policymakers behind it,” he said.
Speaking on the bank’s evolution since its founding in 1993, Mr Oramah said: “Over the past 32 years, we have mobilised over $250 billion into Africa, empowered industries long neglected by conventional financiers, and served as a lifeline during crises – from the COVID-19 pandemic to commodity shocks and broken supply chains.
“The story of Afreximbank is one of defiance against doubt, of institution-building in the face of resistance, and of steadfast belief in Africa’s potential. The last 10 years of leading Afreximbank have exposed me to Africa’s development challenges.”
Trade report
As part of the meetings, Afreximbank launched its flagship African Trade Report 2025, titled “African Trade in a Changing Global Financial Architecture.”
The report reviews Africa’s trade performance amid a challenging external environment shaped by geopolitical tensions, new trade barriers, and financial uncertainty.
“This year’s report provides a compelling roadmap for Africa to reposition itself in a volatile global economy,” said Mr Oramah.
“From strengthening trade finance systems to accelerating the AfCFTA, the message is clear: Africa must turn global fragmentation into an opportunity for industrialisation, digital progress, and greater control over its financial systems.”
Intra-Africa trade grows
Yemi Kale, Afreximbank’s group chief economist and managing director of research, said Africa recorded a significant rebound in trade in 2024.
“Despite global headwinds, Africa’s trade rebounded strongly in 2024, with trade between African countries growing by 12.4% to reach US$220.3 billion, from a contraction of 5.9% in 2023,” he said.
The report notes that total merchandise trade on the continent rose by 13.9 per cent to $1.5 trillion in 2024, following a 5.4 per cent decline the previous year. However, Africa’s share of global exports remains low at just 3.3 per cent.
Persistent challenges
The report highlights continued barriers to progress, including a trade finance gap of around $100 billion. It warns that the continent must shift from raw commodity exports to value-added industrial production to deepen its participation in global value chains.
While the global economy grew by 3.3 per cent in 2024 and is projected to slow further in 2025, Africa’s economy held steady at 3.2 per cent, supported by higher commodity prices and improved public finances. Still, the growth remains uneven across countries.
The report calls for stronger implementation of the African Continental Free Trade Area (AfCFTA), greater adoption of the Pan-African Payment and Settlement System (PAPSS), and harmonised trade policies across the region.
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It also urges African governments to unlock more domestic capital through pension and sovereign funds, and to use the continent’s new seat at the G20 to push for overdue reforms in the global financial system.
Those include better access to climate finance, fairer allocation of Special Drawing Rights, and an overhaul of credit rating frameworks that often underestimate the strength of African economies.
Afreximbank, which disbursed $17.5 billion in trade finance in 2024, aims to raise that figure to $40 billion by 2026. The report also spotlights the growing role of the Alliance of African Multilateral Financial Institutions (AAMFI) in rebuilding a financial ecosystem that works better for Africans.