Cairo — The new President unveiled a strategy aimed at breaking the continent’s economic dependence.
The African Export-Import Bank (Afreximbank) opened new chapter with the inauguration of Dr. George Elombi as President and Chairman of the Board of Directors. The ceremony, which formalized the transfer of leadership from Professor Benedict Oramah ‘s decade-long tenure, was a forum for strategic engagement.
“Africa’s destiny is being written through resilience and innovation” – Nigerian Finance Minister Wale Edun
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The formal oath was administered by Wale Edun, Nigeria’s Minister of Finance. “Your appointment represents continuity, but also represents renewal, a seamless transition on the solid foundations laid by your predecessors,” the Minister said. “Africa’s destiny is being written through resilience and innovation,” emphasizing that Dr. Elombi’s role is to “lead this vision, a vision of a prosperous, integrated, and self-reliant Africa.”
Deputy Chairperson of the African Union Commission Selma Haddadi welcomed the “seamless transition” at the bank. “We realize that we are one Africa,” she said, adding that this moment is a “celebration of our shared future and mission.”
Cameroon’s Minister of Finance, Louis Paul Motaze, delivered a powerful message on the significance of this appointment for Africa. “As Cameroonians, knowing that you are a fine product of the Cameroonian education system, we have a legitimate sense of pride,” said the Minister. “It sends a message of hope to our youth” and shows that through hard work, “Africa can produce leaders who will transform its future.”
Support from the Private Sector and the Diaspora
Aliko Dangote, the Nigerian industry titan, reaffirmed his long-standing collaboration with Afreximbank and shared his confidence in the institution’s continued role in Africa’s industrial transformation. “At the Dangote Group, our Vision 2030 strategic plan was to become a $100 billion organisation in the next five years,” he said. “Based on our existing great partnership, Dr. George Elombi’s new leadership, and Afreximbank’s unwavering commitment, we will surpass it before that time.”
Support also came from the Caribbean Community. Prime Minister Terrance Drew emphasized the Bank’s global reach and paid tribute to the outgoing bank leader. “Mr. President, I know you are succeeding a man who made possible much that seemed impossible. He connected Africa and the Caribbean in a concrete way.”
In an inaugural address following the swearing in, Elombi pledged to anchor his mandate in the philosophy of African self-reliance. He pointed out that the structure of global trade was disfavourable to Africa and therefore, had to change as it was too dependent on the export of commodities, saying: “our mission is therefore, to transform the structure of that trade. To change the structure, we must process. We must produce. Unless we produce, we cannot trade.”
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‘Process and Produce’
Elombi responded to these expressions of confidence by anchoring his mandate in the philosophy of African self-reliance. The mission is, he said, restructuring the continent’s trade practices. To change the structure, we must process. We must produce. Unless we produce, we cannot trade.” Afreximbank’s purpose about economic sovereignty, about reshaping the narrative of what Africa contributes to the world, and about creating the conditions for African wealth to be generated, retained, and reinvested at home, he said.
“Afreximbank is no longer interested in exporting African raw materials.” The priority is promoting and accelerating value addition. – Dr. Elombi
“Afreximbank is no longer interested in exporting African raw materials,” he said. The priority now is now adding value and transforming strategic minerals on African soil. “We will intensify efforts to break down trade barriers, strengthen cross-border infrastructure, and foster seamless movement of goods, services, people, and capital.”
The financing target to accomplish this goal has been aggressively reassessed, he said. While the initial aim was to raise $265 billion, Egyptian President Abdel Fattah al-Sisi “pushed us to raise $350 billion more!” The new president pledged to work to achieve that objective and “transform the continent’s trade and commercial infrastructure.”
“Guided by our common principles and bound by a shared mission, we stand at a defining moment—ready to shape Africa’s destiny, together,” he said.
Compilation from reporting by Martin Kevin in Cairo and social media posts by @Afreximbank.
