Afreximbank’s new president to change Africa’s trade structure, seaport terminals

George Elombi, the newly appointed President of the African Export-Import Bank (Afreximbank), has pledged to prioritise the transformation of Africa’s trade structure and overhaul of key infrastructure such as seaport terminals and power stations, as part of his vision to sustain and deepen the bank’s mandate.

Speaking at a press conference following his unanimous appointment at the Afreximbank Annual Meetings in Abuja, Elombi said he would continue to uphold the treaty establishing Afreximbank, with a clear focus on transforming Africa’s trade structure.

“To change the structure of our trade so that we can face development head on, that we have started doing over the last few years, but we cannot relinquish now. We have to continue that effort,” he said.

He emphasised that his agenda will focus on strategic infrastructure that enables trade, highlighting export processing zones, seaport terminals, power stations, and human capital. “That’s going to be about dealing with the export processing zones, dealing with the sea port terminals, dealing with the power stations, dealing with the infrastructure we need and the human resources and the capital we need to put them to many rounds,” he said. “When that is done, our continent will be transformed.”

Elombi’s comments followed a moment of transition at the bank, as outgoing president Benedict Oramah formally handed over after three decades of service.

Reflecting on his departure, Oramah said, “If somebody has been working for 31 years, there comes a time when the work is stopped, he pauses and rests. The next thing now will be to rest. And to rebuild the relationships that have been strained because of the commitment to the work, especially these past 10 years.”

He added that the years ahead will also be a time for reflection and support, stating, “It’s time to rest a bit, rebuild relationships, become a better family man, and also take the opportunity to recall some of the things we are doing in the bank, to support not only the work of the bank, but also the continuous aspirations of every African.”

Oramah also issued a strong call for Africans to own their narrative, warning against external misrepresentation. “We cannot allow other people to write our narrative,”he said.

During the meeting, shareholders of Afreximbank reaffirmed their commitment to the bank and its founding treaty, underscoring the institution’s strategic importance on the continent. According to Oramah, “The same meeting provided an opportunity for the shareholders, and especially Class A shareholders who are signatories to the establishment and management of the bank, to reaffirm absolutely their commitment to meeting the obligations they willingly assumed under the treaty establishing Afreximbank.”

The meeting also saw the approval of the 2024 financial statements and a dividend declaration. A dividend payout of $250 million was approved, with the full amount to be donated towards the concessional finance window previously approved in 2023. In addition, an extra $700 million was pledged as a donation over the coming years, linked to further leverage from other donors and investors.

Oramah expressed appreciation for the turnout at the event, noting the attendance of over 7,000 participants. “We are truly, truly appreciative to the government and people of Nigeria for the warm hospitality we’ve received since we arrived here,” he said. “We’ve had an extraordinary and insightful panel and speakers during these past days, who discussed topical issues that affect not only Africa, but also the world.”

In closing remarks, Elombi echoed the bank’s sense of continuity and determination. “The affirmation of the work that Afreximbank has been doing over the last 10 years… the shareholders are pleased with the financial position of the institution and with its projects and interventions. They want us to carry on,” he said. “The best way to say thank you to Oramah is to seek to do a little bit more than he did.”