Vice President Kashim Shettima on Wednesday praised the African Export-Import Bank (Afreximbank) for its transformation from a regional trade financier to a key driver of development across Africa, disbursing over $100 billion continent-wide and $52 billion in Nigeria since its founding in 1993.
Speaking at the opening of the 2025 Afreximbank Annual Meetings in Abuja, themed “Building the Future on Decades of Resilience,” Shettima reaffirmed Nigeria’s commitment to strengthening its partnership with the bank. He was represented by Dr. Tope Fasua, Special Adviser to the President on Economic Affairs (Office of the Vice President).
Shettima commended the bank’s leadership under President and Chairman, Professor Benedict Oramah, for its consistent support to Nigeria and the wider continent. He highlighted Afreximbank’s landmark contributions in Nigeria, including the African Trade Centre in Abuja, the recently opened African Medical Centre of Excellence, and the establishment of African Quality Assurance Centres in Kaduna and Ogun states.
Other key projects include a $300 million export-manufacturing initiative in four Nigerian states—Cross River, Enugu, Imo, and Kano—and a $3 billion intra-African petroleum trade facility aimed at bolstering Nigeria’s energy security and refining capacity.
“These are not merely projects; they are strategic investments in resilience, in sovereignty, and in shared prosperity,” Shettima stated.
He described the bank’s role during critical periods—including the COVID-19 pandemic and global supply chain disruptions—as essential, citing initiatives like the Pandemic Trade Impact Mitigation Facility (PATIMFA), PAPSS, AfrexInsure, and the Africa Trade Gateway.
Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, also lauded Afreximbank’s contributions, calling it one of Africa’s most influential development finance institutions. He emphasized the need for institutional resilience driven by strategic foresight, governance, and public trust.
Cardoso praised Afreximbank for growing its capital base from $750 million at inception to $40 billion in 2024 and urged the bank to help Africa navigate global trade protectionism and shifting economic dynamics.
“Afreximbank has filled strategic gaps, anticipated future needs, and consistently shown up for Africa in the moments that matter most,” he said.
According to Cardoso, resilient institutions must plan ahead, prepare for crises, communicate clearly, and maintain strong systems and governance. He called for a future defined by African-led green growth, digital connectivity, food and energy security, and a thriving private sector.
Prof. Oramah, in his remarks, said Afreximbank had mobilised over $250 billion into Africa over its 32-year history, serving as a critical lifeline during multiple global and regional crises. He described the bank’s story as one of “defiance against doubt” and underscored the importance of building internal strength amid rising global uncertainty.
The meeting also featured the launch of Afreximbank’s flagship Trade and Economic Outlook Report and the Annual Trade Report. Presenting the reports, Dr. Yemi Kale, Group Chief Economist and Managing Director of Trade Intelligence, noted that Africa has shown resilience in the face of global economic turmoil.
Kale pointed out that although growth has slowed, Africa has been less affected than many regions due to limited exposure to volatile global systems. He projected stronger economic performance in 2025 and 2026, with easing inflation and increased intra-African trade.
“Our relatively limited integration into global economic systems, once considered a weakness, is now proving to be a buffer,” he said.
Kale added that Afreximbank’s reports aim to help African governments and institutions respond effectively to global and regional shifts while unlocking opportunities for sustainable development.
The 2025 Annual Meetings bring together policymakers, development institutions, private sector leaders, and academics to assess Africa’s progress and chart pathways for a resilient, self-reliant, and prosperous future.
