The African Export-Import Bank (Afreximbank) has expanded its balance sheet nearly eightfold under the leadership of Professor Benedict Oramah, growing from $6 billion in 2015 to almost $44 billion in 2025.
At his farewell conference in Cairo recently, the outgoing president described the growth as proof of the bank’s resilience and its central role in driving Africa’s economic transformation.
“We kept a sharp focus on institutional strength and financial health and grew the balance sheet and guarantees almost eightfold—from $6 billion in September 2015 to nearly $44 billion in September 2025,” Prof. Oramah said.
He stated that Afreximbank paid out nearly $1.4 billion in dividends between 2015 and 2024, rewarding shareholders for a decade of sustained expansion.
Building Africa’s Economic Strength
Prof. Oramah, who joined Afreximbank as a pioneer staff member in 1994 and became president in 2015, anchored his tenure on one belief — that Africa’s growth must come from within.
When he assumed office, the continent faced declining commodity prices, weak trade integration, and limited industrial capacity. He said the bank responded by “fighting on all fronts” to strengthen trade, financing, and production capacity.
Under his watch, Afreximbank became a major backer of the African Continental Free Trade Agreement (AfCFTA) and launched the Pan-African Payment and Settlement System (PAPSS) with a $3 billion facility that made African currencies legal tender across borders.
The bank also created the AfCFTA Adjustment Fund, now worth $1 billion, and hosted four Intra-African Trade Fairs, attracting more than $170 billion in deals and over 180,000 participants.
Innovation and Industrialisation
Afreximbank introduced the Africa Trade Gateway, a digital platform simplifying access to trade information, and developed Afreximbank Trade Centres to link businesses across the continent.
It harmonised about 500 product standards in key sectors such as pharmaceuticals, agriculture, and textiles, and launched a $1 billion transit guarantee scheme to boost regional trade.
The bank financed major industrial projects, including the Dangote Refinery and Petrochemical Plant, and supported special economic zones that have started to create export-oriented manufacturing hubs across Africa.
During the COVID-19 pandemic, Afreximbank disbursed over $10 billion in emergency funding and provided $2 billion for vaccine procurement in Africa and the Caribbean.
L-R: Mrs Chinelo Oramah, wife of the outgoing President of Afreximbank; Prof Benedict Oramah, and Others, during his farewell ceremony.
Partnerships and Resilience
Prof. Oramah highlighted the importance of collaboration with African governments, central banks, and private institutions, as well as global financial partners such as Standard Chartered, HSBC, SMBC, MUFG, and development finance institutions like KfW and AFD.
These partnerships, he said, helped Afreximbank attract and disburse more than $155 billion in the past decade, reinforcing its position as a cornerstone of Africa’s trade finance ecosystem.
“Despite the progress we celebrate today, the challenges of development remain significant,” he noted, while expressing confidence in his successor, Dr. George Elombi, to continue the growth trajectory.
Elombi, Dangote, and Others Pay Tribute
The incoming president, Dr. Elombi, described Prof. Oramah as a leader who “combined vision with execution,” crediting him for transforming the bank into a ‘development supermarket’ for Africa’s trade and industrial needs.
“You have instilled in us the courage to challenge the status quo—the orthodoxy that says nothing good can come out of Africa,” Dr. Elombi said.
Business magnate Aliko Dangote, Ogun State Governor Dapo Abiodun, AfCFTA Secretary-General Wamkele Mene, and former Afreximbank presidents Jean-Louis Ekra and Christopher Edordu also paid glowing tributes at the farewell ceremony in Cairo.
In an emotional moment, Mrs. Chinelo Oramah, wife of the outgoing president, thanked the bank’s community for its unwavering support during difficult times, calling Afreximbank “more than a workplace — it is family, love, and humanity at its finest.”
A Lasting Legacy
From a modest institution of $6 billion in 2015 to a continental financial powerhouse of $44 billion in 2025, Dr. Oramah’s tenure at Afreximbank marked a defining decade in Africa’s trade and financial history.
As he bows out after 31 years of service, he leaves behind a stronger, more confident institution — one built on the belief that Africa’s growth must be driven by Africans, for Africans.
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