June 28, (THEWILL) – President Bola Tinubu has conferred the national honour of Grand Commander of the Order of the Niger (GCON) on Professor Benedict Oramah, outgoing President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank), in recognition of his outstanding contributions to Africa’s financial and trade development, particularly his commitment to Nigeria’s economic advancement.
The honour was announced during the 32nd Annual Afreximbank Meetings held on Friday in Abuja. President Tinubu lauded Oramah’s role in expanding intra-African trade, driving regional integration, streamlining payment systems, and facilitating critical development projects across the continent.
“Today is your day, Professor Oramah. I’ve listened to the reports you delivered with clarity and purpose. I have the honour and privilege of conferring on you one of our nation’s highest honours—Grand Commander of the Order of the Niger (GCON),” Tinubu said.
The president hailed Oramah’s “transformative leadership” at Afreximbank, describing him as a pivotal figure in shaping Africa’s trade and financial landscape.
“Under Professor Oramah’s leadership, Afreximbank grew its assets from $5 billion to over $37 billion. His decade of leadership helped Africa navigate the COVID-19 pandemic, supported the AfCFTA, advanced industrialisation, and championed the continent’s creative economy. His legacy is one of generational impact,” Tinubu said.
Appointed president of Afreximbank in 2015, Oramah played a central role in coordinating funding for 400 million doses of COVID-19 vaccines for Africa and providing strategic support to key sectors, including agriculture, healthcare, energy, and manufacturing.
Notably, the Bank supported projects like the Dangote Refinery and other landmark ventures in Nigeria.
President Tinubu disclosed that Nigeria has benefited from over $52 billion in interventions from Afreximbank, with investments spread across energy, agriculture, infrastructure, healthcare, manufacturing, and the creative industries.
He also praised Nigeria’s formal adoption of the Pan-African Payment and Settlement System (PAPSS), which facilitates cross-border trade in local currencies.
“PAPSS reduces reliance on foreign exchange and enhances our financial independence. I urge all African nations to adopt this innovation. Deeper financial integration strengthens our resilience,” he said.
The president highlighted the broader impact of Afreximbank, which has mobilised over $250 billion for trade and development since 1993, including $140 billion in the last decade alone.
Looking ahead, Tinubu said Nigeria’s partnership with the Bank was expanding.
He cited plans for the new $5 billion Africa Energy Bank, to be headquartered in Abuja, which will support the continent’s transition to cleaner energy sources.
He also noted the Bank’s role in positioning Nigeria as Africa’s fertiliser hub with an annual capacity target of 7.5 million tonnes.
“Through institutions like FEDA, AQAC, CANEX, and PAPSS, our partnership with Afreximbank is not only about financing. It’s about empowering African entrepreneurs, raising standards, and expanding SMEs in the creative and export sectors,” Tinubu said.
Reviewing Nigeria’s economic performance, the president cited key milestones achieved under his Renewed Hope Agenda since assuming office in May 2023.
These include the removal of the fuel subsidy, unification of the exchange rate, and macroeconomic reforms aimed at long-term growth.
“In 2024, Nigeria recorded a 3.4% GDP growth rate with sector-wide contributions. Oil production has rebounded to 1.5 million barrels per day, with a target of 2.5 million in sight.
“Inflation is easing, investor confidence is returning, and debt servicing has dropped from 96% to below 65% of revenue,” he said.
President Tinubu also outlined gains in infrastructure, healthcare, education, and digital inclusion.
He cited the new national consumer credit scheme, student loan programme, ongoing digital connectivity expansion, and the rehabilitation of over 279 roads nationwide as indicators of the government’s commitment to inclusive development.
In his remarks, Coordinating Minister of the Economy and Minister of Finance, Wale Edun, expressed gratitude to President Tinubu for hosting the event and acknowledged Afreximbank’s continued support to Nigeria, especially through the establishment of the Africa Trade Centre in Abuja.
Delivering his 10-year stewardship report, Oramah said: “I gave this job the best of my energy, talent, and intellect.”
He revealed that over $120 billion had been invested in Africa during his tenure and that 50–70% of shareholders’ $1.35 billion in dividends had been reinvested in the Bank.
Looking ahead, Oramah projected Afreximbank’s balance sheet could grow to $250 billion in the next decade, driven by strong corporate governance and stakeholder trust.
The event was attended by prominent African leaders and former heads of state, including former Nigerian Presidents Olusegun Obasanjo, Namadi Sambo, and Yemi Osinbajo; former Ghanaian President Nana Akufo-Addo; former Senegalese President Macky Sall; and former Nigerien President Mahamadou Issoufou.
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