Oritsegbubemi Omatseyin
Lagos — President Bola Ahmed Tinubu, has lauded the sustained commitment of Afreximbank in bridging financing and empowering African businesses through its laudable flagship initiatives in Africa. He made the disclosure while commissioning the Afreximbank African Trade Centre (AATC) in Abuja.
President Tinubu, who was represented by the Secretary to the Government of the Federation, Sen. George Akume, said that Afreximbank has played a critical role in supporting Africa’s economic development through its economic initiatives such as the African Continental Free Trade Area, AfCFTA, Adjustment Fund managed; the Pan-African Payment and Settlement System, PAPSS; and the Trade Finance Programmes.
In his words: “Afreximbank’s role in shaping Africa’s trade landscape cannot be overstated because the institution has consistently demonstrated its commitment to breaking down barriers, bridging financing gaps, and empowering African businesses to compete globally. All these have been accomplished through flagship initiatives such as: the African Continental Free Trade Area (AfCFTA) Adjustment Fund managed by Afreximbank’s subsidiary- Fund for Export Development in Africa (FEDA); the Pan-African Payment and Settlement System (PAPSS); and the Trade Finance Programmes.”
President Tinubu commended Afreximbank for its visionary leadership and assured the institution of the nation’s continued partnership to ensure that AATC achieves the objectives of growth in Africa’s trade ecosystem.
He also stressed that the commissioning of the AATC marks a momentous project that embodies the nation’s shared commitment to advancing intra-African trade, fostering economic integration, and unlocking the vast potential of our continent.
In her remarks, the Minister of Industries, Trade and Investment, Jumoke Oduwole pointed out that in the last decade, Afreximbank has distributed not less than $140 billion into the african continent, with Nigeria as the largest recipient of the bank’s trade and development finance, having attracted cumulative disbursements of about $52 billion.
She highlighted some of the projects embarked upon by the bank as the African Medical Center of Excellence in Abuja, the strategic support for the Dangote refinery, advancing Africa’s energy security, the African quality assurance centres in Ogun, Kaduna and Imo states, among others.
The President and Chairman of the Board of Directors, African Export-Import Bank, Prof. Benedict Oramah urged African countries to take back their destinies and free themselves from the shackles of colonialism and build a robust African trade network that will build infrastructure and deepen connections and exchange of information.
He stated: “That we must reshape our future. That we must take back our destiny. That we can no longer be hostages to a colonial legacy deeply rooted on divide and conquer. A legacy that makes Africans to regard their colonizers as masters and brothers and sisters as enemies and evil aliens.
“Step by step, we will on the structure of this platform build a network of African trade sectors that would offer strong physical institutional infrastructure for deepening connections and exchange of information among Africans and the Caribbean.”
