By Charles Maduka
President Bola Tinubu has awarded Professor Benedict Oramah, the outgoing President and Chairman of the African Export-Import Bank, the national honour of Grand Commander of the Order of the Niger (GCON), in recognition of his contributions to Africa’s economic and trade development.
The award was presented at the 32nd Annual Afreximbank Meetings held in Abuja on Friday. In his remarks, Tinubu praised Oramah’s leadership, describing him as a transformational figure who played a vital role in advancing Africa’s financial resilience and trade integration.
“Africa must remember those who chose to shape its destiny,” Tinubu said. “Under your leadership, Afreximbank’s assets grew from \$5 billion to over \$37 billion, while more than \$150 billion was mobilised for trade and development across the continent.”
According to the president, Nigeria alone benefited from over \$52 billion in financing, supporting sectors such as agriculture, energy, healthcare, infrastructure, manufacturing, and the creative industry. He also highlighted landmark projects backed by the bank, including the Dangote Refinery, the African Medical Centre of Excellence, and the African Quality Assurance Centre.
Tinubu used the occasion to restate Nigeria’s commitment to financial integration in Africa, formally confirming the country’s approval of the Pan-African Payment and Settlement System (PAPSS). He urged other African nations to adopt the platform as a means to promote intra-continental trade.
On the domestic front, the president highlighted key economic reforms, including the unification of Nigeria’s exchange rate, the removal of fuel subsidies, and efforts to restructure the tax system. These steps, he said, contributed to Nigeria’s GDP growth of 3 per cent in 2024, improved oil production, and a reduction in debt servicing costs from 96 per cent to less than 65 per cent of revenue.
Looking ahead, Tinubu announced the establishment of the Africa Energy Bank in Abuja, with an initial capital of \$5 billion to support the continent’s energy transition. He also revealed plans to expand Nigeria’s fertiliser production to 7.5 million tonnes annually, positioning the country as a continental hub for agricultural inputs and food security.
The president concluded by calling for greater collaboration with institutions like Afreximbank to drive industrialisation, entrepreneurship, and trade among African nations.
“A united and purposeful Africa can define its destiny,” Tinubu declared.
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