Paragraph 1: A National Honour for a Pan-African Visionary
President Bola Tinubu of Nigeria bestowed the prestigious national honour of Grand Commander of the Order of the Niger (GCON) upon Professor Benedict Oramah, the outgoing President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank). This momentous occasion took place during the 32nd Annual Afreximbank Meetings held in Abuja, Nigeria. The conferment served as a powerful acknowledgement of Professor Oramah’s exceptional leadership and transformative contributions to the African financial and trade landscape. President Tinubu’s heartfelt address lauded Oramah as a pivotal figure in shaping Africa’s economic destiny, emphasizing his instrumental role in bolstering the continent’s financial resilience and championing the African Continental Free Trade Area (AfCFTA).
Paragraph 2: Quantifying Oramah’s Impact on African Trade and Development
President Tinubu highlighted the remarkable growth achieved by Afreximbank under Professor Oramah’s stewardship. The bank’s assets surged from a modest $5 billion to an impressive $37 billion, reflecting its expanding influence and capacity to facilitate trade and development across the continent. Furthermore, Afreximbank mobilized over $150 billion for trade and development initiatives in Africa during the past decade, a testament to its commitment to fostering economic growth and integration. Nigeria, in particular, benefited significantly from Afreximbank’s support, receiving over $52 billion in funding directed towards critical sectors such as energy, agriculture, infrastructure, manufacturing, healthcare, and the creative industry.
Paragraph 3: Flagship Projects and Nigeria’s Economic Transformation
President Tinubu underscored the impact of Afreximbank’s investments in Nigeria by highlighting flagship projects that symbolize the country’s growing economic prominence and potential. The Dangote Refinery, a landmark project poised to revolutionize Nigeria’s refining capacity, stands as a testament to the bank’s confidence in the nation’s future. Similarly, the African Medical Centre of Excellence and the African Quality Assurance Centre, both supported by Afreximbank, represent crucial investments in healthcare and quality control, respectively, further demonstrating the bank’s commitment to advancing Africa’s development agenda.
Paragraph 4: Championing Financial Integration and Economic Reforms
President Tinubu seized the opportunity to advocate for deeper financial integration across Africa, emphasizing the importance of the Pan-African Payment and Settlement System (PAPSS). He urged all African nations to embrace PAPSS as a crucial tool for strengthening collective resilience and facilitating seamless cross-border transactions. The president also outlined his administration’s economic reforms, including the unification of the exchange rate system, the removal of fuel subsidies, and ongoing tax reforms, all aimed at creating a more stable and conducive environment for economic growth and investment.
Paragraph 5: Nigeria’s Economic Progress and Vision for the Future
President Tinubu highlighted Nigeria’s recent economic progress, noting a 3% GDP growth in 2024, along with improvements in oil production, inflation control, and a significant reduction in debt servicing costs. Looking ahead, he unveiled ambitious plans for Nigeria’s energy future, announcing the launch of the Africa Energy Bank in Abuja with an initial capital of $5 billion. This initiative is designed to finance Africa’s energy transition, focusing on gas, renewable energy, and clean technologies. Further demonstrating Nigeria’s commitment to continental development, the president revealed plans to expand the country’s fertilizer production to 7.5 million tonnes annually, with the goal of becoming Africa’s fertilizer hub and contributing to food security and industrialization across the continent.
Paragraph 6: A Call for Pan-African Solidarity and Strategic Partnerships
President Tinubu concluded his address with a powerful call for stronger partnerships with Afreximbank and other financial institutions to further promote intra-African trade and entrepreneurship. He emphasized the importance of a united and purposeful Africa, capable of defining its own destiny and navigating the challenges of a complex global landscape. In the face of rising global protectionism, he urged African nations to stand together and leverage their collective strength to achieve economic prosperity and sustainable development. The conferment of the GCON on Professor Oramah served as a symbolic gesture, underscoring the importance of visionary leadership and collaborative efforts in realizing Africa’s immense potential.
