*Dangote: Africa can rise through value addition to raw materials, says lack of electricity, policy summersault hampering industrialisation 

*Elumelu attests to improvement in investment climate across continent, urges businesses to honour loan obligations

Deji Elumoye and James Emejo in Abuja

President Bola Tinubu, yesterday conferred Nigeria’s second highest national honour – Grand Commander of the Order of the Niger (GCON), on the President/Chairman, African Export-Import Bank (Afreximbank), Prof. Benedict Oramah.

The president honoured the Afreximbank’s boss at the 2025 Annual Meetings of Afreximbank, with the theme, “Building the Future on Decades of Resilience”, in Abuja.

Tinubu said the award was in recognition of a “decade of transformative leadership by Prof. Oramah, who has steered Afreximbank into becoming Africa’s foremost trade and development institution”.

He said Afreximbank, under Oramah’s steadfast leadership, grew its assets from $5 billion to over $37 billion, adding his decade of leadership saw the bank champion Africa’s pandemic response, drove industrialisation, and supported the Africa Continental Free Trade Area (AfCFTA) agreement as well as the continent’s creative economy.

The president further rallied African nations to united in their commitment to the continent’s development and prosperity amid rising protectionism and shifting trade dynamics, stressing that,”it’s more important than ever that we stand together”.

However, Tinubu said Oramah’s legacy remained one of generational impact.

He noted that 32 years ago, Afreximbank was born from Africa’s resolve to own its development, pointing out that over $250 billion had been mobilised for trade and development—$140 billion in the last decade alone.

Tinubu said the development finance bank had become a pillar of African progress.

The president further acknowledged that Nigeria had proudly benefited from over $52 billion in support, directed into energy, agriculture, infrastructure, manufacturing, healthcare, and creative industries.

He noted that flagship projects such as the Dangote and BUA Refineries, the African Medical Centre of Excellence, and the Africa Quality Assurance Centre embodied confidence in Nigeria’s future and Africa’s potential, stressing that partnership with the bank extended beyond capital.

The president said Nigeria’s collaboration with Afreximbank is expanding in both scope and ambition.

He said in conjunction with the bank, the federal government will be launching the Africa Energy Bank, headquartered in Abuja, with $5 billion in initial capital to finance Africa’s energy transition—leveraging gas, renewables, and clean technologies.

Tinubu said, “We are scaling our fertiliser sector to 7.5 million tonnes annually, supported by Afreximbank, positioning Nigeria as Africa’s fertiliser hub and ensuring food security for the continent.

“Meanwhile, transformative projects such as the $3.5 billion Bakassi Deep Seaport enhance trade infrastructure and market access.”

Tinubu also urged all African nations to embrace the Pan-African Payment and Settlement System (PAPSS), which was formally launched by Afreximbank, noting that the payment platform would deepen financial integration and strengthens our collective resilience.

He added that Nigeria’s formal approval of PAPSS was a significant step towards financial independence.

He said PAPSS enables cross-border trade in local currencies, reducing reliance on foreign exchange and promoting economic stability.

Tinubu said, “Let us fully adopt PAPSS to reduce costs, conserve foreign reserves, and empower SMEs. Let us strengthen financial support to Afreximbank to scale its transformational impact.

“Let us treat intra-African trade not as a goal but as a strategic pathway for growth, jobs, and industrial value chains.

“Let us empower youth, women, and entrepreneurs as beneficiaries and architects of a new African century. The world will not wait for Africa; a united and purposeful Africa can define its destiny.

“In the face of rising protectionism and shifting trade dynamics, it’s more important than ever that we stand together, united in our commitment to Africa’s development and prosperity.”

Furthermore, Tinubu noted that since May 2023, under the Renewed Hope agenda, his administration had advanced tough but necessary reforms rooted in macroeconomic stability, inclusive growth, and restored productivity.

He said, “We removed the long-standing fuel subsidy and unified our exchange rate system. These reforms, though difficult, were essential to correcting systemic distortions.

“The results of our efforts are clear and promising, providing a strong foundation for our future endeavours. We have made significant strides in various sectors, and these achievements should fill us all with optimism for what lies ahead.

“In 2024, Nigeria recorded 3.4 per cent GDP growth with broad sectoral contributions. Oil production rebounded to 1.5 million barrels per day with a 2.5 million target in view, supported by strategic investment deals like the $1.2 billion CNCEC agreement.

Continuing, he said, “Inflation is easing, the naira is stabilising, investor confidence is recovering, and debt servicing has declined from 96 per cent to below 65 per cent of revenue. Tax reform is also underway, with the passage of four tax bills by the National Assembly, which I signed into law a few days ago.

“Numbers alone do not capture our progress. Fundamental transformation lies in empowered citizens and thriving enterprises. Over 100,000 Nigerians have accessed our new national consumer credit scheme, with 400,000 more queued for the next phase. Our landmark student loan programme ensures no child is denied higher education due to financial hardship.

“We have spent N45.9 billion in healthcare to upgrade 8,800 primary health centres, improving maternal care and diagnostics in neglected communities. We are deploying thousands of fibre-optic cables for digital inclusion to bridge connectivity gaps and power innovation.

“Over 279 roads have been completed on infrastructure, with 65 under construction and 260 rural road interventions executed. Major arteries like the Lagos–Calabar Coastal Highway, Sokoto-Badagry Superhighway and the Abuja–Kaduna–Kano Road are reshaping national logistics and regional integration.”

The president added that through platforms like FEDA, AQAC, CANEX, and PAPSS, our “partnership with Afreximbank is not just about financing. It’s about fostering African entrepreneurship, elevating quality standards, and scaling SMEs in creative and export-driven industries.

“Afreximbank is a strategic partner in co-creating the institutions, infrastructure, and innovations that will define Africa’s economic future.

“As the world becomes increasingly fragmented—with rising protectionism and shifting trade dynamics—Africa must double down on its institutions and capabilities.

“Afreximbank, backed by committed member states, must remain agile, bold, and grounded in African realities.”

Speaking earlier during one of the panel sessions, President/Chief Executive, Dangote Group, Mr. Aliko Dangote, said the path to the continent’s growth was to process its mineral resources before exporting to other countries.

He said Africa must do everything to discourage dumping as well as launch an Africa First initiative to boost job creation.

Dangote also said African governments should stop looking for foreign investor but rather support local businesses by providing the enabling environment for them to thrive and succeed.

He said only the successes of local entrepreneurs will incentivise foreign investors to invest in the continent.

He said lack of electricity and inconsistent government policies were bane of industrialisation and growth in the continent.

He said Nigeria has become the largest cement exporter in Africa, adding the country will earn over $500 million annually from the commodity export when investments are completed in the sector.

Dangote also acknowledge that if not for Afreximbank’s financing support, the Dangote Refinery wouldn’t have been completed.

He argued that domestic investors have the obligation to develop Africa and not foreign investors, who don’t come by easily.

He said development finance instructions like Afreximbank needed to be supported to make impact in Africa.

He lamented that while proceeds of corruption were invested back into the country in other climes including Indonesia, corruption proceeds are often stashed away in foreign countries by African leaders and not used to develop the continent.

He said this was the major difference between corruption in Africa and the rest of the world.

Also, speaking at the Afreximbank meeting, Founder/Chairman of Heirs Holdings, Mr. Tony Elumelu, however, said that though challenges persist, the investment and regulatory climate across Africa had improved compared to five years ago.

He highlighted the need to support development finance instructions like Afreximbank to grow the continent.

Elumelu also attested to the fact that Afreximbank’s support in 2020 helped Heirs Energies to acquire one of its oil wells, noting that if not for the bank’s intervention, it would have been impossible to take control of OML 11.

He also appealed to businesses that benefit from the bank’s funding not to burn their bridges but honour their obligations to Afrexim.

Elumelu stressed that for Africa to rise again, there was need for solid financial institutions to support the aspirations of businesses.

He pointed out that for holistic development, there must be improved access to electricity, while interventions for youths should be prioritised.