President Bola Tinubu has conferred the national honour of Grand Commander of the Order of the Niger (GCON) on the outgoing President and Chairman of the African Export-Import Bank (Afreximbank), Professor Benedict Oramah, in recognition of his outstanding leadership and immense contributions to Africa’s development, with particular emphasis on Nigeria.
The development was contained in a statement issued by Bayo Onanuga, Special Adviser to the President on Information and Strategy, following the 32nd Annual Meetings of Afreximbank, which held Friday in Abuja.
Speaking during the event, Tinubu commended Oramah for driving trade across the continent, integrating payment systems, and facilitating major development projects for both the public and private sectors.
“Today is your day, Prof Oramah. I have listened to your impressive report, which is not only an account of your leadership but also filled with lessons for all of us,” Tinubu declared before conferring the GCON on him.
The President praised Afreximbank’s significant financial interventions, stating that Nigeria has benefitted from over $52 billion in support from the institution, invested in energy, agriculture, infrastructure, healthcare, and the creative industries.
“Flagship projects such as the Dangote and BUA refineries, the African Medical Centre of Excellence, and the Africa Quality Assurance Centre show the confidence Afreximbank has in Nigeria’s future,” Tinubu stated.
He further highlighted Nigeria’s formal approval of the Pan-African Payment and Settlement System (PAPSS) as a key step towards promoting financial independence on the continent. PAPSS enables cross-border trade in local currencies, reducing reliance on foreign exchange and boosting economic stability.
Tinubu also announced the establishment of the Africa Energy Bank, a $5 billion initiative to be headquartered in Abuja, which will finance Africa’s energy transition through gas, renewables, and clean technologies.
“Afreximbank’s support is helping Nigeria scale up fertilizer production to 7.5 million tonnes annually, positioning our country as Africa’s fertilizer hub, ensuring food security, and enhancing market access through projects like the $3.5 billion Bakassi Deep Seaport,” the President added.
Tinubu lauded Oramah’s decade of leadership, noting that under his watch, Afreximbank’s assets grew from $5 billion to over $37 billion. He also acknowledged Oramah’s pivotal role in supporting Africa during the COVID-19 pandemic, fostering industrialisation, and advancing the African Continental Free Trade Area (AfCFTA).
Professor Oramah, one of the bank’s founding leaders in 1993, served as its President and Chairman for ten years, during which the bank facilitated critical interventions, including funding for 400 million COVID-19 vaccines in Africa and major energy projects such as the Dangote Refinery.
Presenting his ten-year stewardship report, Oramah said, “I gave the job the best of my energy, talent, and intellect.” He projected Afreximbank’s assets could grow to $250 billion within the next decade, citing strong shareholder confidence and sound corporate governance as key factors.
In his remarks, the Coordinating Minister of the Economy and Minister of Finance, Wale Edun, thanked President Tinubu for hosting the meeting in Abuja and commended Afreximbank for opening the African Trade Centre and a world-class medical centre in Nigeria.
The ceremony was attended by dignitaries including former President Olusegun Obasanjo, Ghana’s former President Nana Akufo-Addo, ex-President of Senegal Macky Sall, Niger’s former President Mahamadou Issoufou, and former Nigerian Vice Presidents Namadi Sambo and Yemi Osinbajo.
President Tinubu urged African leaders to work towards greater economic integration, streamline payment systems, and empower SMEs as the backbone of regional development. He called for the full adoption of PAPSS to reduce transaction costs, conserve foreign reserves, and promote intra-African trade.
“As the world becomes increasingly fragmented, Africa must double down on its institutions, capabilities, and partnerships to define its destiny,” Tinubu stated.
