Afreximbank Celebrates Prof. Benedict Oramah’s Legacy After a Decade of Advancing Intra-African Trade

 

African Export-Import Bank (Afreximbank) has celebrated the end of the tenure of its President and Chairman, Prof. Benedict Okey Oramah, with a legacy conference in Cairo that brought together more than 2,000 dignitaries, including African heads of state, business leaders, development partners, and representatives from the Caribbean.

The event highlighted Prof. Oramah’s ten-year leadership and his strategic focus on expanding intra-African trade as the foundation for the continent’s economic transformation and self-determination.

Building Africa’s Economic Independence

In his farewell remarks, Prof. Oramah said his administration pursued a deliberate shift from external dependence to internal economic empowerment.

“Our philosophy was borne out of the conviction that the only viable path forward was to reverse the divide-and-rule legacy that held Africa back,” he said. “Africa’s development dynamo must be powered from within.”

He emphasized that Africa must negotiate and engage global partners from a position of strength, driven by internal production, market integration, and shared prosperity.

A Transformational Decade

Under Prof. Oramah’s leadership, Afreximbank’s balance sheet expanded from US$6 billion in 2015 to nearly US$44 billion by September 2025, reflecting major growth in trade financing, guarantees, and capital support for African economies.

The Bank also spearheaded initiatives that reshaped continental trade infrastructure, including:

• Pan-African Payment and Settlement System (PAPSS): Now operational in 20 countries, allowing intra-African trade in local currencies.

• AfCFTA Adjustment Fund: Backed with a US$1 billion commitment to support countries transitioning to the free trade regime.

• Intra-African Trade Fair: Since 2018, has facilitated over US$170 billion in trade and investment deals.

• Harmonization of Standards: More than 500 standards aligned across key sectors to promote cross-border trade.

• Industrial Parks & Manufacturing Zones: Supporting industrialization, including heavy industries such as the Dangote Refinery.

• African Medical Centre of Excellence: Expanding access to quality healthcare on the continent.

During the COVID-19 pandemic, Afreximbank also disbursed over US$10 billion to help African economies stay afloat and financed vaccine acquisition for Africa and the Caribbean.

Praise from the Successor

Afreximbank President Designate, Dr. George Elombi, hailed Prof. Oramah as a leader who combined “vision and execution.”

“He built instruments that dismantled obstacles to Africa’s progress,” Dr. Elombi noted. “He transformed political aspirations into real continental gains.”

Strengthening African and Diaspora Ties

Prof. Oramah also championed closer socio-economic cooperation between Africa and the Caribbean, helping restore global African solidarity and reconnecting shared development interests.

A Legacy of Structural Change

Tributes from staff, government leaders, global financiers, and business partners pointed to a legacy not simply of growth, but of lasting institutional transformation.

As Prof. Oramah concluded his tenure, he expressed confidence that Afreximbank’s work had strengthened Africa’s capacity to chart its own development path:

“We can now point to the institutions and systems built to serve Africa’s purpose. Where once we had only aspirations, today we have progress.”