Credit: The Guardian
African leaders, including business mogul Aliko Dangote and Nigeria’s Minister of Finance and Coordinating Minister for the Economy, Wale Edun, have expressed optimism about the policy and operational continuity of the African Export-Import Bank (Afreximbank) as the institution’s new President, Dr. George Elombi, unveiled his strategic focus areas in Cairo, Egypt.
At the investiture ceremony held on Saturday, Dangote described Elombi as a ‘crystal member’ of the Afreximbank team, commending shareholders for entrusting the bank’s future to him based on merit.
He recalled Elombi’s role during the COVID-19 crisis and other interventions, noting that his commitment and leadership then reflected Africa’s capacity to respond to challenges with resilience and innovation.
“When others required extraordinary measures to overcome crises, the bank stood out”, Dangote said, expressing confidence that Elombi’s boldness and experience would help curb the trend of “exporting jobs and importing poverty” across the continent.”We are proud of the people in the leadership of the bank.
We must challenge ourselves to set lofty goals because we know that you will lead the continent to the promised land,” he added.In his remarks, Edun said the transition at Afreximbank represented not just a change in leadership but a ‘renewed era’ in the institution’s history.
He noted that the gathering of African leaders for both the farewell and investiture ceremonies underscored the shared vision for Africa’s development and prosperity. However, he cautioned that the continent must remain mindful of the challenges ahead.
Also speaking, the Deputy Chairperson of the African Union Commission, Selma Malika Haddadi, said Elombi had inherited a strong, visionary institution that has already made significant contributions to Africa’s economic emancipation. She expressed confidence that he would sustain and build on the legacy of his predecessor, Professor Benedict Oramah.”You have the best predecessors.
The AU looks forward to deepening collaboration with you. The future demands collective work, and we must chart Africa’s path to prosperity together.
“In his inaugural address, Elombi unveiled a seven-point agenda, including an ambitious plan to grow Afreximbank’s total assets from $44 billion to $250 billion over the next decade. He described the target as ‘a momentous challenge to create greater impact,’ adding that it reflected deep trust and confidence from shareholders.
“The foundation has been laid for over 30 years; we should now be creating more impact. We will not disappoint, we will rise to meet the expectations of our shareholders,” he said.Elombi pledged to preserve the achievements of the past decade, deepen partnerships across Africa, and expand trade in raw material extraction and processing to boost intra-African commerce, add value, and create jobs for young people.
He emphasised the need for countries to open their borders and strengthen trade ties, while committing to developing trade-enabling infrastructure.
He highlighted the importance of digital innovation, announcing plans to invest heavily in digital infrastructure and e-commerce systems to harness artificial intelligence (AI) and other emerging technologies to unlock Africa’s economic potential.At a post-event press briefing, Elombi reiterated that Afreximbank, under his leadership, would focus on sectors that create employment and generate wealth.
“For the little resources we have, we will invest in sectors that create jobs and use the additional wealth to support those that create less.”Governments do not need to raise more taxes, but rather, put more infrastructure in place.
Once you touch the extractive industries, you automatically invest in energy, infrastructure, logistics, and the entire value chain.
“Speaking at the briefing, Edun said Africa was in safe hands with Elombi at the helm, given his extensive experience within the institution. He added that fourteen African countries had reaffirmed their support for the bank’s expansion goals and alignment with the African Continental Free Trade Area (AfCFTA).
Edun stressed that the new president’s seven-point agenda, which focuses on building strong institutions, systems, and processes to boost intra-African trade, must be implemented rigorously.
He highlighted the importance of a functional African payment system to enhance competitiveness.”We see a stronger Afreximbank that will add value, create jobs locally, and help lift millions out of poverty.
The key is to implement the seven-point agenda efficiently while ensuring that African exports remain globally competitive,” he said.
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