Abuja, Nigeria — When Professor Benedict Oramah joined the African Export-Import Financial institution (Afreximbank) in 1994 as a younger chief analyst, few might have foreseen that he would commit greater than three a long time to the institution–culminating in a transformative presidency that redefined its mission and expanded its affect throughout the continent.
On June 28, throughout Afreximbank’s thirty second Annual Conferences held in Abuja, Nigeria, shareholders appointed Dr. George Elombi because the Financial institution’s subsequent President, forward of Oramah’s scheduled departure in September–signalling the approaching conclusion of a consequential 10-year tenure as President and Chairman of the Board.
Elombi, a Cameroonian, will grow to be the fourth particular person to guide the Financial institution since its institution in 1993. In accordance with Afreximbank’s constitution, the presidency is proscribed to 2 five-year phrases. Professor Oramah, a Nigerian economist, assumed the function in 2015, succeeding Ivorian Jean-Louis Ekra (2005-2015) and Nigeria’s Christopher Edordu (1993-2003).
Although reserved in manner and professorial in tone, Oramah presided over one of many boldest intervals within the Financial institution’s historical past. What started as a tightly outlined mandate to facilitate commerce finance evolved–under his stewardship–into a far-reaching agenda that touched practically each nook of the continent’s financial growth. From industrialisation and logistics to well being infrastructure, inventive industries, and help for the African Continental Free Commerce Space, Afreximbank expanded its attain and redefined its function.
This evolution unfolded towards the backdrop of an more and more complicated world environment–marked by geopolitical tensions, excessive borrowing prices, considerations over debt sustainability, and climate-related shocks.
But, regardless of these headwinds, Afreximbank below Oramah emerged as a number one pressure in African commerce and growth finance.
Revenue surge greater than 10 occasions
The numbers inform the story. Between 2015 and 2024, the Financial institution’s working earnings rose from US$231.4 million to a formidable US$3.3 billion–a greater than 13-fold improve. This progress mirrored a surge in operational scale, greater transaction volumes, and a diversification of income streams past conventional commerce finance.
Profitability saved tempo. Web earnings climbed from US$125.3 million to US$973.5 million over the identical period–representing practically an eightfold improve.
Afreximbank’s steadiness sheet expanded in tandem with its ambitions. Complete belongings grew from US$7.13 billion in 2015 to US$40.1 billion in 2024. Web loans and advances elevated practically fivefold, from US$6.06 billion to US$29.0 billion, underscoring the Financial institution’s deepening function in financing commerce, infrastructure, and growth-enabling sectors throughout Africa.
Equally notable had been positive aspects in monetary self-discipline and threat administration. The fee-to-income ratio fell to 18% in 2024, indicating a lean and environment friendly operation. A liquidity ratio of 13% and a non-performing mortgage (NPL) ratio of simply 2.33% mirrored robust threat controls. Again in 2015, mortgage impairment prices stood at US$63.4 million, highlighting the substantial strides made in asset high quality and steadiness sheet resilience.
The Financial institution is poised to broaden its function on the continent, having advanced from its roots as a commerce facilitator into probably the most dependable underwriters of Africa’s ambitions to spice up industrialisation, native worth addition, and intra-continental commerce.
Financial institution’s new initiatives
In response to the longstanding fairness financing hole on the continent–and the necessity to channel funding into growth-enabling industries–the Financial institution launched the Fund for Export Improvement in Africa (FEDA) in 2021. The Fund is remitted to supply affected person fairness capital to companies with robust potential for progress and scale.
FEDA focuses on strategic sectors resembling manufacturing, logistics, agro-processing, monetary providers, and commerce infrastructure. It additionally helps investments in expertise platforms and digital providers. As of the primary quarter of this yr, the Financial institution had deployed roughly US$579 million via FEDA, with US$565.3 million invested in 2024 alone–supporting a variety of ventures driving progress and job creation throughout the continent.
As probably the most vocal advocates for the African Continental Free Commerce Space (AfCFTA), and a strategic implementation associate, Oramah has led the Financial institution in turning into probably the most fervent backers of the commerce pact. A collection of help devices has been rolled out to ease commerce throughout the continent’s many borders.
Amongst these is the Pan-African Fee and Settlement System (PAPSS), developed in collaboration with the AfCFTA Secretariat. PAPSS allows immediate, real-time funds in native currencies, addressing one of many core challenges confronted by cross-border merchants. With its footprint increasing throughout Africa, PAPSS can be anticipated to launch within the Caribbean–further strengthening commerce hyperlinks between the 2 areas. PAPSS has since onboarded about 160 industrial Banks in 16 international locations, complemented with a brand new PAPSS Credit score and Debit Playing cards in partnership with Mercury and Uncover, enabling holders to spend their nationwide currencies within the international locations the place PAPSS is enabled.
Further help for AfCFTA implementation has come via the AfCFTA Adjustment Fund, which supplies monetary help to African international locations managing potential income losses from tariff removals, and to non-public sector actors aiming to reinforce their competitiveness. Moreover, the Financial institution’s Transit Assure Scheme–implemented in partnership with regional financial communities and customs authorities–facilitates the seamless motion of products throughout borders by providing monetary ensures. This considerably reduces delays and logistical prices, empowering African companies, notably small and medium-sized enterprises (SMEs), to commerce extra effectively throughout a number of jurisdictions.
The Financial institution can be implementing its Automotive Technique, which helps the event of a viable automotive worth chain throughout Africa. This contains help for part manufacturing, meeting vegetation, and provide chain development–laying the groundwork for Africa to grow to be a aggressive participant within the world automotive market.
Nonetheless in pursuit of its mission and mandate to spice up commerce, the Financial institution launched AfrexInsure, a completely owned subsidiary that gives specialty insurance coverage options tailor-made for commerce and trade-related investments throughout Africa. Launched through the 2023 AGM in Accra, Ghana, AfrexInsure is designed to cowl the distinctive dangers related to commerce and investments on the continent, benefiting from its mother or father firm’s deep understanding of Africa. Since its launch, AfrexInsure has confirmed instrumental in offering insurance coverage protection for important tasks, together with facilitating all-risk development insurance coverage for the Afreximbank Africa Commerce Centre in Harare, Zimbabwe.
Expanded Afreximbank to the Caribbean
Among the many defining tenets of Oramah’s tenure has been his outreach to the Caribbean, geared toward leveraging the historic and cultural hyperlinks between the 2 areas right into a grand world African Sixth Area initiative. This initiative seeks to pursue frequent objectives and ship shared prosperity–a mission introduced into sharp aid through the pandemic when the 2 areas collaborated efficiently on a vaccine procurement programme.
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Afreximbank has since expanded its presence within the Caribbean Neighborhood (CARICOM) area, opening an workplace in Barbados and approving a $1.5 billion funding facility for members which have acceded to the Financial institution’s partnership settlement.
This partnership can be showcased as soon as once more when the Financial institution, in partnership with the Authorities of Grenada, hosts the fourth AfriCaribbean Commerce and Funding Discussion board (ACTIF) in St. George’s, Grenada, from July 28-29, 2025. The 2025 version will provide companies a chance to unlock new commerce and funding avenues, as commerce between the areas is projected to rise to $1.8 billion by 2028.
With an estimated 1,000 delegates anticipated to attend–including heads of state, authorities officers, non-public sector leaders, and traders from Africa, the Caribbean, and beyond–ACTIF 2025 will give attention to minerals, processed meals, transportation, and different high-potential sectors for commerce and funding.
With commerce between the 2 areas accounting for lower than 1% of their mixed complete exports, ACTIF’s success can be a fine addition to each areas. It can additionally present contemporary momentum to Afreximbank’s ambitions–not solely to advertise, finance, and facilitate intra- and extra-African commerce, however to behave as a catalyst for financial transformation throughout Africa and the Caribbean.
Talking to tons of of contributors on the thirty second Afreximbank Annual Assembly on the Transcorp Hilton hotel–where his journey with the Financial institution first began–Oramah expressed his gratitude to all those that supported him in assembly the expectations of each the continent and the Financial institution’s shareholders.
He added: “I’m proud that my three daughters accommodated my absences with grace. My spouse, my Rock of Gibraltar, was the tree that made the forest previously 10 years. I’m happy that I can now say to all of them that they will now have their father and husband again.”
