Afreximbank president Oramah exits after transformative decade of growth, resilience

Abuja. As Prof Benedict Oramah delivered his final address as President of Afreximbank during the opening ceremony of the institution’s 32nd Annual Meetings in Abuja, he offered a narrative of transformation, anchored in ambition, resilience and strategic vision.

Over the past decade, under his leadership, the African Export-Import Bank has not only expanded its balance sheet dramatically but also cemented its place as Africa’s financial bulwark in times of crisis and a key driver of trade-led development across the continent and beyond.

When Oramah took office in 2015, he promised to build a solid financial institution capable of supporting Africa through periods of volatility and accelerating the continent’s economic transformation.

Ten years on, that promise has materialised. Afreximbank’s total assets and guarantees have grown more than eightfold to reach $43.5 billion, while its annual revenues have increased sevenfold, touching $3.24 billion.

Net income last year rose to nearly $1 billion, a staggering rise from $125 million in 2015, he said in the speech.

These figures are underpinned by robust capitalisation and shareholder confidence, reflected in a consistent reinvestment of dividends and equity injections that saw shareholders’ funds swell to $7.5 billion by April 2025.

But it is not the numbers alone that define Oramah’s legacy — it is how Afreximbank used that financial strength to respond to Africa’s most urgent challenges.

 When the Covid-19 pandemic paralysed global supply chains and exposed Africa’s dependence on external health systems, the bank stepped in with decisive action.

Working with continental partners, Afreximbank facilitated the pooled procurement of critical medical supplies and later, 400 million doses of Covid-19 vaccines for African and Caribbean states.

Similarly, in the face of the Russia–Ukraine conflict, which disrupted access to fuel, fertiliser and food, the bank disbursed $50 billion between 2022 and 2023 to stabilise African economies, support diversification of supply sources and accelerate the development of local production capacity.

Crucially, Afreximbank’s crisis responses have not distracted from its long-term mission of building resilience through trade. Under Oramah’s watch, the bank became the foremost financial engine behind the African Continental Free Trade Area (AfCFTA).

It launched innovative platforms such as the Pan-African Payment and Settlement System (PAPSS), which enables real-time local currency transactions across national borders, saving the continent billions in forex-related costs.

PAPSS has begun to integrate African and Caribbean payment systems, creating one of the most ambitious currency and trade ecosystems ever attempted across the Global South.

The bank’s investment in trade infrastructure has also yielded results, from harmonising standards in pharmaceuticals, textiles and automotive industries, to establishing industrial zones and transit guarantee schemes that ease the movement of goods across borders.

These initiatives reflect a deliberate strategy to reverse the legacy of fragmented, commodity-dependent economies.

Oramah made it clear that Africa must embrace its own development models, tailored to its realities, rather than mimicking foreign prescriptions that have delivered little progress in six decades.

Industrialisation, another cornerstone of his tenure, has been pursued with intent. From textile mega-projects in Nigeria to oil development support in Suriname, Afreximbank under Oramah channelled funding towards sectors capable of transforming local economies.

One of the clearest examples of this was in Tanzania, where the bank played a key role in securing a $2.9 billion credit facility to finance the Rufiji Hydropower Project.

In partnership with the Tanzanian government and Egyptian firms Arab Contractors and El-Sewedy Electric, the project aims to generate 2.1 gigawatts of electricity — a game-changing move in Tanzania’s quest for reliable energy infrastructure.

Oramah noted that the entire financing was mobilised within Africa, underscoring the growing capacity of African institutions to fund their own development.

The bank also led efforts to rebuild Africa’s healthcare sovereignty, with the recent opening of a state-of-the-art medical centre in Abuja in partnership with King’s College London.

This facility aims not only to provide advanced care but also to serve as a hub for research into diseases affecting people of African descent.

Cultural and creative industries were not left behind. A $2 billion commitment has supported African creatives and entrepreneurs, while the bank’s African Trade Gateway — a suite of digital platforms — has begun to close the information gap that continues to stifle intra-African commerce.

As he steps down, Prof Oramah leaves an institution that has evolved from a regional trade financier into a continental anchor for development finance.

His vision — grounded in what he called “African best practice” — has redefined what is possible when African institutions are led with conviction and given the mandate to innovate. His final message to the continent was one of continuity and shared responsibility: to protect and strengthen the institution, to maintain ownership of its future, and to keep faith in Africa’s ability to shape its own destiny.