By Ajong Mbapndah L
A New Era for Afreximbank
At a glittering ceremony in Cairo attended by African and Caribbean heads of state, ministers, and top financiers, Dr. George Elombi was formally invested as the new President and Chairman of the Board of the African Export-Import Bank (Afreximbank). His inaugural statement, rich in historical resonance and policy ambition, sketched a roadmap that blends continuity with transformation—a vision for an Africa that trades with itself, adds value to its resources, and asserts control over its financial destiny.
Dr. Elombi, a veteran of nearly three decades at Afreximbank, took the mantle from Professor Benedict Oramah, whose decade-long tenure witnessed an eightfold increase in the Bank’s assets and the creation of key subsidiaries such as FEDA and AfrexInsure. Elombi praised his predecessor’s “wealth that inspires Africans to action,” comparing his leadership to that of the legendary Mansa Musa—a symbol of Africa’s historic prosperity and boundless potential.
Continuity With Purpose
In recounting Afreximbank’s achievements, Dr. Elombi noted that the institution’s assets and guarantees have soared to $43.5 billion, revenues to $3.24 billion, and net income to nearly $1 billion—figures emblematic of a maturing African financial powerhouse. Beyond the numbers, he pointed to the Bank’s real-world impact: from delivering COVID-19 vaccines across Africa and the Caribbean to financing the Dangote Refinery in Nigeria and building the African Medical Centre of Excellence in Abuja.
He reaffirmed his commitment to preserve these gains while deepening the Bank’s reach and relevance. “Our mission,” he said, “is to transform the structure of Africa’s trade. To change the structure, we must process. We must produce. Unless we produce, we cannot trade.”
Vision 2035: From Raw Potential to Value Creation
Dr. Elombi’s speech unveiled a seven-pillar strategic framework that will guide Afreximbank into the next decade:
- Value Addition & Strategic Minerals Processing
The Bank will launch a Strategic Minerals Development Programme to finance projects that convert Africa’s raw materials into finished products—lithium into batteries, bauxite into aluminum, and cotton into garments. “We will stop exporting raw potential,” he declared, promising new industrial jobs and infrastructure development across the continent. - Deepening Intra-African Trade
Leveraging the African Continental Free Trade Area (AfCFTA), Afreximbank will expand its Africa Trade Gateway (ATG) digital ecosystem to help SMEs navigate cross-border trade. “We will make AfCFTA work for African entrepreneurs,” he affirmed. - Critical Trade-Enabling Infrastructure
Recognizing that Africa’s fragmented infrastructure stifles competitiveness, Elombi pledged major investments in roads, ports, energy grids, logistics hubs, and renewable energy projects. A new Shared Integrated Infrastructure Ecosystem for Trade will promote regional co-investment rather than duplication. - Innovation and Digital Transformation
Elombi called for Africa to embrace artificial intelligence, digital finance, and fintech ecosystems to unlock efficiency and youth entrepreneurship. He floated the idea of a Pan-African Digital Currency or Stablecoin, a bold step toward financial sovereignty in the digital era. - Mobilizing Global African Capital
Dr. Elombi outlined plans to channel diaspora and sovereign wealth funds back into Africa’s development. He proposed the creation of a Pan-African Sovereign Wealth Virtual Fund Network—a mechanism for pooling African capital for transformative continental projects. “It is time,” he said, “for Africa’s wealth—wherever it resides—to work for Africa’s future.” - Financial Strength and Expansion
With the goal of raising Afreximbank’s balance sheet to $250–350 billion, Elombi promised rigorous risk management while scaling investments in manufacturing, mining, and export processing. “Every dollar on our balance sheet,” he said, “must translate into positive change on the ground.” - Strategic Partnerships and Institutional Cohesion
Strengthening ties with the African Development Bank, African Union, and CARICOM, Elombi pledged to make Afreximbank the nucleus of a unified African financial ecosystem. He highlighted collaboration with Global Africa Commission under Presidents Obasanjo and P.J. Patterson to accelerate the integration of Africans at home and in the diaspora.
Defending African Sovereignty
Dr. Elombi struck a defiant tone against what he called “coordinated attacks on African multilateral financial institutions”, describing them as attempts to undermine African-owned credit institutions’ preferred-creditor status.
“These are not attacks because we have failed,” he said, “but because we have succeeded. The more relevant we become, the more disruptive we are considered.”
He dismissed criticisms of “mission drift” as ignorance of Afreximbank’s founding charter: “How can Africa trade unless it produces? And how can it produce without transforming the structure of its trade? This is not mission drift; it is mission delivery.”
The Human Element
The new President ended on a personal and emotional note, thanking his family—his wife Ebi Elombi and their three children—for being his “anchor,” as well as colleagues, shareholders, and the government of Egypt, his “second home.” He paid tribute to his predecessor, Prof. Oramah, the Bank’s staff, and the journalists in attendance:
Afreximbank at a Crossroads
As the Bank enters its fourth decade, Elombi’s agenda signals both consolidation and disruption: a determination to fortify Afreximbank’s financial power while redefining Africa’s role in global trade. His vision—anchored on industrialization, digital innovation, and Global African unity—positions the institution as not merely a financier, but a catalyst for a new economic order where Africa’s destiny is decided in Africa.
