By Vivian Ihechu
Dr George Elombi, the new President of the African Export-Import Bank (Afreximbank), has unveiled a five-year strategy to transform Africa’s trade structure and deepen integration.
He unveiled the plan during his investiture as Afreximbank’s fourth president at the Legacy Conference and Investiture in Cairo, Egypt, on Saturday.
The ceremony, with the theme ‘Decades of Impact as Building Blocks for a Prosperous Future,’ marked the beginning of a new era for the continental bank.
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, administered the oath of office to Elombi during the investiture.
In his inaugural speech, the Cameroonian lawyer outlined a seven-point agenda to reshape Africa’s economic landscape and enhance value addition across industries.
He said the bank’s foremost objective was to stop the export of raw commodities and promote processing within the continent to build sustainable value chains.
Afreximbank, he explained, would establish a high-impact financing window targeting projects that convert raw minerals into semi-finished or finished products.
“Afreximbank is no longer interested in financing the export of Africa’s raw commodities,” Elombi declared, signalling a decisive shift in investment priorities.
The new strategy revolves around four pillars: minerals processing, intra-African trade, trade-enabling infrastructure, and digital technology adoption.
On minerals, Afreximbank will launch a strategic programme to finance entire value chains, from extraction to refining and manufacturing finished components.
Elombi cited plans to support lithium-ion battery factories in the Democratic Republic of Congo and curb raw bauxite exports from Guinea and Nigeria.
The bank also reaffirmed its commitment to the African Continental Free Trade Area (AfCFTA) by facilitating seamless cross-border movement of goods and services.
He said Afreximbank would help dismantle existing trade barriers and promote deeper regional integration across the continent.
Infrastructure remains another core focus, with investments planned in highways, railways, ports, power systems, and logistics hubs.
According to him, the aim is to create a shared infrastructure ecosystem that allows African countries to leverage regional facilities more cost-effectively.
Digital transformation also features prominently, with investments in e-commerce platforms, payment systems, and artificial intelligence initiatives.
Elombi hinted at developing a Pan-African digital currency, including stable coins, to strengthen cross-border financial integration.
Another key dimension of the strategy involves mobilising global African capital by reconnecting with the diaspora to spur investment and innovation.
He described this as a step toward fulfilling the pan-African visions of leaders such as Marcus Garvey and Kwame Nkrumah.
The News Agency of Nigeria (NAN) reports that Afreximbank’s recent growth underscores its capacity for continental transformation.
Over the past decade, the bank’s total assets have risen eightfold to 43.5 billion dollars, while revenues climbed sevenfold to 3.2 billion dollars.
Its net income also reached one billion dollars, reflecting Afreximbank’s expanding influence across Africa’s financial landscape.
The leadership transition, Elombi said, signals a renewed commitment to achieving Africa’s economic self-sufficiency and boosting intra-continental trade.
Earlier, Edun urged the new president to lead with clarity and courage, describing the occasion as a historic and defining moment for Africa.
“Elombi, you are no stranger to this institution. You now assume leadership at a defining moment in Africa’s economic history,” Edun stated.
He commended Elombi’s experience and continuity, stressing that his appointment represents renewal and confidence in Afreximbank’s founding philosophy.
“Your leadership symbolises a seamless transition built on a solid foundation and a bold step into the prosperous future we all envisage,” he added.
Edun reminded Elombi that his duty extends beyond leading a bank to steering a vision of a self-reliant, integrated, and prosperous Africa.
The event highlighted renewed optimism as Afreximbank embarks on a new chapter aimed at driving inclusive growth and continental resilience. (NAN) (www.nannews.ng)
Edited by Kamal Tayo Oropo
