Intra-African Trade Fair Secures Over $170 Billion in Investment Pledges
Afreximbank Transforms Lives: A Tribute from Chinelo Oramah
Cairo, Egypt || Benedict Oramah, outgoing president of the African Export-Import Bank (Afreximbank), announced a landmark milestone on Friday: African currencies are now officially recognized as legal tender across several countries on the continent.
Speaking at his farewell address during the Afreximbank Legacy Conference and Investiture in Cairo, Oramah reflected on a decade marked by significant strides in Africa’s economic sovereignty under his stewardship.
He emphasized that Afreximbank’s initiatives over the past ten years have been pivotal in steering Africa toward genuine economic autonomy. “We have built strong institutional frameworks and launched strategic programs that have become indispensable tools in Africa’s pursuit of self-sufficiency,” he stated. “Many of these were just aspirations a decade ago.”
Oramah spotlighted the swift advancement of the African Continental Free Trade Agreement (AfCFTA), attributing much of its success to Afreximbank’s vital backing. The Pan-African Payment and Settlement System (PAPSS), fueled by Afreximbank’s $3 billion Clearing and Settlement Facility, is operational in 20 countries and expanding rapidly. “After over six decades of political independence, we are on the cusp of uniting 42 distinct payment systems into a single continental platform. This marks the first occasion African currencies are accepted as legal tender beyond their national borders,” he explained.
He also underscored Afreximbank’s instrumental role in closing Africa’s trade information gap through the establishment of the Intra-African Trade Fair (IATF). Now in its fourth edition, the IATF has attracted more than 180,000 participants and generated investment and trade commitments exceeding $170 billion. Complementing this, the Africa Trade Gateway (ATG), a digital platform, was launched to dismantle information silos, supported by Afreximbank Africa Trade Centres (AATCs) that serve as regional hubs for trade intelligence and investment facilitation.
Oramah highlighted that nearly 500 standards have been harmonized across key sectors such as pharmaceuticals, medical devices, agriculture, automotive, and textiles, simplifying cross-border commerce. To maintain this momentum, Afreximbank is deploying testing and certification centers continent-wide. In collaboration with the AfCFTA Secretariat and the Common Market for Eastern and Southern Africa (COMESA), the Bank introduced the African Collaborative Transit Guarantee Scheme, supported by a $1 billion guarantee fund.
The Bank’s initiatives have also accelerated Africa’s industrialization, with the rapid emergence of Industrial Parks and Special Economic Zones, creating manufacturing hubs where none existed before. “We have championed the rise of heavy industries, exemplified by flagship projects like the Dangote Refinery and Petrochemical Complex, which now serve global markets,” Oramah noted.
He further emphasized Afreximbank’s commitment to strengthening socio-economic and cultural connections between Africa, the Caribbean Community (CARICOM), and the broader African diaspora.
Through programs such as the African Medical Centre of Excellence (AMCE), the Bank has laid the foundation for accessible, high-quality healthcare services across the continent.
Reflecting on the Bank’s financial growth, Oramah revealed that Afreximbank’s balance sheet and guarantees have expanded nearly eightfold-from $6 billion in September 2015 to nearly $44 billion by September 2025. Revenues and net profits surged during this period, with shareholders receiving cumulative dividends close to $1.4 billion between 2015 and 2024.
He expressed heartfelt appreciation to the Bank’s employees, partners, and stakeholders for their steadfast support throughout his tenure. “Our achievements would not have been possible without the extraordinary dedication of everyone involved,” he said. “This moment also allows me to thank you for your trust, patience, and encouragement that enabled me to fulfill my potential.”
In her farewell message, Chinelo Oramah, wife of the Afreximbank president, shared how the Bank’s influence extended deeply into their family life. “Afreximbank has been more than just an employer to my husband; it has invested in the wellbeing, growth, and future of our entire family,” she remarked. “While we often discuss Afreximbank’s milestones in industrial parks, special economic zones, trade finance, and continental integration-monumental achievements shaping Africa’s economic future-at the heart of these successes are the real families and lives transformed by the Bank’s work.”
She concluded by extending sincere gratitude to the entire Afreximbank community. “Words cannot fully capture my appreciation. To every member of the Afreximbank family-from the Executive Board and management to the support teams working behind the scenes-I offer my deepest thanks. You have supported not only my husband’s leadership but also our family’s journey.”