Nigeria and the African Export-Import Bank (Afreximbank) have signed an agreement to host the 32nd Afreximbank Annual Meetings (AAM) in June.
The upcoming event is expected to draw between 5,000 and 6,000 delegates from across Africa, the Caribbean, the Americas, Europe, and Asia.
The signing ceremony took place in Abuja, with the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announcing that President Bola Tinubu had approved the hosting of the event.
He said Nigeria is delighted to work with Afreximbank management and give them full support, highlighting Afreximbank’s commitment to supporting Africa’s and Nigeria’s economic growth, particularly in improving healthcare infrastructure.
“We are all aware of the range of innovative financing programmes and solutions offered by Afreximbank over the years. It is indeed a factory of financial innovation, imagination, creativity, and delivery, and I think the financial sector is the most important,” Edun said.
Edun noted that one of Afreximbank’s initiatives, the African Medical Centre of Excellence (AMCE) in Abuja, would reduce medical tourism by providing comprehensive healthcare services and addressing capacity gaps in the country and West Africa. The medical centre is set to commence operations soon.
Landmark event
Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, described the upcoming 32nd Afreximbank Annual Meetings, scheduled for June in Abuja, as a landmark event while also providing further information on what to expect.
“The meetings will provide an opportunity to reflect on Africa’s economic progress over the past three decades and discuss strategies for the future.”
He highlighted that the discussions would focus on navigating economic challenges, including geopolitical tensions, global trade shifts, and Africa’s role in an increasingly protectionist global economy.
Oramah also mentioned that the meetings would mark a leadership transition, as he prepared to step down after 31 years of service and ten years as president. He expressed confidence that the event would produce a strong successor to lead the bank into the future.
He commended Nigeria for its track record in hosting major international events, recalling the successful hosting of Afreximbank’s 25th anniversary in 2018, which attracted over 3,000 participants.
Oramah commended President Bola Tinubu and the Nigerian government for their commitment to ensuring the success of the meetings and reiterated Afreximbank’s dedication to supporting Nigeria’s economic development. He noted that Nigeria had received a cumulative disbursement of approximately $52 billion from Afreximbank, making it the largest beneficiary of the bank’s trade and development financing across Africa.
What you should know
- Over the past decade, Afreximbank has disbursed no less than $140 billion across Africa, bridging financing gaps left by the retreat of international banks, driving economic transformation, and reducing Africa’s dependence on commodity exports.
- Oramah said Afreximbank had played a key role in industrializing the continent, turning several African economies into major industrial hubs, and facilitating the implementation of the African Continental Free Trade Agreement (AfCFTA).
- One of Afreximbank’s key initiatives is the African Quality Assurance Centre, which was developed to ensure Nigerian goods meet global trade standards. The bank has also developed the Africa Trade Centre in Abuja, set to be inaugurated on April 10.
- Additionally, the African Medical Centre of Excellence in Abuja, which will serve as both a hospital and a research center for neglected diseases affecting people of African descent, is expected to position Nigeria as a medical tourism hub upon its opening on June 5.
Afreximbank has contributed to Nigeria’s energy and industrial transformation, investing heavily in projects such as the Dangote Refinery and the Port Harcourt Refinery.
These investments are part of a broader strategy to make the Gulf of Guinea a major refining hub, reducing Africa’s dependence on petroleum imports.
The bank also supports the establishment of an Africa Energy Bank in Abuja to strengthen the continent’s energy security. Furthermore, Afreximbank has supported Nigeria’s fertiliser production, enabling the country to become the continent’s leading producer with an annual output of 7.5 million metric tonnes.
The bank is also involved in supporting Nigeria’s creative industry through credit facilities, capacity building, and market access initiatives aimed at expanding the country’s cultural exports.
Oramah commended the Nigerian government for its continued support of the bank, particularly in responding positively to capital calls and removing regulatory hurdles that could have affected the bank’s operations in the country.
