The newly appointed President of the African Export-Import Bank (Afreximbank), George Elombi, has lauded the institution’s remarkable transformation, announcing that its total assets have surged to $40 billion, up from just $6 billion a decade ago.
Speaking at the Farewell Conference and Investiture Ceremony held in Egypt’s New Administrative Capital, Elombi described Afreximbank’s growth trajectory as a defining moment in Africa’s economic history.
Elombi said that Afreximbank had evolved “from a relatively small institution with only $6 billion in assets, and just $105 million a few years earlier to over $40 billion today.”
He credited the leadership of his predecessor, Prof. Benedict Oramah, for turning the bank into what he called “Africa’s development supermarket.”
He credited Oramah’s leadership for turning Afreximbank into “Africa’s development supermarket,” emphasizing that his decade-long tenure was marked by a clear vision to accelerate intra-African trade and build on the foundations laid by his predecessors.
“When he assumed office in 2015, his vision was clear: to build upon the foundation established by his predecessor and to drive Africa’s trade and development agenda forward,” Elombi said, adding that Oramah’s “energy, generosity, and innovative approach” have left a lasting legacy.
Elombi extols Oramah’s legacies
The bank’s rapid expansion, Elombi noted, has been accompanied by the creation of several strategically important subsidiaries and initiatives, including the Fund for Export Development in Africa (FEDA), AfrexInsure, a project preparation fund, a concessionary finance window, and the African Medical Centre of Excellence (AMCE), among others.
These initiatives, he noted, have broadened the bank’s impact beyond trade finance into critical areas of industrialisation, healthcare, and sustainable development.
Reaffirming his commitment to Afreximbank’s development agenda, Elombi noted that the bank now provides a comprehensive suite of financial and investment tools aimed at advancing the African Continental Free Trade Area (AfCFTA), stimulating industrialization, and fostering greater private sector engagement in economic development.
Under his leadership, Afreximbank and its partners built a solid foundation for advancing intra-African trade and industrial development. New instruments were designed to dismantle obstacles that have hindered Africa’s progress for nearly seven decades since independence.
Oramah, Elombi said, confronted Africa’s industrial challenges head-on, building upon the groundwork of those who came before him while charting bold new directions for the future.
What you should know
In June, the shareholders of the Afreximbank appointed Dr. Elombi as the next President and Chairman of the Board of Directors of the continental financial institution.
The development makes him the fourth President to lead the Bank since its establishment in 1993.
Elombi’s appointment was one of the key decisions of the 32nd Afreximbank group annual meetings and associated events held in Abuja, Nigeria, from 25 to 28 June, with the formal annual general meeting of shareholders taking place on Saturday, 28 June 2025.
