By. Jennete Ugo Anya
In a heartfelt farewell that resonated deeply with the vision of a self-reliant Africa, Professor Benedict Oramah, outgoing President and Chairman of the African Export-Import Bank (Afreximbank), has urged African nations to look inward for growth, unity, and sustainable economic transformation.
Addressing an audience of African leaders, diplomats, ministers, and business executives in Cairo recently, Prof. Oramah reflected on his 31-year journey at Afreximbank, describing it as a “remarkable odyssey” of turning Africa’s long-held aspirations into tangible progress.
“When I joined the Bank, I knew I was not joining just another financial institution. I was becoming part of a movement aimed at turning decades-old aspirations of Africans into reality,” he said.
From a young economist in 1994 to the Bank’s President in 2015, Prof Oramah’s tenure transformed Afreximbank from a regional lender into one of the continent’s most formidable development institutions – a financial engine driving trade, integration, and self-determination.
Taking office during what he described as a “period of crisis and opportunity,” he recalled facing a continent battered by commodity price crashes, industrial stagnation, and weak integration. His solution was bold and clear: Africa must power its own development.
“Our philosophy was that Africa’s development dynamo must be powered from within,” he declared. “History has shown that external interests have mostly been parasitic unless engaged from a position of strength.”
That philosophy shaped Afreximbank’s direction under his leadership – from creating the Pan-African Payment and Settlement System (PAPSS) that allows cross-border transactions in local currencies, to funding the African Continental Free Trade Area (AfCFTA), and driving initiatives that boosted intra-African trade and industrialisation.
Prof. Oramah’s legacy is etched in numbers and institutions. Afreximbank’s $1 billion contribution to the AfCFTA Adjustment Fund helped member countries transition smoothly into the new trade era. The Intra-African Trade Fair, another Afreximbank initiative, has attracted more than $170 billion in trade and investment deals and drawn over 180,000 participants since inception.
Through partnerships with industrial platforms like ARISE, the bank has championed the creation of industrial parks across Africa – transforming raw commodities into processed goods within the continent. In addition, Afreximbank has established testing and certification centres in key sectors such as pharmaceuticals, agriculture, and textiles, ensuring African products meet global standards.
Prof. Oramah’s leadership was also defined by Afreximbank’s swift response to the COVID-19 pandemic. As global supply chains collapsed and Africa faced vaccine scarcity, the bank stepped in with over $10 billion in economic support and an additional $2 billion to secure vaccines for Africa and the Caribbean.
“At the height of COVID-19, when Africa was left to fend for itself, we rose to the challenge,” he said. “We provided the resources that kept African economies afloat when no one else would.”
In his farewell address, Oramah credited Afreximbank’s success to its strategic collaborations with institutions such as the African Union Commission, AfCFTA Secretariat, UN Economic Commission for Africa (UNECA), and the World Trade Organization (WTO) led by Dr. Ngozi Okonjo-Iweala.
“The success of our collaboration with the AfCFTA Secretariat reflects the power of synergies between policy and development finance institutions,” he said. “Together, we are building a resilient future for our people.”
He also paid emotional tribute to mentors and colleagues who shaped his journey. From Afreximbank’s founding president Dr. Christopher Edordu, who gave him his first opportunity, to Mr. Jean-Louis Ekra, his predecessor, whose guidance he deeply appreciated.
“Sometimes, a person’s destiny, and even a continent’s destiny, can hinge on simple acts of kindness and decisions by others,” he reflected.
