By SCM Staff Writer I Monday, Oct.27,2025
CAIRO, EGYPT – The African Export-Import Bank (Afreximbank) ushered in a new era on Saturday with the swearing-in of Dr. George Elombi as its fourth President and Chairman of the Board of Directors, succeeding Prof. Benedict Oramah.
In an investiture ceremony in Cairo witnessed by over 2,000 guests, including heads of state, top African business leaders, and government representatives from across Africa and the Caribbean, Dr. Elombi laid out an ambitious agenda centered on transforming the structure of Africa’s global trade.
A Mission to ‘Process and Produce’
Taking the oath administered by Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, Dr. Elombi immediately signaled a pivot toward deep value addition.
He lamented the current global trade structure, which he described as “disfavourable to Africa” due to its over-reliance on commodity exports.
“Our mission is therefore, to transform the structure of that trade,” Dr. Elombi stated in his inaugural address. “To change the structure, we must process. We must produce. Unless we produce, we cannot trade.”
New Focus on Strategic Minerals
The new President announced his intention to prioritize sectors with the most significant long-term impact on the continent’s well-being. A cornerstone of this plan is promoting and accelerating value addition in strategic minerals to “curb the export of raw potential.”
To facilitate this, Afreximbank will launch a new, high-impact financing window specifically for projects that process raw minerals into semi-finished or finished goods.
”We will establish a Strategic Minerals Development Programme to finance entire value chains, from extraction and refining to manufacturing finished components,” he explained. This move aims to capture significantly more value on the continent and create essential high-skilled jobs.
Deepening Intra-African Trade and AfCFTA
Recognizing that the value addition agenda requires secure markets, Dr. Elombi affirmed an unwavering commitment to deepening intra-African trade and regional integration.
The Bank will intensify efforts to “break down trade barriers, strengthen cross-border infrastructure, and foster seamless movement of goods, services, people, and capital across our continent.”
Dr. Elombi pledged that Afreximbank will continue its catalytic role in implementing the African Continental Free Trade Agreement (AfCFTA) by driving forward key existing programmes and introducing new, targeted interventions where necessary.
Additional Priorities and Financial Strength
Other priorities outlined for the next five to ten years include: Catalysing and building critical trade-enabling infrastructure.
Leveraging innovation and digital technology, including exploring the creation of a Pan-African Digital Currency.
Mobilizing global African capital.
Strengthening the Bank’s financial position to ensure it remains “strong and well-capitalised” to meet the scale of interventions required.
The President also stressed the importance of strategic and innovative partnerships with other development institutions, noting that Africa’s progress depends on the power of collaboration.
Defending African Multilateralism
Concluding his address, Dr. Elombi addressed what he called an “increasingly hostile narrative” targeting African multilateral institutions, which he suggested was spurred by their success, not their failure.
He countered narratives questioning the Bank’s stability by emphasizing that Afreximbank’s preferred creditor status is not a matter of “goodwill or benevolence” but is legally enshrined in its Establishment Treaty signed by all member states.
The ceremony also featured remarks from several dignitaries, including Mr. Hassan Abdalla, Governor of the Central Bank of Egypt, Alhaji Aliko Dangote, and Hon. Dr. Terrance Drew, Prime Minister of Saint Kitts and Nevis, underscoring the Bank’s broad support across Africa and the Caribbean.
