Tinubu Confers GCON on Afreximbank Chief Prof. Benedict Oramah, Hails $52bn Support to Nigeria

By Iyojo Ameh

President Bola Ahmed Tinubu on Friday conferred the prestigious national honour of Grand Commander of the Order of the Niger (GCON) on the outgoing President and Chairman of the Board of the African Export-Import Bank (Afreximbank), Prof. Benedict Oramah, in recognition of his outstanding leadership and significant contributions to Africa’s development, especially Nigeria.

The surprise conferment took place during the 32nd Annual Meeting of the Afreximbank in Abuja, where President Tinubu praised Oramah’s decade-long stewardship that elevated the bank’s assets from $5 billion to over $37 billion.

“Today is your day, Prof. Oramah,” President Tinubu declared. “I have listened to your eloquent account and the lessons therein. I have the honour and privilege of conferring on you one of the highest recognitions of our country the Grand Commander of the Order of the Niger (GCON).”

Tinubu described Oramah’s tenure as transformative, citing his leadership during Africa’s pandemic response, support for industrialisation, and role in implementing the African Continental Free Trade Area (AfCFTA).

“His legacy is one of generational impact,” the President said.

Oramah, a founding member of the bank since its establishment in 1993, has served as President and Chairman for ten years. His tenure included Afreximbank’s facilitation of funds for 400 million COVID-19 vaccines, support for agriculture, healthcare, and energy projects—including the landmark Dangote Refinery.

President Tinubu revealed that Nigeria had received over $52 billion in Afreximbank support, directed at key sectors such as energy, infrastructure, manufacturing, healthcare, and the creative economy.

“Projects like the Dangote and BUA Refineries, the African Medical Centre of Excellence, and the Africa Quality Assurance Centre reflect confidence in Nigeria’s future and Africa’s potential,” Tinubu stated.

He lauded Nigeria’s formal adoption of the Pan-African Payment and Settlement System (PAPSS), describing it as a step towards financial sovereignty and urging other African nations to embrace the platform to reduce dependency on foreign exchange.

Tinubu noted that Afreximbank, since its inception, has mobilised over $250 billion for Africa’s trade and development, with $140 billion mobilised in the past decade alone. He also announced the establishment of the Africa Energy Bank, to be headquartered in Abuja with an initial $5 billion capital to support Africa’s energy transition.

Other key Nigerian projects supported by Afreximbank, according to Tinubu, include:

Expansion of fertiliser production to 7.5 million tonnes annually,

The $3.5 billion Bakassi Deep Seaport, and

Initiatives through FEDA, AQAC, CANEX, and PAPSS aimed at scaling African entrepreneurship and export-driven industries.

President Tinubu also outlined the impact of his administration’s economic reforms since assuming office in May 2023 under the Renewed Hope Agenda.

“We removed the long-standing fuel subsidy and unified our exchange rate system tough but necessary reforms,” he said.

He highlighted key gains:

3.4% GDP growth in 2024,

Crude oil production rising to 1.5 million barrels per day, targeting 2.5 million,

Decline in debt servicing ratio from 96% to below 65%,

Ongoing tax reforms with four new tax bills signed into law.

He also cited social investments including:

Over 100,000 beneficiaries of the new national consumer credit scheme, with 400,000 more queued,

A student loan programme ensuring access to higher education,

₦45.9 billion invested in upgrading 8,800 primary healthcare centres,

Nationwide broadband rollout through fibre-optic cables.

On infrastructure, Tinubu said over 279 roads had been completed, with 65 under construction and 260 rural roads rehabilitated. He also referenced strategic highway projects such as the Lagos-Calabar Coastal Highway, Sokoto-Badagry Superhighway, and the Abuja–Kaduna–Kano Road.

In a call to action, President Tinubu urged African leaders to strengthen integration and institutional capacity:

“Let us fully adopt PAPSS to reduce costs, conserve foreign reserves, and empower SMEs. Let us strengthen financial support to Afreximbank to scale its transformational impact. Let us treat intra-African trade not as a goal but as a strategic pathway for growth, jobs, and industrial value chains.”

“The world will not wait for Africa. A united and purposeful Africa can define its destiny,” he concluded.

Coordinating Minister of the Economy and Minister of Finance, Mr. Wale Edun, in his remarks, thanked President Tinubu for hosting the annual meeting and acknowledged Afreximbank’s role in establishing the African Trade Centre and supporting Nigeria’s private sector.

Delivering his final report, Prof. Oramah said, “I gave the job the best of my energy, talent, and intellect.” He revealed that over $120 billion had been invested in Africa in 2020 and praised shareholders for reinvesting up to 70% of their $1.35 billion dividend. He projected that the bank’s balance sheet could reach $250 billion in the next decade.

Dignitaries at the event included former Nigerian President Olusegun Obasanjo, former Ghanaian President Nana Akufo-Addo, former Senegalese President Macky Sall, former Nigerien President Mahamadou Issoufou, and former Nigerian Vice Presidents Namadi Sambo and Yemi Osinbajo.