Cardoso’s Call for Strategic Cohesion: Afreximbank’s Impact on Nigeria and Africa’s Economic Landscape.
By Clem Aguiyi
Email: Totalpolitics@ymail.com
The African Export-Import Bank’s (Afreximbank) 32nd anniversary is a significant milestone that warrants celebration. With over $40 billion in capital assets as of 2024, the bank has emerged as a trusted partner, catalyst for change, and convener of ambition, shaping strategy, and enabling execution across the continent.
Afreximbank’s growth from an initial capital base of $750 million to over $40 billion in capital assets is a testament to prudent financial stewardship and the continent’s growing confidence in its capabilities. This remarkable trajectory reflects the expanding coalition of stakeholders, spanning 51 African countries and a mix of public and private investors who have placed their trust in Afreximbank. Nigeria is among the largest shareholders of the bank.
However, as stakeholders celebrate the bank’s accomplishments, it is essential to recognize the persistent and emerging challenges facing the African continent. Rising trade protectionism, global economic fragmentation, and shifting geopolitical dynamics threaten Africa’s developmental prospects and the coherence of the international ecosystem. Afreximbank’s role in addressing these issues is crucial.
To secure the future envisioned for the bank and Africa, stakeholders must foster greater strategic cohesion among African member states. The CBN Governor , Yemi Cardoso, enumerated the measures to include:
Accelerating the implementation of the African Continental Free Trade Area (AfCFTA): A single, large market for African goods and services will boost intra-African trade and economic integration. Deepening regional integration: Strengthening regional economic communities will facilitate the free movement of goods, services, and people, promoting economic growth and development.
Building robust engagement with the African diaspora*: Tapping into the diaspora’s skills, expertise, and resources will help Africa leverage its global connections to drive development.
As one of Afreximbank’s major shareholders and largest beneficiaries, Nigeria has benefited significantly from the bank’s investments. Afreximbank has contributed to Nigeria’s energy and industrial transformation, investing heavily in projects such as the Dangote Refinery and the Port Harcourt Refinery. The bank’s support for Nigeria’s fertilizer production has enabled the country to become the continent’s leading producer.
Afreximbank’s impact on Africa’s economic landscape is undeniable. As the bank looks to the future, stakeholders must prioritize strategic cohesion, crisis preparedness, and long-term impact. By working together, Africa can build a resilient and prosperous future, leveraging the bank’s capabilities and expertise to drive development and growth.
