Tinubu confers GCON on Oramah, Afreximbank president
The President of Afeximbank, Prof. Benedict Oramah
Tinubu confers GCON on Oramah, outgoing Afreximbank president.
President Bola Tinubu on Friday conferred the national honour of Grand Commander of the Order of the Niger on Professor Benedict Oramah, the outgoing President and Chairman of the Board of Directors of the African Export-Import Bank, at the 32nd Annual Afreximbank Meetings in Abuja.
“I have the honour and privilege to recognise you, the outstanding contribution of Professor Benedict Oramah, by conferring you with one of Nigeria’s highest honours, the Grand Commander of the Order of the Niger,” Tinubu said.
In a heartfelt speech, Tinubu praised Oramah’s transformative leadership, describing him as a pivotal figure in shaping Africa’s financial and trade landscape.
“Africa must remember those who chose to shape its destiny,” Tinubu remarked, adding that Oramah’s contributions to the continent’s financial resilience and support for the African Continental Free Trade Area were monumental.
Tinubu noted that under Oramah’s leadership, Afreximbank’s assets grew significantly, from $5bn to over $37bn, and that the bank mobilised more than $150bn for trade and development in Africa over the last decade.
“Nigeria has proudly benefited from over $52bn in support directed to energy, agriculture, infrastructure, manufacturing, healthcare, and the creative industry,” Tinubu added.
He further described flagship projects like the Dangote Refinery, the African Medical Centre of Excellence, and the African Quality Assurance Centre as symbols of the confidence in Nigeria’s future and Africa’s potential.
Tinubu also used the occasion to emphasise the importance of financial integration, reaffirming Nigeria’s formal approval of the Pan-African Payment and Settlement System.
“I urge all African nations to embrace PAPSS because deeper financial integration strengthens our collective resilience,” he said.
As part of his administration’s broader economic reforms, the president highlighted the unification of the exchange rate system, the removal of fuel subsidies, and ongoing tax reforms.
He pointed out that Nigeria recorded a 3 per cent GDP growth in 2024, with significant improvements in oil production, inflation control, and a reduction in debt servicing from 96 per cent to below 65 per cent of government revenue.
The president also outlined plans for Nigeria’s energy future, announcing the launch of the Africa Energy Bank in Abuja with an initial capital of $5bn.
“This is a significant step towards financing Africa’s energy transition,” he stated, emphasising the role of gas, renewable energy, and clean technologies in the region’s future.
He further revealed that Nigeria’s fertiliser sector is set to scale up to 7.5 million tonnes annually, with a goal of becoming Africa’s fertiliser hub. These efforts, he noted, would ensure food security and drive industrialisation across the continent.
Tinubu called for stronger partnerships with Afreximbank and other financial institutions to promote intra-African trade and entrepreneurship.
“A united and purposeful Africa can define its destiny,” he declared, urging African nations to stand together in the face of rising global protectionism.
