By Stanley Onyeka, Lagos
The fourth President and Chairman, the Board of Directors, African Export-import Bank (Afreximbank), George Elombi, was sworn-in on Saturday at the bank’s headquarters in Cairo, Egypt.
Dr Elombi takes over from Nigeria’s Prof. Benedict Oramah, as head of the African Multilateral Finance Institution.
The swearing in was formalised with an oath administered by Chairman of the Annual General Meeting of Shareholders of the Bank and Minister of Finance and Coordinating Minister of the Economy of Nigeria, Wale Edun.
According to the Bank’s statement, the investiture ceremony was witnessed by over 2,000 guests, including heads of state, former heads of state, government leaders and representatives from across Africa and the Caribbean.
Top African business leaders, all former Afreximbank Presidents, members of the Bank’s Board of Directors, shareholders, serving and former staff members, friends and family of Dr. Elombi, and a host of other dignitaries were also present.
In an inaugural address following the swearing in, Mr Elombi was said to have declared his unwavering commitment to carrying forward the legacy of the Bank’s past, to deepening impact, strengthening partnerships, and continuing the mission of building an Africa that trades with itself and thrives on its own terms.
He noted that the structure of global trade was unfavourable to Africa and therefore, had to change as it was too dependent on the export of commodities.
He said: “Our mission is therefore, to transform the structure of that trade. To change the structure, we must process. We must produce. Unless we produce, we cannot trade.”
President Elombi informed that over the next five to ten years, he would prioritise sectors he believed would have the most significant and sustained impact on Africa’s trade and wellbeing, including promoting and accelerating value addition and strategic minerals processing to curb the export of raw potential.
He continued: “Afreximbank will therefore, create a new, high-impact financing window, specifically for projects that process raw minerals into semi-finished goods or finished goods.
“We will establish a Strategic Minerals Development Programme to finance entire value chains, from extraction and refining to manufacturing finished components, capturing much more value here at home and creating high-skilled jobs for our people.”
Afreximbank will therefore, create a new, high-impact financing window, specifically for projects that process raw minerals into semi-finished goods or finished goods.
Strategic focus
He said further that Afreximbank would prioritise the deepening of intra-African trade and regional integration as the success of its value addition agenda would ultimately depend on its ability to secure markets for the goods produced.
“We 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.
“Afreximbank will therefore, continue to play a catalytic role in the implementation of the African Continental Free Trade Agreement (AfCFTA) by driving forward key programmes and initiatives developed over the past decade and by introducing new, targeted interventions, where necessary, to accelerate progress,” he added.
Other priorities areas he outlined include catalysing and building critical trade-enabling infrastructure; leveraging innovation and digital technology, including exploring the creation of a Pan-African Digital Currency, strengthening financial integration and innovation across the continent; and mobilising global African capital.
Mr Elombi added that priority would also go to growing strategic and innovative partnerships since partnerships with relevant development institutions was central to the Bank’s mission of advancing Africa’s trade and economic transformation.
“We recognize that Africa’s progress depends not only on the strength of individual institutions, but also on the power of collaboration among them,” he said.
The investiture also featured remarks by Governor of the Central Bank of Egypt, Hassan Abdalla; Minister of Finance of Cameroon, Louis-Paul Motazé; Founder, Dangote Group, Aliko Dangote; Deputy Chairperson, African Union Commission, Ms. Selma Malika Haddadi; and Prime Minister of Saint Kitts and Nevis, Dr. Terrance Drew.
