Afreximbank names Dr George Elombi as fourth president

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The African Export-Import Bank (Afreximbank) has officially sworn in Dr George Elombi as its fourth President and Chairman of the Board of Directors, succeeding Prof. Benedict Oramah.

The ceremony took place on Saturday in Cairo, Egypt, marking a new chapter for the African multilateral finance institution.

The oath of office was administered by Wale Edun, Chairman of Afreximbank’s Annual General Meeting of Shareholders and Nigeria’s Minister of Finance and Coordinating Minister of the Economy.

The grand event was attended by more than 2,000 dignitaries, including African and Caribbean heads of state, former presidents, ministers, business leaders, shareholders, and representatives from across the continent.

In his inaugural address, Dr Elombi pledged to uphold the Bank’s legacy while charting a path that strengthens Africa’s capacity to trade and grow on its own terms.

“Our mission is to transform the structure of Africa’s trade,” he said. “The current model, which relies heavily on exporting raw commodities, is not sustainable. To change that, we must process, we must produce—because unless we produce, we cannot trade.”

Driving Africa’s industrial transformation

Dr Elombi outlined a bold agenda for the next decade, emphasising value addition, mineral beneficiation, and regional integration as key levers for Africa’s transformation.

He announced plans to establish a Strategic Minerals Development Programme and a high-impact financing window to support industries that process raw materials into semi-finished or finished goods.

“We will finance entire value chains—from extraction and refining to manufacturing finished components—so that more value is captured here at home, creating high-skilled jobs for our people,” he said.

He stressed that value addition must be complemented by a stronger intra-African market, calling for the removal of trade barriers and the deepening of regional infrastructure.

Boosting intra-African trade

Dr Elombi reaffirmed Afreximbank’s commitment to advancing the African Continental Free Trade Agreement (AfCFTA) through targeted programmes that promote cross-border trade, mobility of goods and services, and integration of African markets.

“The success of our industrialisation agenda depends on our ability to secure markets for what we produce,” he said. “Afreximbank will continue to be a catalyst for Africa’s integration by supporting AfCFTA implementation and introducing new interventions where needed.”

Harnessing innovation and partnerships

Beyond trade, the new President highlighted innovation, digital transformation, and financial integration as essential to the Bank’s future.

He revealed that Afreximbank is exploring the creation of a Pan-African Digital Currency to facilitate seamless trade and enhance payment systems across the continent.

Dr Elombi also underscored the need for financial resilience, noting that a well-capitalised institution is crucial for Africa’s transformation agenda.

“Only a strong and well-capitalised Afreximbank can deliver the scale of interventions required to transform Africa’s trade and development landscape,” he noted.

He pledged to strengthen partnerships with African and global development institutions, saying collaboration is central to unlocking Africa’s potential.

“Africa’s progress depends not only on strong individual institutions but also on the power of collaboration among them,” Dr Elombi remarked.

Global leaders commend new leadership

The investiture ceremony drew remarks from several high-profile figures, including Hassan Abdalla, Governor of the Central Bank of Egypt, Hon. Louis-Paul Motazé, Minister of Finance of Cameroon, African business magnate Alhaji Aliko Dangote, Selma Malika Haddadi, Deputy Chairperson of the African Union Commission, and Hon. Dr Terrance Drew, Prime Minister of Saint Kitts and Nevis.

Their messages collectively underscored the pivotal role Afreximbank continues to play in promoting trade, industrialisation, and economic resilience across Africa.