The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has presided over the investiture of Dr. George Elombi as the fourth President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank) in Cairo, Egypt. As the Chairperson of the Afreximbank General Meeting, Edun commended the outgoing President, Professor Benedict Oramah, for his decade-long transformative leadership that strengthened the bank’s balance sheet and deepened Africa’s financial resilience.

The leadership handover marks a significant moment for the continent’s financial landscape, reinforcing Afreximbank’s central role in advancing Africa’s trade integration, industrialization, and shared prosperity. Afreximbank’s initiatives, such as the Pan-African Payment and Settlement System (PAPSS) and the AfCFTA Adjustment Fund, have expanded opportunities for businesses, enabling smoother regional trade, easier currency settlement, and broader access to growth capital.

The Minister described the leadership transition as a reaffirmation of Africa’s collective capacity to finance its development and chart its own economic destiny. The appointment of Dr. Elombi, a long-serving executive instrumental in shaping Afreximbank’s governance and capital expansion, ensures continuity of the bank’s mission to empower the African private sector. For Nigeria, this transition strengthens access to continental financing mechanisms, supports the government’s reform agenda, and unlocks greater export opportunities for domestic enterprises across key sectors.

Afreximbank plays a vital role in promoting African trade and economic development. The bank’s initiatives have facilitated increased trade volumes, improved payment systems, and enhanced access to financing for African businesses. The new leadership is expected to build on these achievements, further deepening the bank’s impact on the continent’s economic landscape.

The handover ceremony, attended by key stakeholders, marked a new chapter in Afreximbank’s history. The bank’s continued growth and success are crucial for Africa’s economic development, and the new leadership is poised to drive this growth. With its enhanced mandate and expanded initiatives, Afreximbank is well-positioned to support African businesses, promote trade integration, and contribute to the continent’s economic prosperity.