Presidency: Credit Support Hits 100,000 Beneficiaries, 400,000 Applications Pending
President Bola Ahmed Tinubu on Friday conferred the national honour of Grand Commander of the Order of the Niger (GCON) on Prof. Benedict Oramah, outgoing President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank), in recognition of his decade-long leadership and contributions to Africa’s economic advancement—particularly Nigeria’s.
Speaking at the 32nd Annual Meetings of Afreximbank held in Abuja, Tinubu celebrated Oramah’s achievements, noting the bank’s asset growth from $5 billion to over $37 billion under his stewardship. He described the theme of this year’s meeting, “Building the Future on Decades of Resilience”, as both timely and profound.
“This is your day, Prof. Oramah. You have raised the bar for leadership on the continent,” Tinubu said before conferring the GCON honour.
The president used the occasion to spotlight key economic gains recorded by his administration since 2023 under the Renewed Hope Agenda. Among them is a landmark credit scheme that has already benefited over 100,000 Nigerians, with another 400,000 currently queued for support.
“Our student loan initiative ensures no child is denied higher education due to financial hardship. We’ve invested ₦45.9 billion to upgrade 8,800 primary health centres, improved diagnostics, and maternal care. Digital inclusion is also a priority—with extensive fibre-optic cabling now being deployed,” he stated.
Tinubu also outlined infrastructure progress, citing the completion of over 279 roads and the ongoing construction of another 65. Projects like the Lagos–Calabar Coastal Highway, Sokoto–Badagry Superhighway, and the Abuja–Kaduna–Kano Road are, he said, transforming national logistics and promoting regional integration.
On macroeconomic reforms, Tinubu noted the removal of fuel subsidies and unification of the foreign exchange rate, acknowledging the short-term hardship but emphasizing the long-term benefits. According to him, these efforts are already bearing fruit: Nigeria recorded 3.4% GDP growth in 2024, oil production rebounded to 1.5 million barrels per day, and inflation is beginning to ease.
He also referenced the recent passage of four tax reform bills aimed at boosting government revenue and improving transparency.
Afreximbank’s Impact on Nigeria and Africa
President Tinubu praised Afreximbank for its enduring partnership with Nigeria, noting over $52 billion in funding directed toward energy, agriculture, infrastructure, and creative industries. He cited key projects such as the Dangote and BUA Refineries and the Africa Quality Assurance Centre as evidence of the bank’s deep commitment to African development.
Nigeria’s support for the Pan-African Payment and Settlement System (PAPSS), he said, marks a step toward financial independence across the continent by enabling local currency trade and reducing reliance on foreign exchange.
Further deepening the collaboration, Tinubu announced the launch of the $5 billion Africa Energy Bank, to be headquartered in Abuja. It will finance energy transitions across Africa, leveraging natural gas, renewables, and clean energy innovations.
He added that Nigeria is scaling its fertilizer sector to a capacity of 7.5 million tonnes annually—with Afreximbank’s support—positioning the country as the continent’s fertilizer hub and strengthening food security.
Call for Greater African Integration
President Tinubu urged African governments and institutions to deepen cooperation in trade, payment systems, and private-sector development. He called for broader adoption of PAPSS and emphasized intra-African trade as a strategic pathway to job creation, industrialization, and regional self-sufficiency.
“The world won’t wait for Africa. We must act boldly and build resilient institutions. Afreximbank must remain agile and grounded in African realities,” he said.
A Decade of Leadership
In his valedictory report, Prof. Oramah reflected on his tenure, saying he gave “the job the best of my energy, talent, and intellect.” Under his leadership, the bank facilitated $120 billion in investments, including financing 400 million COVID-19 vaccines and supporting critical sectors such as agriculture, healthcare, and manufacturing.
He projected a $250 billion expansion over the next decade, driven by strong corporate governance and continued shareholder support.
Dignitaries Present
The high-profile event drew several African statesmen, including former Nigerian Presidents Olusegun Obasanjo and Yemi Osinbajo; former Ghanaian President Nana Akufo-Addo; former Senegalese President Macky Sall; and former Nigerien President Mahamadou Issoufou.
Also present was the Coordinating Minister of the Economy, Wale Edun, who thanked President Tinubu for hosting the meeting and commended Afreximbank’s commitment to private sector growth and infrastructure development in Nigeria.
