Tinubu Confers National Honour On Afreximbank President

President Bola Ahmed Tinubu has conferred Nigeria’s second-highest national honour, the Grand Commander of the Order of the Niger, GCON, on Professor Benedict Oramah, the President and Chairman of the Board of Directors of Afreximbank, in recognition of his exemplary leadership and significant contributions to Africa’s economic advancement.

The announcement was made during the closing ceremony of the 32nd Afreximbank Annual Meeting in Abuja.

President Tinubu praised Professor Oramah’s steadfast leadership, which he said, has positioned Afreximbank as a major catalyst for Africa’s integration and prosperity.

President Tinubu highlighted the pivotal role the bank played in supporting the establishment and operations of the African Continental Free Trade Area, AfCFTA, and in mobilizing funds for transformational projects, including the Dangote Refinery, which he described as a symbol of industrial might for Africa.

“Our continent needs bold thinkers, doers, and institutions that are committed to building the Africa we want. Afreximbank under Professor Oramah has exemplified that spirit”.

Nigeria’s president emphasized the importance of home-grown financial institutions that can deliver African solutions to African problems, calling Afreximbank a true partner in the journey toward economic sovereignty.

He also underscored Nigeria’s support for the bank’s initiatives, particularly in trade financing, industrialization, and support for small and medium enterprises across Africa.

The Nigerian leader urged other financial institutions on the continent to emulate Afreximbank’s resilience, innovation, and commitment to inclusive development, especially in the face of global economic challenges.

Delivering his final address as President of Afreximbank, Professor Benedict Oramah identified the lack of efficient cross-border payment systems as a major obstacle to intra-African trade, resulting in an estimated $5 billion in annual leakages.

To address this, he said Afreximbank, in partnership with the AfCFTA Secretariat and the African Union Commission, developed the Pan-African Payment and Settlement System, PAPSS, a platform which integrates 42 payment systems across the continent and enables real-time transactions in local currencies and educing reliance on foreign currencies.

Oramah described PAPSS as a game-changer for Africa’s economic integration, emphasizing that seamless payment systems are vital for boosting intra-African trade and supporting the goals of the AfCFTA.

He noted that such innovation not only cuts transaction costs but also keeps financial flows within the continent, strengthening African economies.

Reflecting on his leadership at Afreximbank, Oramah said the bank’s achievements stemmed from a belief in Africa’s potential to build its own future.

“We cannot rely on foreigners to build our continent,” he said. “Africa must look inward and tap into its untapped potential.”

The event, which brought together African leaders, development finance experts, and private sector players, celebrated Afreximbank’s growing influence in shaping Africa’s economic future.

Umbwanko Baba, Edited By Grace Namiji