Abuja, Nigeria – June 26, 2025
At the 32nd Afreximbank Annual Meetings (AAM2025) in Abuja, Afreximbank President Prof. Benedict Oramah made a compelling case for strengthening Africa’s financial sovereignty through deeper integration of multilateral financial institutions. Speaking to a hall filled with policy leaders, bankers, economists, and regional stakeholders, Oramah emphasized that Africa’s economic resilience hinges on its ability to control its financial architecture and reduce dependency on foreign systems.
“Building institutions like Afreximbank wasn’t just about trade finance—it was about economic liberation,” he noted. “Africa can’t afford to mortgage its future through overreliance on systems that exclude or penalize it.”
The day’s proceedings focused on the theme “Strengthening Africa’s Multilateral Financial Institutions”, building on a decades-long discourse around Africa-centered development finance. Participants engaged in robust debates and proposals aimed at creating a unified continental financial ecosystem capable of supporting industrialization, climate transition, and regional trade.
Key speakers echoed Oramah’s call, warning that global rating agencies, capital flight, and dollar liquidity constraints continue to undermine Africa’s economic progress. The solution, they argued, lies in African-led institutions with African mandates.
Prof. Oramah highlighted several initiatives already underway:
- The Pan-African Payment and Settlement System (PAPSS) is enabling cross-border trade in local currencies, circumventing dollar dependency.
- MANSA, a centralized KYC platform, is removing bottlenecks for SMEs and banks.
- The bank’s AfCFTA Adjustment Facility and Climate Finance Facility are already channeling support to member countries transitioning to net-zero economies.
“Every region in the world has institutions that reflect their values and ambitions,” he said. “The EU has the ECB and the EIB. Asia has the ADB. Africa must stop apologizing for investing in itself.”
The panel also discussed the need for capital pooling, urging member states to increase equity contributions to African DFIs. “We cannot expect non-Africans to fund African integration,” one delegate remarked pointedly.
Calls were made to strengthen collaboration between Afreximbank and other institutions like the African Development Bank (AfDB), Africa Finance Corporation (AFC), and the Trade and Development Bank (TDB). These partnerships are essential in developing infrastructure, regional value chains, and supporting industrial clusters.
In a side note, several speakers applauded Afreximbank’s leadership during COVID-19 and the Ukraine conflict, noting how the institution stepped in where others retreated.
In closing remarks, Prof. Oramah reiterated the urgency of reframing Africa’s development financing conversation: “This is not just about money. It’s about sovereignty, dignity, and survival.”
