Dr George Elombi Sworn in as Afreximbank President, Promises to Transform Africa’s Trade
Dr George Elombi has officially taken office as the fourth President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank), succeeding Professor Benedict Oramah. The investiture ceremony in Cairo was attended by over 2,000 dignitaries, including African heads of state, business leaders, former Afreximbank Presidents, and representatives from across Africa and the Caribbean.
Administering the oath was Mr Wale Edun, Chairman of the Annual General Meeting of Shareholders and Nigeria’s Minister of Finance and Coordinating Minister of the Economy.
In his inaugural address, Dr Elombi emphasised his commitment to deepening Afreximbank’s impact, strengthening partnerships, and transforming Africa’s trade structure. He noted that the continent’s dependence on exporting raw commodities has limited growth and stressed the need to process and produce locally to capture value.
“Our mission is to transform the structure of trade in Africa. To change it, we must process. We must produce. Unless we produce, we cannot trade,” Dr Elombi said.
He announced plans to introduce a high-impact financing window for projects that convert raw minerals into semi-finished and finished goods, along with a Strategic Minerals Development Programme to fund complete value chains, from extraction to manufacturing, creating high-skilled jobs.
Dr Elombi also highlighted the importance of intra-African trade and regional integration, saying success would depend on opening markets for locally processed goods. He pledged to reduce trade barriers, enhance cross-border infrastructure, and support the African Continental Free Trade Agreement (AfCFTA).
Other priorities include leveraging digital technology and innovation, exploring a Pan-African Digital Currency, strengthening financial integration, mobilising African capital globally, and cultivating strategic partnerships with development institutions.
Addressing concerns about Africa-led institutions, Dr Elombi said that Afreximbank’s preferred creditor status reflects the Bank’s strength and credibility, not the benevolence of member states.
The investiture featured remarks from notable figures including Mr Hassan Abdalla, Governor of the Central Bank of Egypt; Hon Louis-Paul Motazé, Cameroon’s Finance Minister; Alhaji Aliko Dangote, Founder of Dangote Group; Ms Selma Malika Haddadi, Deputy Chairperson of the African Union Commission; and Hon Dr Terrance Drew, Prime Minister of Saint Kitts and Nevis.
Dr Elombi’s tenure signals a renewed focus on industrialisation, value addition, and Africa-led economic transformation, positioning Afreximbank to play a decisive role in reshaping the continent’s trade and development landscape.
