A New Era for Africa's Economic Future: Dr. George Elombi's Vision
In a captivating ceremony held in Cairo on October 25, 2025, Dr. George Elombi took the helm as President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank). His inaugural address was a testament to the bank's remarkable journey and a bold vision for Africa's economic transformation.
The event began with a tribute to the Mansa Musa Group, a group dedicated to showcasing Africa's story on its own terms. Their performance reminded us of Africa's rich history and the potential that lies within its people. Dr. Elombi emphasized that Africa's past prosperity, exemplified by figures like Mansa Musa Keita, the wealthiest man in history, should serve as a reminder that poverty is not our destiny.
The large gathering was a testament to the impact of leadership. Dr. Elombi praised the legacy of Professor Oramah, the outgoing President, whose leadership inspired Africans to action, ignited hope, and demonstrated the power of bold aspirations.
Dr. Elombi highlighted the extraordinary contributions of various stakeholders. The shareholders, through their sacrifices and capital injections, demonstrated their unwavering commitment to the institution's survival. The staff, with their dedication and sense of purpose, played a crucial role in the bank's success. And the Board of Directors, with their strategic appointments and guidance, ensured the bank's alignment with the continent's needs.
Preserving Legacy, Bridging to the Future
In the past 32 years, Afreximbank has achieved remarkable milestones. Dr. Elombi outlined some of these achievements, including an eight-fold increase in total assets and guarantees, a seven-fold rise in revenues, and a significant boost in net income. The bank's internal capital generation and shareholder support have been instrumental in these successes.
But here's where it gets controversial... Dr. Elombi argued that the bank's impact extends beyond financial metrics. During the COVID-19 pandemic, Afreximbank delivered vaccines across Africa and the Caribbean. When the Ukraine conflict caused global economic turmoil, the bank provided financial support to member states, deploying emergency funding to cushion economic shocks. And when Africa needed a continental payment system, Afreximbank delivered the Pan-African Payment and Settlement System (PAPSS).
The bank's initiatives, such as investments in Special Economic Zones, have transformed countries like Benin and Togo, boosting exports, supporting farmers, and creating jobs. The Dangote Refinery in Nigeria, supported by Afreximbank, is transforming Africa's energy landscape, while the African Medical Centre of Excellence in Abuja stands as a symbol of health sovereignty.
A Vision for Africa's Trade and Integration
Dr. Elombi's vision for the future is rooted in value addition and strategic mineral processing. He believes that Africa's future lies in producing and trading intermediate and finished goods, generating wealth and jobs within its borders. To achieve this, the bank will prioritize promoting and accelerating value addition, focusing on strategic industries that drive industrialization and job creation.
One of the key initiatives is the Strategic Minerals Development Programme, which will finance entire value chains, from extraction to manufacturing. Instead of exporting raw materials, Africa will process and add value, creating high-skilled jobs and capturing more wealth. For instance, instead of exporting raw lithium, Africa will produce lithium-ion batteries locally, benefiting from the entire value chain.
Deepening intra-African trade and regional integration is another priority. The AfCFTA represents a vital platform for advancing value addition and export manufacturing. Dr. Elombi plans to intensify efforts to break down trade barriers, strengthen cross-border infrastructure, and facilitate the seamless movement of goods, services, and people across Africa.
Catalyzing and building critical trade-enabling infrastructure is essential. Africa's fragmented and dilapidated infrastructure network is a major bottleneck to trade. Dr. Elombi aims to accelerate investments in critical projects, including modernized seaports, renewable energy projects, and specialized logistics hubs. Energy, he believes, is the engine that will drive Africa's trade transformation, powering industries and connecting markets.
Leveraging innovation and digital technology is another focus area. Dr. Elombi sees innovation as a potent force for change, offering solutions to developmental challenges and creating new opportunities for growth. He plans to embrace and invest in digital infrastructure, platforms, and technologies, creating seamless digital ecosystems that unlock Africa's full economic potential.
Under his leadership, Afreximbank will continue to scale and strengthen its digital initiatives, with a focus on artificial intelligence. He asks a thought-provoking question: Should Africa explore the creation of a Pan-African Digital Currency, including a Stablecoin, to strengthen financial integration and innovation, and truly own its economic destiny in the digital age?
Mobilizing Global African Capital and Strengthening Partnerships
Dr. Elombi emphasized the importance of rebuilding ties between Africa and people of African descent worldwide. He sees this as fulfilling the centuries-old aspiration of Pan-Africanists. The presence of the Prime Minister of St. Kitts, Honourable Terrance Drew, is a testament to the progress made.
He believes that the long-aspired integration of African communities will be realized when Africans everywhere share common economic opportunities. This unity will lead to deeper connections, freer movement, and enhanced cooperation.
Mobilizing global African capital is crucial. Dr. Elombi aims to connect African wealth, whether held by the diaspora, businesses, or sovereign funds, back to Africa's growth. Afreximbank will create innovative financial instruments and co-investment platforms, allowing African capital to flow into African opportunities. This is about ownership and redefining the narrative of African development.
Financial strength is another key focus. Dr. Elombi's ambitious goal is to grow Afreximbank's balance sheet to $250 billion within ten years, with a stretch target of $350 billion. He believes that a strong and well-capitalized institution is essential to transform Africa's trade and development landscape.
Growing strategic and innovative partnerships is vital. Dr. Elombi recognizes the power of collaboration among development institutions. Afreximbank's partnership with the African Development Bank (AfDB) and other multilateral financial institutions is of strategic value. He aims to build a cohesive African financial ecosystem capable of delivering large-scale solutions to Africa's trade and development challenges.
Challenges, Threats, and Opportunities
Dr. Elombi acknowledged the increasing threats to African multilateral financial institutions, particularly the attacks on their preferred creditor status (PCS). He sees this as a direct challenge to African sovereignty and the existence of these institutions, a neo-colonial practice that has undermined Africa's development.
He argued that these attacks are not due to failure but because of the bank's success. The more relevant Afreximbank becomes, the more disruptive it is considered in some quarters. Dr. Elombi believes that the bank's mandate, to change the structure of African trade, is being misunderstood, and that structural transformation is not mission drift but mission delivery.
Closing Remarks and Acknowledgments
Dr. Elombi expressed his gratitude to the Minister of Finance of Nigeria for chairing the swearing-in ceremony and to the people and Government of Egypt for their support and hospitality. He thanked the outgoing President, Professor Benedict Okey Oramah, and the entire Board for their excellent work.
He also extended his gratitude to the leadership of the African Union Commission and the Prime Minister of St. Kitts for their strong solidarity. Afreximbank's success, he emphasized, is a collective effort, and he will continue to rely on the support and wisdom of the team as they move forward with purpose and unity.
Dr. Elombi concluded by acknowledging the invisible platform that undergirds his work—his family. His wife and children have been a source of strength and support throughout his career. He is grateful for their presence and support as he takes on the challenges of his new role.
In his closing remarks, Dr. Elombi thanked the members of the press for their presence and asked for positive coverage to share the significance of this occasion with the broader public. With continued partnership and a shared mission, he believes they stand at a defining moment, ready to shape Africa's destiny together.
Thank you.
