The 32nd Annual Meetings of the African Export-Import Bank (Afreximbank), held in Nigeria’s capital city Abuja, served as a significant convergence point for continental and global stakeholders seeking to reshape Africa’s financial and trade architecture.
At the heart of this high-level engagement was a powerful narrative from Nigeria’s top economic leaders—President Bola Ahmed Tinubu, Central Bank Governor Olayemi Cardoso, and Finance Minister Wale Edun—who outlined a clear strategy for rebuilding trust, driving investment, and transforming the Nigerian and by extension, African economy through institutional reform and regional integration.
With the overarching theme, “Building the Future on Decades of Resilience,” AAM2025 drew over 6,000 delegates from 80 countries, including presidents, ministers, business executives, investors, and development financiers. The sessions focused on accelerating trade, fostering innovation, and consolidating the gains made by Afreximbank over three decades.
It was against that backdrop that Nigeria’s economic leaders articulated a bold vision—not just for the country’s recovery, but for Africa’s collective rise.
In a keynote address that earned sustained applause, Governor Cardoso of the Central Bank of Nigeria positioned trust as the cornerstone of his administration’s financial reforms. “In the past year, we have focused on rebuilding trust—with markets, with citizens, and with partners,” he declared. “We recognize that institutional credibility is the anchor of effective monetary and financial policy.”
Cardoso’s remarks encapsulated the essence of his reform agenda, which has already begun reshaping Nigeria’s macroeconomic landscape. One of the most notable achievements is the stabilization of the naira, following the elimination of multiple exchange rates and the adoption of a market-reflective foreign exchange regime. These reforms, combined with increased transparency and discipline, have improved investor confidence and attracted renewed interest in Nigerian assets.
He further emphasized the introduction of diaspora-focused financial instruments—the Non-Resident Nigerian Ordinary Account (NRNOA) and Non-Resident Nigerian Investment Account (NRNIA). The products are designed to facilitate seamless engagement by Nigerians abroad, allowing them to manage funds securely and invest meaningfully in the domestic economy. “The diaspora’s skills, capital, and global networks are vital assets in our collective advancement,” Cardoso said. “Africa and its diaspora must act in unison—driven by a shared vision and coordinated action.”
This inclusive and forward-looking approach aligns with broader continental objectives under the African Continental Free Trade Area (AfCFTA), which Cardoso encouraged African leaders to accelerate.
He also called for stronger institutions built on four foundational pillars: strategic foresight, crisis preparedness, clear communication, and robust governance. “Great ideas cannot succeed on weak foundations,” he cautioned, urging African states to engineer resilience deliberately.
Reinforcing Nigeria’s commitment to continental prosperity, President Bola Ahmed Tinubu, in his address at the opening session, made a clarion call for African self-determination and collaboration. “Africa must no longer be seen through the lens of deficiency. We are not a continent in need of charity—we are a continent brimming with potential,” he declared.
Tinubu praised Afreximbank for its catalytic role in financing trade and addressing systemic economic shocks across Africa, particularly highlighting its response to the COVID-19 pandemic and foreign exchange crises. “Institutions like Afreximbank are proof that Africa can design and deliver its own solutions to African problems,” he said.
The president noted that his administration’s economic reforms were aligned with Afreximbank’s resilience ethos. “We have removed unsustainable fuel subsidies, unified our foreign exchange market, and taken bold steps to clean up our monetary and fiscal environment. These reforms are painful but necessary—and they are already yielding results.”
Tinubu emphasized the need for productive partnerships with the private sector, including African diaspora communities, whom he described as “critical allies in Nigeria’s development quest.”
President Tinubu commended the CBN’s introduction of diaspora-targeted accounts and reiterated his government’s readiness to attract investment into infrastructure, energy, agriculture, and technology. “Our message to the world is simple: Nigeria is open for business—and we are building the systems to ensure that business can thrive,” he affirmed.
Fiscal Discipline And Economic Repositioning
Joining the conversation was the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, whose remarks complemented those of the President and the CBN Governor. Edun spoke on the importance of aligning monetary and fiscal policy in pursuit of macroeconomic stability and inclusive growth.
“The road to sustainable development is paved with sound fiscal management and prudent public investment,” Edun said, outlining reforms undertaken by the Tinubu administration to boost revenue generation, reduce leakages, and ensure efficient public spending. He cited the recent report showing that the federal government had raked in ₦6.9 trillion in revenue between January and April 2025 as a testament to growing fiscal momentum.
Edun also highlighted the government’s strategic engagements with multilateral and regional institutions like Afreximbank to access affordable financing for development projects. “Nigeria is not just seeking aid—we are pursuing partnerships that are productive, transparent, and mutually beneficial,” he said.
Commending Afreximbank for providing over $52 billion in trade and project financing to Nigeria over the years, Edun called for deeper integration of regional financial markets to enable the mobilization of long-term capital for infrastructure, climate resilience, and industrialization. “We must build a continental financial system that retains African wealth within Africa,” he stressed.
Continental Context
The importance of financial resilience was echoed by Afreximbank President Prof. Benedict Oramah, who reminded delegates that the bank was born in Abuja in 1993 to address Africa’s exclusion from global capital flows. Over the past three decades, Afreximbank has grown into a $40 billion-asset institution, with 51 African countries as shareholders and strategic partners across the world.
Oramah described resilience as “Africa’s strongest currency,” recounting how the bank had provided over $10 billion in counter-cyclical liquidity to African economies during periods of stress. He praised the leadership of Nigeria, a founding member and largest beneficiary, for its bold reforms and expressed confidence that other African nations would draw inspiration from Nigeria’s policy trajectory.
Also speaking was African Union Commissioner for Economic Development, Ambassador Albert Muchanga, who said African financial institutions must now scale up domestic resource mobilization and reduce dependency on volatile global capital. “We need policies that retain capital on the continent and deepen trust in African financial governance,” he said, citing Nigeria’s diaspora investment initiative as a model worth replicating.
AAM2025 was more than a ceremonial gathering—it was a forum for recalibrating Africa’s economic narrative. The event showcased not only the legacy of Afreximbank but also the emergence of Nigeria as a reforming giant under new leadership.
Through Governor Cardoso’s institution-strengthening drive, President Tinubu’s vision for sovereignty, and Minister Edun’s commitment to fiscal realignment, Nigeria is demonstrating that African countries can indeed design their recovery from within. The nation’s recent reforms—though challenging—have repositioned it as a credible destination for global investment.
As Cardoso aptly put it, “Afreximbank has helped us dream big. Now it is time to deliver big.” For Nigeria, the dream is not just economic stability, but a resilient, inclusive, and investor-ready financial system.
Like most of the stakeholders at the event, the CBN Governor said the event would reinforce Nigeria’s position as a global investment destination and strengthen trade across Africa.
The journey is far from over—but the direction is clear, and the foundation is finally strong.
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