Connect with us

Business

President Oramah delivers 8th Goddy Jidenma biennial lecture

Published

2 years ago

on

afreximbank

AFREXIMBANK President, Benedict Oramah, says Africa’s economic progress depends on its response to unprecedented de-globalisation

Egalement disponible en Français, تتوفر أيضا في العربية

LAGOS, Nigeria, February 26, 2024/APO Group/ — 

How Africa and the rest of the developing world manoeuvre the emerging challenges presented by the unprecedented de-globalisation of the world could potentially make or mar their economic progress in the years ahead, Prof. Benedict Oramah, President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank) (www.Afreximbank.com), said on Friday.

Delivering a lecture titled “The Trade Route to Poverty Reduction in Africa in a De-globalising World” at the Eighth Biennial Lecture of the Goddy Jidenma Foundation in Lagos, Prof. Oramah noted that the world economy had changed significantly in recent years and had become more fractured and fragmented while the core pillars that supported global growth and poverty reduction had almost been dismantled.

“Indeed, the world is de-globalising at an unprecedented pace, and the implications for developing countries could be dire,” he warned.

Prof. Oramah told guests that the African Continental Free Trade Agreement (AfCFTA) provided an opportunity for Africa to take its destiny into its own hands by opening regional supply chains that would foster economic growth and development.

Citing estimates by the World Bank, the President said that the AfCFTA would lift 30 million Africans out of extreme poverty and boost the incomes of nearly 68 million others who live on less than $5.50 a day; boost Africa’s income by seven per cent to $450 billion by 2035; increase Africa’s exports by $560 billion, mostly in manufacturing; spur a 10.5-per cent wage gain for women and 9.9-per cent for men; and boost wages for both skilled and unskilled workers.

Noting that 54 countries had signed the Agreement, and 47 had ratified it, he announced that Afreximbank and the AfCFTA Secretariat had established an AfCFTA Adjustment Fund to provide compensation to eligible countries for tariff revenue losses as a result of the implementation of the AfCFTA. The adjustment fund will also provide funding to countries and businesses to enable them to adjust in an orderly manner to the new trading regime.

Indeed, the world is de-globalising at an unprecedented pace, and the implications for developing countries could be dire

Prof. Oramah argued that to avoid falling victim to the discontent that negatively impacted globalisation, the AfCFTA needed to be complemented by free movement of Africans across the continent, with the right to work, adding that to address the impediment posed by lack of access to trade and investment information, Afreximbank was offering an artificial intelligence-enabled trade information platform under the brand name Tradar Intelligence. For the same reason, the Bank was collaborating with the African Union Commission (AUC), the AfCFTA Secretariat and others to host the biennial Intra-African Trade Fair whose first three editions held since 2018 attracted over 70,000 visitors, 4,000 exhibitors and about $120 billion.

Furthermore, as a solution to the 42 fragmented payment systems across Africa,  Afreximbank, in partnership with the AUC and the AfCFTA Secretariat, had launched the Pan-African Payment and Settlement System (PAPSS), which domesticates all intra-African trade payments. Afreximbank was supporting that system with a $3-billion settlement fund. By May 2024, an African currency trading platform would also be launched under the auspices of PAPSS.

“It is now becoming possible for a small farmer in Malawi to use his cell phone to purchase a Nollywood streaming movie and to pay in the Malawian Kwacha while the seller in Nigeria receives Naira,” said Prof. Oramah. “We are nearing the stage when an Egyptian can buy shares on the Nigerian Stock Exchange, paying in Egyptian Pounds.”

It was also necessary to aggressively fill the intra-African trade financing gap, estimated at over $50 billion annually, he added, saying that Afreximbank’s Intra-African Trade Division disbursed over $40 billion since 2016, with about $11 billion outstanding, accounting for about 28 per cent of the Bank’s loan portfolio. 

Other interventions by Afreximbank include the launch of an African Collaborative Transit Guarantee Scheme that makes it possible to use one transit bond to cross multiple borders, thereby addressing the challenges faced by the continent’s 16 landlocked countries; support for harmonisation of trade standards through the African Regional Standards Organisation (ARSO), which has seen about 155 standards harmonised, as well as the establishment of the Africa Quality Assurance Centre (AQAC), an indirect subsidiary of the Bank, which was developing testing, inspection, and certification centres in countries where quality infrastructure was weak.

The Bank was also supporting the emergence of export trading companies (ETCs) across Africa to act as aggregators in order to create a sizeable volume of trade to attract greater value and withstand competition, he said. Since SMEs in Africa and other developing regions that participate directly in global trade must compete with multinationals and significantly large corporates, they are left with marginal, if not zero, chances of success or survival, he explained.

The biennial Goddy Jidenma Lecture is held to honour the memory of Goddy Jidenma, a leading Nigerian architect who died in 2006. 

Previous speakers have included Prof. Ali Mazrui, an internationally celebrated African political scientist, Prof. Elaigwu, President of the Institute of Governance and Social Research, Jos, Nigeria, Prof. Pat Utomi, Founder and CEO of the Center for Values in Leadership, Prof. Kingsley Moghalu, a former Nigerian presidential candidate, Prof. P.L.O. Lumumba, a notable Pan-Africanist, and Prof. Attahiru Jega, a former Chairman of Nigeria’s Independent National Electoral Commission.

Distributed by APO Group on behalf of Afreximbank.

Related Topics:
Continue Reading
Advertisement

Events

As global power structures shift, Invest Africa convenes The Africa Debate 2026 to redefine partnership in a changing world

Published

2 days ago

on

February 6, 2026

By

The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation

LONDON, United Kingdom, February 5, 2026/APO Group/ –As African economies assert greater agency in a rapidly evolving global order, Invest Africa (www.InvestAfrica.com) is delighted to announce The Africa Debate 2026, its flagship investment forum, taking place at the historic Guildhall in London on 3 June 2026.

Now in its 12th year, The Africa Debate has established itself as London’s premier platform for African investment dialogue since launching in 2014, convening over 800 global decision-makers annually to shape the future of trade, finance, investment, and development across the continent.

Under the theme “Redefining Partnership: Navigating a World in Transition”, this year’s forum will focus on Africa’s response to global economic realignment with greater agency, ambition and economic sovereignty.

The Africa Debate puts Africa’s priorities at the centre of the conversation, moving beyond traditional narratives to focus on ownership, resilience and long-term value creation.

“Volatility is not new to Africa. What is changing is the opportunity to respond with greater agency and ambition,” says Invest Africa CEO Chantelé Carrington.

“This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy — so African economies can take greater ownership of their growth. Success will be defined by how effectively we turn disruption into leverage and partnership into shared value.”

The Africa Debate 2026 will provide a platform for this essential, era-defining discussion, convening leaders to explore how Africa and its partners can build more balanced, resilient and sustainable models of cooperation.

Key challenges driving the debate

Core focus areas for this year’s edition of The Africa Debate include:

This year’s edition of The Africa Debate asks how we strengthen economic sovereignty — from access to capital and investment to financial and industrial policy

Global Realignment & New Partnerships

How shifting geopolitical and economic power structures are reshaping Africa’s global partnerships, trade dynamics and investment landscape.

Financing Africa’s Future

The growing need to reform the global financial architecture, new approaches to development finance, as well as the strengthening of market access and financial resilience of African economies in a changing global system.

Strategic Value Chains

Moving beyond primary exports to build local value chains in critical minerals for the green economy. Also addressing Africa’s energy access gap and mobilising investment in renewable and transitional energy systems.

Digital Transformation & Technology

Unlocking growth in fintech, AI and digital infrastructure to drive productivity, inclusion, and the next phase of Africa’s economic transformation.

The Africa Debate 2026 offers a unique platform for high-level dialogue, deal-making, and strategic engagement. Attendees will gain actionable insights from leading policymakers, investors and business leaders shaping Africa’s economic future, while building strategic partnerships that define the continent’s next growth phase.

Registration is now open (http://apo-opa.co/46b19gj).

Distributed by APO Group on behalf of Invest Africa.

Continue Reading

Business

Zion Adeoye terminated as Chief Executive Officer (CEO) of CLG due to serious personal and professional conduct violations

Published

2 days ago

on

February 6, 2026

By

After a thorough internal and external investigation, along with a disciplinary hearing chaired by Sbongiseni Dube, CLG (https://CLGglobal.com) has made the decision to terminate Zion Adeoye due to serious personal and professional conduct violations. This process adhered to the Code of Good Practice of the Labour Relations Act, ensuring fairness, transparency, and compliance with South African law.

Mr. Adeoye has been held accountable for several serious offenses, including:

  • Making malicious and defamatory statements against colleagues
  • Extortion
  • Intimidation
  • Fraud
  • Misuse of company funds
  • Theft and misappropriation of funds
  • Breach of fiduciary duty
  • Mismanagement

His actions are in direct contradiction to our firm’s core values. We do not approve of attorneys spending time in a Gentleman’s Club. CLG deeply regrets the impact this situation has had on our colleagues and continues to provide full support to those affected.

We want to express our gratitude to those who spoke up and to reassure everyone at the firm of our unwavering commitment to maintaining a respectful workplace. Misconduct of any kind is unacceptable and will be addressed decisively.

We recognize the seriousness of this matter and have referred it to the appropriate law enforcement, regulatory, and legal authorities in Nigeria, Mauritius, and South Africa. We kindly ask that the privacy of the third party involved be respected.

Distributed by APO Group on behalf of CLG.

 

Continue Reading

Business

The International Islamic Trade Finance Corporation (ITFC) Strengthens Partnership with the Republic of Djibouti through US$35 Million Financing Facility

Published

2 days ago

on

February 6, 2026

By

This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties

JEDDAH, Saudi Arabia, February 5, 2026/APO Group/ –The International Islamic Trade Finance Corporation (ITFC) (https://www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, has signed a US$35 million sovereign financing facility with the Republic of Djibouti to support the development of the country’s bunkering services sector and strengthen its position as a strategic regional maritime and trade hub.

The facility was signed at the ITFC Headquarters in Jeddah by Eng. Adeeb Yousuf Al-Aama, Chief Executive Officer of ITFC, and H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti.

The financing facility is expected to contribute to Djibouti’s economic growth and revenue diversification by reinforcing the competitiveness and attractiveness of the Djibouti Port as a “one-stop port” offering comprehensive vessel-related services. With Red Sea Bunkering (RSB) as the Executing Agency, the facility will support the procurement of refined petroleum products, thus boosting RSB’s bunkering operations, enhancing revenue diversification, and consolidating Djibouti’s role as a key logistics and trading hub in the Horn of Africa and the wider region.

We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth

Commenting on the signing, Eng. Adeeb Yousuf Al-Aama, CEO of ITFC, stated:

“This financing reflects ITFC’s continued commitment to supporting Djibouti’s strategic development priorities, particularly in strengthening energy security, port competitiveness, and trade facilitation. We are proud to deepen our partnership with the Republic of Djibouti and contribute to sustainable economic growth and regional integration.”

H.E. Ilyas Moussa Dawaleh, Minister of Economy and Finance in charge of Industry of the Republic of Djibouti, commented: “Today’s signing marks an important milestone in the development of Djibouti’s bunkering services and reflects our strong and valued partnership with ITFC, particularly in the oil and gas sector. This collaboration supports our ambition to position Djibouti as a regional hub for integrated maritime and logistics services. We look forward to deepening this partnership, creating new opportunities, and leveraging collaborative programs to advance key sectors and drive sustainable economic growth.”

This facility forms part of the US$600 million, three-year Framework Agreement signed in May 2023 between ITFC and the Republic of Djibouti, reflecting the strong and growing partnership between both parties.

Since its inception in 2008, ITFC and the Republic of Djibouti have maintained a strong partnership, with a total of US$1.8 billion approved primarily supporting the country’s energy sector and trade development objectives.

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

Continue Reading

Trending

Exit mobile version