The President of Afrexim Bank, Benedict Oramah disclosed that the bank played a pivotal role as the largest financer of the Dangote Refinery, which was inaugurated on May 22nd. The Dangote Refinery, with a project value of over $19 billion, is recognized as the largest refinery of its kind globally.
During the press conference, President Oramah expressed the bank’s pride in contributing significantly to the success of the Dangote Refinery project. He emphasized Afreximbank’s focus on value addition and their commitment to developing export-trading companies to enhance market access and support regional trade growth.
Apart from its involvement in financing industrial projects, Afreximbank has also been instrumental in ensuring financial stability in Africa. As part of their strategy, the bank has facilitated the acquisition of international banks in the continent by African financial institutions. This approach aims to bring stability to the financial system and promote majority African ownership of banks to avoid potential instability caused by foreign dominance.
President Oramah also touched on the issue of energy financing and environmental concerns. He urged global champions of climate and environment issues to consider the unique circumstances of Africa and allow the continent to utilize its resources for prosperity while also taking measures to safeguard the environment. He highlighted the importance of adaptation for Africa, as the continent is more of a victim than a contributor to carbon emissions.
The theme chosen for Afreximbank’s 30th anniversary celebration, “Delivering the Vision, Delivering Prosperity for Africans,” reflects the bank’s significant role in promoting economic integration through support for intra-African trade and investments. The decision to host the anniversary celebration in Ghana was influenced by the country’s historical significance as the birthplace of Pan Africanism and its unwavering commitment to African ideals.
The 30th anniversary celebration will serve as a platform for the gathering of global Africans, as it will be the first annual meeting of Afreximbank to include participation from the Caribbean community and diaspora. This move further strengthens the bank’s objective of fostering trade, investments, and economic relations between Africa and the Caribbean. The event is expected to attract around 4,000 guests from various regions, including the Caribbean, Europe, North America, and Asia.
As Afreximbank marks its three-decade journey, it continues to play a crucial role in driving Africa’s economic growth, supporting development projects, and facilitating trade across the continent. The bank’s involvement in the Dangote Refinery project exemplifies its commitment to fostering economic progress and prosperity for Africa and its people.