African Leaders Lay Out Roadmap for Economic Renewal at Afreximbank Meetings
By Patience Ikpeme
Facing a complex global landscape, African leaders convened at the 32nd Afreximbank Annual Meetings in Abuja, charting a course for the continent’s economic renewal and deeper integration.
Vice President Kashim Shettima, speaking through his Special Adviser on Economic Affairs, Dr. Tope Fasua, conveyed Nigeria’s readiness to take a leading role and collaborate with partners to advance Africa’s development priorities.
Shettima stated that Africa’s current challenges, from global fragmentation to commodity shifts and climate disruption, necessitate a move beyond mere resilience to a phase of active renewal. This ambitious undertaking, he explained, demands increased mobilization of blended finance to attract private capital for vital infrastructure and green energy investments.
The Vice President advocated for the African Continental Free Trade Area (AfCFTA) to serve as a foundational anchor for regional value chains, supported by industrial policies capable of scaling across the continent. He also called for the “institutionalization of digital trade platforms such as the Pan-African Payment and Settlement System (PAPSS) and the MANSA repository, to reduce trade costs and promote intra-African commerce.” Strengthening institutions like Afreximbank with additional capital, more robust governance frameworks, and effective risk-sharing structures, he added, is crucial for delivering an inclusive transformation that benefits youth, women, and small businesses.
Denys Denya, Afreximbank’s Senior Executive Vice President, described Africa as being at a critical juncture, requiring intentional aspirations and firm convictions. He urged stronger support for African financial institutions, sound governance practices, and deeper regional cooperation.
“The success of these institutions depends not only on internal reforms but also on the political will of African governments to protect and strengthen them,” Denya said. He added that beyond routine policy and macroeconomic management, Africa must direct its focus towards “industrialization, value-added exports, and diversification of trade partners.”
Denya explained that improving regional trade through AfCFTA and forming strategic alliances would help open new markets, enhance competitiveness, and drive innovation. He pledged Afreximbank’s continuous support for African countries, recalling the bank’s past interventions during the commodity downturn, the COVID-19 pandemic, and the disruptions linked to the Ukraine crisis.
The 32nd Afreximbank Annual Meetings served as a vital platform for African leaders, financial experts, and policymakers to develop a strategic direction toward more integrated, inclusive, and resilient economies. As global challenges continue to mount, speakers at the event called for institutions that are prepared for long-term engagement—supported by capital, strategic vision, and the collective resolve of African nations.
