Tinubu Honours Oramah, Announces $5bn Africa Energy Bank Launch
By Patience Ikpeme
President Bola Ahmed Tinubu has conferred one of Nigeria’s highest national honours, the Grand Commander of the Order of the Niger (GCON), on Professor Benedict Oramah, President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank).
The announcement, delivered at the 32nd Afreximbank Annual Meetings in Abuja, drew a prolonged ovation from attendees and moved Oramah’s wife to tears.
Moments before bestowing the honour, President Tinubu revealed that the $5 billion Africa Energy Bank, headquartered in Abuja, is set to be commissioned on Saturday. Tinubu linked the new bank’s creation to the vision and impact of Oramah’s leadership, crediting Afreximbank’s expanding partnership with Nigeria for laying the groundwork for transformative projects.
According to Tinubu, the Africa Energy Bank will serve as a financial catalyst for Africa’s energy transition by supporting investments in natural gas, renewable energy, and clean technologies. The President further explained that Afreximbank’s collaboration has helped scale Nigeria’s fertilizer production capacity to 7.5 million tons annually, boosting both agricultural output and industrial growth.
Beyond financing, Tinubu said the bank’s partnership has contributed to elevating product standards, nurturing African entrepreneurs, and empowering small businesses in creative and export-oriented sectors.
Tinubu used the occasion to urge African countries to deepen cooperation and strengthen local institutions in response to a shifting global economic landscape marked by protectionism and evolving trade alliances. He called on governments across the continent to fully implement the Pan-African Payment and Settlement System (PAPSS), describing it as a critical step to reduce transaction costs and conserve foreign exchange reserves. The President also appealed for greater financial support for Afreximbank so it can expand its development impact across the continent.
Positioning inter-African trade as more than a policy goal, Tinubu described it as a “strategic pathway” for job creation, economic growth, and industrial development. He concluded his remarks with a call for a united Africa determined to define its own economic future.
Addressing the gathering, Professor Oramah detailed several Afreximbank initiatives that are shaping Africa’s integration agenda. He reported that 16 African countries have already connected to PAPSS, driving rapid growth in transaction volumes. Oramah noted that the system’s appeal now extends beyond Africa, revealing that CARICOM central banks recently approved the adoption of PAPSS to implement the CARICOM Payment System.
Oramah also discussed the bank’s work to overcome the logistical barriers rooted in Africa’s colonial history of fragmented borders. Through the Africa Collaborative Transit Guarantee Scheme, Afreximbank now issues a single transit bond—either directly or in partnership—which enables goods to move seamlessly from Cape to Cairo without requiring separate bonds at each border. The scheme is already operational within the COMESA region, where nearly $1 billion in bonds has been issued, and plans are underway to expand to other regional markets.
Reflecting on these developments, Oramah said such initiatives aim to remove the persistent obstacles that slow trade and inflate costs, supporting Afreximbank’s broader mission of connecting markets, building value chains, and driving continental integration.
