Businessman Aliko Dangote addressed attendees at the 30th Anniversary of the Afreximbank Annual Meetings, highlighting the importance of free movement and intra-Africa trade. Dangote emphasized that although Africa is home to oil-producing countries, only two nations, Algeria and Libya, do not import oil. He expressed concerns over the continent’s continued export of raw materials, stating, “We are importing poverty and exporting jobs.”
Dangote, who holds an African passport, voiced his frustration with the difficulty of traveling around the continent. He stressed the need for African countries to recognize the African passport to facilitate seamless travel and promote closer regional ties.
Nigeria, where Dangote hails from, produces approximately six million tons of urea fertilizer. In light of this, Dangote urged Africa to reduce its reliance on imported fertilizers and instead foster local production and trade within the continent.
The keynote speaker shared his company’s success story, which involved producing cement for both local consumption and export while establishing factories in multiple countries. He encouraged the establishment of domestic banks dedicated to investing in African businesses, promoting economic growth and self-sufficiency.
Dr Ernest Addison, the Governor of the Bank of Ghana, delivered a tribute to Afreximbank, lauding its role as a first-class supranational financial institution that champions African trade and drives growth across various sectors. He highlighted Afreximbank’s significant interventions, including infrastructural investments, agriculture and industry support, trade facilitation, and trade guarantee and advisory services. Dr Addison also mentioned key initiatives introduced by Afreximbank, such as the MANSA repository platform, the Pan African Payments and Settlements Systems (PAPSS), and the Intra-African Trade Fair (IATF).
The Governor further acknowledged Afreximbank’s Trade Impact Mitigation Facility platform, which disbursed over $8 billion to central and commercial banks during the COVID-19 pandemic to prevent trade debt payment defaults. Additionally, the bank allocated over $5 billion to member states and businesses for the procurement of food, fertilizer, and grains during the Russian-Ukraine crisis. Afreximbank collaborated with UNECA, the AU, and the AfCFTA Secretariat to establish the Africa Trade Exchange (ATEX), a pooled procurement platform aimed at reducing costs for African countries procuring essential commodities.
Prior to the implementation of the African Continental Free Trade Area (AfCFTA) in 2021, Afreximbank had already disbursed over $20 billion to support intra-African trade and investments. The bank aims to double this figure to $40 billion by the end of December 2026.
The Afreximbank 30th Anniversary Annual Meeting, themed “Delivering the Vision, Building Prosperity for Africans,” brought together regional stakeholders to discuss strategies for enhancing trade and economic development across the continent.
