CAIRO, Egypt — Dr. George Elombi was sworn in as the fourth President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank) on Saturday, Oct. 25, 2025, in Cairo, taking over the helm of the African Multilateral Finance Institution from Prof. Benedict Oramah. The investiture ceremony was formalized with an oath administered by Hon. Wale Edun, Chairman of the Annual General Meeting of Shareholders and Minister of Finance and Coordinating Minister of the Economy of Nigeria, and was attended by over 2,000 guests, including heads of state, government leaders, and all former Afreximbank presidents.
In his inaugural address, Dr. Elombi announced his “unwavering commitment to carrying forward this legacy—to deepening our impact, strengthening our partnerships, and continuing the mission of building an Africa that trades with itself and thrives on its own terms”.
A Vision to Transform Africa’s Trade Structure
Elombi emphasized that the current structure of global trade is “disfavourable to Africa” due to its heavy reliance on the export of commodities, a situation that must change.
“Our mission is therefore, to transform the structure of that trade,” Elombi stated. “To change the structure, we must process. We must produce. Unless we produce, we cannot trade”. He added that the future of Africa “lies in value addition, in producing and trading intermediate and finished goods that generate wealth and create jobs within our own borders”.
The new president outlined a seven-point agenda for the next five to ten years, prioritizing sectors that will have the most significant and sustained impact on the continent’s well-being.
Key Priorities for the Next Decade
Elombi’s plan centers on transforming raw potential into finished products and fostering greater regional integration:
Promote and Accelerate Value Addition and Strategic Minerals Processing : This is intended to stop “the export of raw potential”. Afreximbank will create a new, high-impact financing window specifically for projects that process raw minerals. “We will establish a Strategic Minerals Development Programme to finance entire value chains, from extraction and refining to manufacturing finished components, capturing much more value here at home and creating high-skilled jobs for our people”.
Deepening Intra-African Trade and Regional Integration : Elombi noted that the success of the value addition agenda depends on securing markets for the produced goods. This involves intensifying efforts “to break down trade barriers, strengthen cross-border infrastructure, and foster seamless movement of goods, services, people, and capital across our continent”. Afreximbank will continue its catalytic role in implementing the African Continental Free Trade Agreement (AfCFTA).
Catalyzing and Building Critical Trade-Enabling Infrastructure : The plan targets investments in projects that directly facilitate trade, including roads, railways, ports, power grids, and specialized logistics hubs, with a focus on infrastructure that links production centers with markets.
Leveraging Innovation and Digital Technology : Elombi announced a plan to “elevate artificial intelligence as a priority” and explore the creation of a Pan-African Digital Currency, including a Stablecoin, to strengthen financial integration and innovation.
Mobilizing Global African Capital : The Bank will intensify efforts to connect African wealth—from sovereign wealth funds, pension funds, and the diaspora—back to Africa’s growth. Elombi posed the question, “is it not now time to consider the creation of a Pan-African Sovereign Wealth Virtual Fund Network—a dynamic platform for pooling Africa’s capital and channeling it toward transformative investments across the continent?”.
Financial Strength : The institution will work toward an ambitious goal, inspired by the President of Egypt, to grow the bank’s balance sheet to US$350 billion within ten years. Elombi emphasized that “only a strong and well-capitalized institution can make the scale of interventions required to transform Africa’s trade and development landscape”.
Growing Strategic and Innovative Partnerships : Partnerships with development institutions such as the African Development Bank (AfDB) and the African Alliance of Multilateral Financial Institutions are central to the Bank’s mission.
Defending African Institutions
Dr. Elombi also addressed the “increasingly hostile” narrative targeted at African multilateral financial institutions, which he characterized as a “coordinated attack on African sovereignty”. He argued that these attacks are a “testament to our success,” saying, “The more relevant we become, the more disruptive we are considered to be in some quarters”.
He defended the Bank’s mandate, pushing back against those who claim “mission drift” by playing in fields beyond trade finance. “How can Africa trade unless it produces? And how can it produce without transforming the very structure of its trade?” he asked. He clarified that the foundation of Afreximbank’s establishment is “TO CHANGE THE STRUCTURE OF AFRICAN TRADE”.
He also affirmed that Afreximbank’s Preferred Creditor Status (PCS) is not granted “out of goodwill or benevolence of governments” but is “enshrined in its Establishment Treaty, signed by all Member states”.
The new president concluded by extending gratitude to his predecessor, Professor Oramah, and to the shareholders, including the government of Egypt, for their “unwavering support”. He called for continued unity: “We stand at a defining moment—ready to shape Africa’s destiny, together”.
