… Says Nigeria to launch Africa energy Bank with $5bn capital tomorrow
President Bola Ahmed Tinubu on Friday honour Benedict Oramah, President of Afreximbank, with one of Nigeria’s highest national honours—the Grand Commander of the Order of the Niger (GCON). The award recognises Oramah’s transformative leadership over the past decade, during which the bank’s assets grew from $5 billion to over $37 billion.
“Under Professor Benedict Oramah’s steadfast leadership, Africa’s Bank has championed pandemic response, industrialisation, the African Free Trade Area, and the continent’s creative economy. This is a legacy of generational impact,” Tinubu said, , while delivering his address at the ongoing Afreximbank Annual Meetings in Abuja.
Tinubu also used the occasion to announced that Nigeria will officially launch the Africa Energy Bank with an initial capital of $5 billion on Saturday. The new institution, which will be headquartered in Abuja, is designed to finance Africa’s energy transition through gas, renewables, and clean technologies.
“Together, we are launching the Africa Energy Bank, headquartered in Abuja, with $5 billion in initial capital to finance Africa’s energy transition, leveraging gas, renewables, and clean technologies,” President Tinubu said.
Describing the development as a defining step for the continent, Tinubu noted that Nigeria, as Africa’s most populous nation and a leading voice for unity and progress, is a fitting host for such a pivotal initiative. “More than a routine meeting, this is a moment to reflect on our shared resilience and renew our commitment to shaping Africa’s future boldly and deliberately,” he stated. He described the theme of this year’s meeting, “Building the Future on Decades of Resilience,” as both “timely and profound.”
Read also: Cameroon’s Elombi emerges as Afreximbank’s new President
He praised Afreximbank’s efforts in mobilising over $250 billion for trade and development, $150 billion of which was within the last 10 years. Nigeria, he noted, has been a major beneficiary, receiving over $52 billion in support spanning energy, agriculture, infrastructure, manufacturing, healthcare, and the creative industries. Signature projects include the Dangote and BUA refineries, the African Medical Centre of Excellence, and the African Quality Assurance Centre.
“This partnership extends beyond capital,” Tinubu said, citing Nigeria’s formal adoption of the Pan-African Payment and Settlement System (PAPSS) as a step toward financial independence. “PAPSS enables cross-border trade in local currencies, reducing reliance on foreign exchange and promoting economic stability. I urge all African nations to embrace PAPSS, deeper financial integration strengthens our collective resilience,” he urged.
Reaffirming his administration’s reform-driven agenda, Tinubu highlighted key economic strides since mid-2023 under his Renewed Hope Agenda. “We have removed the long-standing fuel subsidy scam and unified our exchange rate system. These reforms, though difficult, are essential to correcting systemic distortions,” he said.
He pointed to tangible progress, including a 3 percent rise in oil production to over 1.5 million barrels per day in 2024, with a 2.5 million target in sight. Inflation is easing, the naira is stabilising, and investor confidence is returning. “Debt servicing has declined from 96 percent to below 65 percent of revenue. Tax reform is already underway,” Tinubu added.
He also revealed that over 100,000 Nigerians have now accessed the new national consumer credit scheme, with another 400,000 expected to benefit in the next phase. The country’s student loan programme has also kicked off, ensuring that no child is denied education due to financial hardship.
In the health sector, Tinubu said government spending of N45.9 billion has been directed toward upgrading 8,800 primary healthcare centres, with a focus on maternity care and diagnostic services in underserved areas. The country is also deploying thousands of kilometres of fibre optic cables to improve digital inclusion and close connectivity gaps.
Tinubu reported that 279 roads have been completed, with another 260 underway. “Sixty-five percent of that construction has already been done,” he stated. He also highlighted Nigeria’s ambition to become Africa’s fertiliser hub, with production being scaled to 7.5 million metric tons annually, supported by Afreximbank. “We are positioning Nigeria for food security across the continent,” he said.
Other transformative projects mentioned include the $3.5 billion Bakassi Deep Seaport and enhanced electricity grid infrastructure for better market access. Tinubu noted that platforms like Fund for Export Development in Africa (FEDA), Canex, and PAPSS reflect a deeper partnership between Nigeria and Afreximbank, one that goes beyond finance to support African entrepreneurship, scale small enterprises, and raise quality standards in creative and export-driven sectors.
“Afreximbank is a strategic partner in our food, institutions, infrastructure, and innovation that will define Africa’s economic future,” he said, calling on member states to keep the bank agile, bold, and grounded in African realities.
Tinubu made a strong case for the full adoption of PAPSS across Africa to reduce transaction costs, conserve foreign reserves, and empower small businesses. He also urged stronger financial support for Afreximbank to scale its transformational impact.
“Let us bridge intra-African trade not as a goal but as a strategic pathway to growth, jobs, and industrial value chains. Let us empower youth, women, and entrepreneurs as both beneficiaries and architects of a new African century,” he said.
In a world grappling with fragmentation, rising protectionism, and shifting trade dynamics, Tinubu concluded with a call for African unity. “The world will not wait for Africa. A united and purposeful Africa can define its destiny. Let history record that African leaders chose to shape their own future. Let us remember these bold steps and the catalytic investments they produce,” he said.
“I have the honour and privilege to recognise you,” he added, conferring the Grand Commander of the Order of the Niger on Professor Benedict Oramah for his outstanding contribution to Africa’s development.
