Sandra Nwaokolo, Author at Tribune Online

President Bola Tinubu has conferred the national honour of Grand Commander of the Order of the Niger (GCON) on Professor Benedict Oramah, the outgoing President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank). The honour was bestowed during the 32nd Annual Afreximbank Meetings held in Abuja on Friday. “I have the honour and privilege to recognise you, the outstanding contribution of Professor Benedict Oramah, by conferring you with one of Nigeria’s highest honours, the Grand Commander of the Order of the Niger,” Tinubu announced at the event. In a heartfelt tribute, the president hailed Oramah’s transformative leadership at Afreximbank, describing him as a key architect in reshaping Africa’s trade and financial landscape. He praised Oramah’s instrumental role in strengthening the African Continental Free Trade Area (AfCFTA) and bolstering the continent’s financial resilience. According to Tinubu, Afreximbank’s assets grew from $5 billion to over $37 billion under Oramah’s leadership, with the bank mobilising more than $150 billion for trade and development over the past decade. “Nigeria has proudly benefited from over $52 billion in support directed to energy, agriculture, infrastructure, manufacturing, healthcare, and the creative industry,” he noted. Tinubu highlighted landmark projects such as the Dangote Refinery, the African Medical Centre of Excellence, and the African Quality Assurance Centre as reflections of the bank’s confidence in Nigeria and its future. He also reaffirmed Nigeria’s commitment to financial integration by announcing formal approval of the Pan-African Payment and Settlement System (PAPSS). “I urge all African nations to embrace PAPSS because deeper financial integration strengthens our collective resilience,” Tinubu said. The president used the occasion to outline broader economic reforms under his administration, including exchange rate unification, fuel subsidy removal, and tax restructuring. He reported a 3 per cent GDP growth for Nigeria in 2024, improved oil production, and a reduction in debt servicing from 96 per cent to below 65 per cent of government revenue. Looking ahead, Tinubu announced the launch of the Africa Energy Bank in Abuja with an initial capital of $5 billion to support the continent’s energy transition through investments in gas, renewables, and clean technologies. He also revealed plans to expand Nigeria’s fertiliser output to 7.5 million tonnes annually, positioning the country as Africa’s fertiliser hub and bolstering food security and industrialisation. Tinubu concluded by calling for stronger partnerships with Afreximbank and other financial institutions to boost intra-African trade and entrepreneurship. “A united and purposeful Africa can define its destiny,” he said, urging African nations to confront global protectionism with greater unity and cooperation. ALSO READ TOP STORIES FROM NIGERIAN TRIBUNE