Tinubu Confers GCON On Outgoing AFREXIMBANK Chairman, Benedict Oramah

June 28, 2025

President Bola Tinubu on Friday conferred the second highest national honor, Grand Commander of the Order of the Niger (GCON), on President and Chairman of the Board of Directors of African Export-Import Bank for his outstanding contributions to development of Africa, particularly prioritising Nigeria’s interests.

The President gave the surprise recognition to Prof. Oramah at the 32nd Annual Meetings of the Bank in Abuja, appreciating his leadership role in expanding trade on the continent by leveraging opportunities, integrating and streamlining payment systems, and facilitating development projects for both the private and public sectors.

He said: “Today is your day, Prof Oramah. I have listened to the accounts and reports you read eloquently, which also consist of lessons for us, your friends.

“I have the honour and privilege of conferring on you one of the highest recognitions of our country, Grand Commander of the Order of the Niger (GCON)”.

President Tinubu noted that this year’s meeting with the theme—”Building the Future on Decades of Resilience”—was timely and profound.

“Afrexim Bank, under Professor Benedict Oramah’s steadfast leadership, has grown its assets from 5 billion dollars to over 37 billion dollars. His decade of leadership saw the Bank champion Africa’s pandemic response, drive industrialisation, and support the AfCFTA and the continent’s creative economy. His legacy is one of generational impact,” he added.

Oramah, who was one of the pioneering leaders of the institution in 1993, served as President/Chairman of the Bank for ten years, with record interventions in facilitating funds for 400 million vaccines to halt spread of Covid-19 in Africa, supporting agricultural development, healthcare projects and energy, including the Dangote Refinery.

President Tinubu noted that Nigeria benefited from more than 52 billion dollars in support from the Afrexim Bank.

“Nigeria has proudly benefited from over 52 billion dollars in support, directed into energy, agriculture, infrastructure, manufacturing, healthcare, and creative industries.

Flagship projects such as the Dangote and BUA Refineries, the African Medical Centre of Excellence, and the Africa Quality Assurance Centre embody confidence in Nigeria’s future and Africa’s potential.

“This partnership extends beyond capital. Nigeria’s formal approval of the Pan-African Payment and Settlement System (PAPSS) is a significant step towards 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 because deeper financial integration strengthens our collective resilience,” he added.

The President said Afrexim Bank was born from Africa’s resolve to own its development since 1993, with over 250 billion dollars mobilised for trade and development and 140 billion dollars in the last decade alone.

“Nigeria’s collaboration with Afrexim Bank is expanding in scope and ambition. Together, we are launching the Africa Energy Bank, headquartered in Abuja, with 5 billion dollars in initial capital to finance Africa’s energy transition—leveraging gas, renewables, and clean technologies.

“We are scaling our fertiliser sector to 7.5 million tonnes annually, supported by Afrexim Bank, positioning Nigeria as Africa’s fertiliser hub and ensuring food security for the continent.

Meanwhile, transformative projects such as the 3.5 billion dollar Bakassi Deep Seaport enhance trade infrastructure and market access.

“Through platforms like FEDA, AQAC, CANEX, and PAPSS, our partnership with Afrexim Bank is not just about financing. It’s about fostering African entrepreneurship, elevating quality standards, and scaling SMEs in creative and export-driven industries.

Afrexim Bank is a strategic partner in co-creating the institutions, infrastructure, and innovations that will define Africa’s economic future,” he stated.

President Tinubu highlighted some of the Nigerian economy’s gains through repositioning in the last two years.

According to him: “Since May 2023, my administration has, under the Renewed Hope Agenda, advanced tough but necessary reforms rooted in macroeconomic stability, inclusive growth, and restored productivity. We removed the long-standing fuel subsidy and unified our exchange rate system.

“These reforms, though difficult, were essential to correcting systemic distortions. The results of our efforts are clear and promising, providing a strong foundation for our future endeavours. We have made significant strides in various sectors, and these achievements should fill us all with optimism for what lies ahead.