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Markets06 July 2026 – 16:30
by MARTIN MWITA
Afreximbank senior economic adviser to the president Richman Dzene, global head, communication & events director Anne Ezeh, president and chairman of the coard of directors, Dr. George Elombi, director, regional operations, Anglophone West Africa Kudakwashe Matereke and senior manager, banking legal services at the Afreximbank African Trade Centre, Alex Bebe Epale, during the Afreximbank mid-year media briefing/ HANDOUT
Africa’s economic sovereignty will only be achieved when the
continent industrialises at scale, processes its own rement priorities on its own terms, the African Export-Import Bank now says
Kenya’s President William Ruto is among African leaders
pushing for local processing and value addition on the country’s and the continent’s
minerals, in a move to cut exports of raw minerals which have for years denied
African countries full benefits of their re
This, as he also pushes for industrial growth in the country
in a bid to create jobs and grow the economy while increasing exports and
reducing imports
African Export-Import
Bank (Afreximbank) president and chairman of the board of directors, George
Elombi, now says Africa could no longer rely on a development model built
around extraction and export of raw materials and importing finished goods
Speaking during a media briefing in Abuja, Nigeria, he said
the continent’s next phase of growth must be driven by value addition,
manufacturing, regional trade and stronger African financial institutions
capable of strong domestic capital and re
“Africa’s sovereignty will not be secured by exporting more
of what we do not process. It will be secured when we build the industries that
turn African re,
and that capital must be accessible on terms that are fair, evidence-based and
reflective of Africa’s true potential,” Dr Elombi said
He said Afreximbank’s mandate is focused on helping the
continent make that transition, from commodity dependence to industrial
capacity, from fragmented markets to integrated trade, and from external
vulnerability to greater African resilience
Directly through debt financing and indirectly through its
equity vehicle, the Fund for Export Development in Africa (FEDA), and in
partnership with industrial partners such as ARISE IIP, Afreximbank is
facilitating the development of multipurpose industrial parks and special
economic zones
There is also a dedicated effort in supporting mineral processing,
agro-processing, automotive, textiles and pharmaceuticals
The bank is scaling these strategic investments with the
view to build competitive manufacturing hubs and deepen regional production
linkages across the continent
Elombi said that if Africa is to industrialise, the
continent must also address the cost and availability of capital
Credit ratings, he noted, influence how much institutions
pay to raise funding, the investors they can access and ultimately, the cost at
which they can finance trade, infrastructure and industry.
“Fair credit assessment is part of Africa’s sovereignty
agenda,” he said, adding that “when African institutions are assessed properly,
they can raise capital more competitively. When they raise capital more
competitively, they can finance Africa’s industrial growth, and accelerate
African trade and job creation.”
Afreximbank’s recent investment-grade rating from S&P Global
Ratings, which assigned the Bank a BBB+ long-term and A-2 short-term issuer
credit rating, showed the importance of assessing African institutions in their
proper context
S&P’s assessment comes after Afreximbank’s strong Q1
2026 performance, with total assets and contingencies rising to $49.4 billion
(Sh6.4 trillion), shareholders’ funds of $8.6 billion (Sh 1.1 trillion), a capital
adequacy ratio of 23 per cent and a non-performing loan ratio of 2.40 per cent
Elombi said rating agencies must properly recognise Afreximbank’s
treaty-based structure, Preferred Creditor Status, shareholder support and
central role in financing African trade
He added that shareholders’ perception of the bank is driven
by their conviction and belief in the institution they created and not just by
rating perceptions
African multilateral institutions, he noted, should be assessed
on verified evidence, their real institutional structures and the development
role they play across the continent
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