Afreximbank Chief Calls for Industrialisation to Secure Africa’s Economic Sovereignty
Speaking at a media briefing in Abuja, Nigeria, Dr Elombi said the continent must move away from an economic model based on exporting raw materials and importing finished products
Devdiscourse News Desk|Abuja|Updated: 02-07-2026 22:18 IST | Created: 02-07-2026 22:18 IST
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- Nigeria
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Africa can only achieve true economic sovereignty by industrialising at scale, processing its own natural re to African Export-Import Bank (Afreximbank) President Dr George Elombi
Speaking at a media briefing in Abuja, Nigeria, Dr Elombi said the continent must move away from an economic model based on exporting raw materials and importing finished products. Instead, he called for stronger investment in manufacturing, value addition, regional trade and African financial institutions that can mobilise capital for the continent’s own development priorities. He said Africa’s future prosperity depends on creating industries that transform local resources into high-value products while generating jobs and strengthening economic resilience.
Fair financing essential for industrial transformation
Dr Elombi said industrialisation cannot succeed without affordable and accessible financing. He stressed that fair and evidence-based credit assessments are critical because they influence how much African institutions pay to raise capital and their ability to finance trade, infrastructure and industry. He pointed to Afreximbank’s recent BBB+ long-term investment-grade rating from S&P Global Ratings as an example of how African financial institutions should be assessed based on their actual financial strength and development role. The bank reported total assets and contingencies of US$49.4 billion, shareholders’ funds of US$8.6 billion, a 23 per cent capital adequacy ratio and a non-performing loan ratio of 2.4 per cent during the first quarter of 2026.
Dr Elombi also highlighted strong investor confidence in the bank, citing successful Samurai and Panda bond issuances and a US$2 billion equivalent syndicated facility raised from 31 lenders across Europe, Asia, the Middle East and Africa
Trade and infrastructure must support African industries
The Afreximbank President said industrial growth must be supported by stronger trade infrastructure, payment systems and logistics networks that enable African goods to move efficiently across the continent. He reaffirmed the bank’s commitment to financing industrial parks, special economic zones and manufacturing projects through partnerships with organisations such as the Fund for Export Development in Africa (FEDA) and ARISE Integrated Industrial Platforms (ARISE IIP). These investments target sectors including mineral processing, agro-processing, automotive manufacturing, textiles and pharmaceuticals.
Dr Elombi also welcomed the proposed New African Financial Architecture (NAFA), saying Africa must strengthen its ability to mobilise domestic resources and finance its own development. He said Afreximbank will continue supporting projects that expand industrial capacity, improve value addition, strengthen energy security, modernise digital payment systems, enhance trade infrastructure and accelerate implementation of the African Continental Free Trade Area (AfCFTA), helping Africa build a more self-reliant and competitive economy.
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