The African Export-Import Bank (Afreximbank) disbursed $18.7 billion in 2023 to bolster trade, industrialisation, and business development across Africa, according to its Chief Group Economist, Dr Yemi Kale.
Kale disclosed the figure during the presentation of the 2025 Africa Trade Report at the bank’s 32nd Annual General Meeting (AGM), currently holding in Abuja.
He said Afreximbank’s interventions were pivotal in shaping Africa’s economic trajectory and enabling intra-African commerce.
“Afreximbank is not just financing trade; it is helping to build a modern trade ecosystem that supports long-term economic stability and prosperity,” Kale noted.
The report paints a cautiously optimistic picture for the continent, stressing the need to transition from mere resilience to renewal. It identified three essential financial pillars for realising the goals of the African Continental Free Trade Area (AfCFTA): scaling African-owned development banks, establishing interoperable cross-border payment systems, and projecting a unified African voice in global financial forums.
In this context, Kale said the bank’s funding activities were “designed to engineer transformation, drive industrial upgrading, and strengthen the foundations of African enterprise.”
Speaking at the event, Vice President Kashim Shettima reaffirmed Nigeria’s commitment to deepening collaboration with Afreximbank.
He called for greater support for digital platforms like the Pan-African Payment and Settlement System (PAPSS) and the MANSA repository, noting that these tools could significantly reduce trade costs and promote intra-African commerce.
“The AfCFTA should serve as the anchor for regional value chains, backed by robust industrial policies that scale across the continent,” Shettima added.
Also addressing delegates, Central Bank of Nigeria (CBN) Governor Olayemi Cardoso praised Afreximbank for its timely interventions in moments of crisis, including during COVID-19 and global commodity shocks.
He described the bank as “a stabilising force for the continent” and warned that Africa must navigate rising global protectionism, economic fragmentation, and geopolitical uncertainty with renewed focus and coordination.
Cardoso said the CBN had spent the past year rebuilding trust and credibility through disciplined policies, adding that resilient institutions must be underpinned by robust governance and long-term planning.
He urged African countries to fully implement the AfCFTA and shift towards African-led green growth, digital connectivity, and food and energy security.
The 2025 Trade Report described Africa’s economy as resilient, despite global economic headwinds, but stressed that sustainable growth would depend on policy harmonisation, investment coordination, and targeted industrial policies.
Infrastructure investments, if aligned with AfCFTA’s goals, could stimulate value chains and reduce dependency on external markets.
The report also underscored the need for regional financial integration and technology-driven training systems to support African businesses, particularly youth and women-led enterprises.
Denys Denya, Afreximbank’s Senior Executive Vice President, said Africa stood at a critical turning point.
He called on governments to strengthen financial institutions and pursue diversification, value-added exports, and strategic alliances.
“The success of African institutions requires not just reforms but political will. We must protect and strengthen these institutions for inclusive growth,” he said.
The 32nd Afreximbank AGM has drawn policymakers, private sector leaders, multilateral institutions, and development experts from across the continent and beyond.
Sessions have focused on bridging trade financing gaps, accelerating trade integration, and leveraging innovation to enhance Africa’s global competitiveness.
The annual Africa Trade Report remains a key resource in shaping policy and investment decisions, providing insights into the region’s evolving trade dynamics in an increasingly complex global landscape.
