Africa must secure economic future amid global uncertainty, says Shettima

Omeiza Bilal
The Vice-President, Kashim Shettima, says there is a need for African countries to strengthen its development financial institutions if the continent is to secure economic future amidst global turbulence. This is just as he added that of the over $100 billion interventions across the continent, Nigeria was the biggest beneficiary with $52 billion.

Nigeria holds the largest shareholder and is also the highest beneficiary of the bank.
The Vice President who gave the advice at the opening ceremony of the 32nd Annual General Meeting of the African Export-Import Bank (Afreximbank) Wednesday in Abuja, said the Bank has stood the test of time and is now a major player in the development finance space.
The Afreximbank 2025 AGM has as its theme: “Building the Future on Decades of Resilience”.
Shettima, represented by the Special Adviser to President Bola Tinubu on Economic Affairs, Dr Tope Fasua, said the establishment of Afreximbank in 1993 was Africa’s response to the confluence of crises during that time, noting that Afreximbank has gone on to become a become a crucial player supporting African economies, demonstrating three decades of resilience rooted in courage and determination and clear foresight.
Shettima stressed that through the Afreximbank financing, the federal government has been able to carry out several projects.
He said, “Afreximbank’s transformative footprint include, the African Trade Center commissioned here in Abuja, which now serves as a nucleus for policy innovation, trade facilitation and business intelligence, the African Medical Center of Excellence, which opened just weeks ago- providing world class oncology, cardiology and hematology services and reducing the over $1 billion spent annually on medical terms, The African quality assurance centers in Kaduna and Ogun state, strengthening the export readiness of Nigerian products; a $300 million export manufacturing initiative, strategically located in cross river, Enugu and Kano states to catalyze industrial clusters , and the pivotal $3 billion intra Africa petroleum trade facility to enhance Nigeria’s energy security and supporting domestic refining capacity. These are not merely projects, they are strategic investments in residence, for sovereignty and in shared prosperity.”
He emphasised the urgency for the continent to take its destiny in its own hands’.
“The certainties of the past, stability, predictable alliances, and open markets are giving way to a new era of fragmentation and volatility,” he added.
Nigeria’s number two man used the occasion to highlight some of the achievement from ongoing reforms meant to put the economy back on track.
“Our administration is pursuing one of the boldest economic reforms in Nigeria’s history. Because resilience is not passive. It must be planned, built and protected. We have unified the exchange rates, eliminating multiple effects windows to restore transparency and investor confidence. We have phased out fuel subsidies, saving billions of dollars in leakages and reinvesting in social protection and infrastructure. We have launched Compressed Natural Gas (CNG) converting over 150,000 vehicles and reducing fuel cost and emissions. We have accelerated strategic infrastructure, including the Lagos Calabar coastal highway and the eastern rail corridor to improve regional connectivity. We have transformed our oil sector, introducing real time tracking of exports and enhancing revenue assurance through the petroleum cargo declaration scheme. And we have expanded access to trade finance and restructured support to small and medium enterprises through digitized platforms and AfCTA, aligned export development zones. These actions, while difficult are already yielding impact. GDP is expected to grow at between 4 to 4.5% in 2025”, he said.
Speaking earlier, Central Bank Governor Mr Olayemi Cardoso said the theme couldn’t have come at a more auspicious time, adding that, “it speaks directly to the essence of this institution and the road of travel of our continent”.
“It speaks directly to the essence of today. We gather to reflect on, and celebrate the journey of Afreximbank. Over the past three decades, the bank has emerged as more than an average financial institution. It has become a trusted partner, a convener of ambition and a catalyst for change, shaping strategy, enabling execution and elevating African agencies across the globe”.
Cardoso commended the bank on its positive trajectories, noting that, its achievements were both wide ranging and deeply strategic.
“Trade finance leadership that has kept SMEs and exporters afloat through volatile cycles; swift crisis response mechanisms such as the Pandemic Trade Impact Mitigation Facility (PATIMFA) that stabilized economies in times of global retreat; Continental innovations like the Pan-African Payment and Settlement System (PAPSS), laying the foundation for Africa’s financial sovereignty; support for the creative and industrial economy through initiatives like CANEX and targeted manufacturing investments; infrastructure and energy financing that powers productivity and deepens regional connectivity; healthcare and quality infrastructure efforts that remind us that resilient economies begin with resilient people and thought leadership that consistently projects Africa’s voice onto the global stage, shaping conversations on trade, finance, and development from an African perspective”.
“In short, Afreximbank has filled strategic gaps, anticipated future needs, and consistently shown up for Africa in the moments that matter most. It has helped define what resilience looks like in practice”, Cardoso affirmed.
Referencing work ethics at the CBN Cardoso said it is anchored on rebuilding trust.
“At the Central Bank of Nigeria, we’ve made this work a priority. In the past year, we have focused on rebuilding trust, with markets, with citizens, and with partners. We recognize that institutional credibility is the anchor of effective monetary and financial policy.
Our efforts are focused on restoring clarity, reinforcing consistency, and deepening confidence, not as an end in itself, but as a foundation for a resilient future. This is the essence of institution building”, he said.
Earlier in an opening remark, Afreximbank’s Vice President Mr. Dennis Denya said the annual meetings “had become pivotal in generating ideas, shaping policy, design and changing the narrative, while at the same time creating a platform for forging constructive partnerships and strategic alliances.
“Accordingly, we expect the outcome of these meetings in this great city to have consequential impact and alter the development trajectory of our continent”.
