President Bola Tinubu on Friday called on African leaders to work towards greater integration and streamlining of payment systems, trade facilitation, and partnerships for regional development.
He emphasised the need for a united and purposeful Africa to define its destiny and urged the adoption of PAPSS to reduce costs, conserve foreign reserves, and empower SMEs.
He said this while addressing the 32nd Annual meetings of the African Export-Import Bank (Afreximbank) ion Friday n Abuja.
Tinubu highlighting significant economic progress and partnerships.
He emphasised the bank’s crucial role in Africa’s development, citing Nigeria’s $52 billion in support from Afrexim Bank for various projects.
Tinubu discussed the Nigerian economy’s repositioning over the last two years, focusing on macroeconomic stability, inclusive growth, and restored productivity.
Key reforms according to him, included removing fuel subsidies and unifying the exchange rate system, which, despite being challenging, were essential to correcting systemic distortions.
The president noted that the results of these efforts were promising, with a strong foundation for future endeavors.
He highlighted Nigeria’s 3.4 per cent GDP growth in 2024, supported by broad sectoral contributions and a rebound in oil production to 1.5 million barrels per day.
Tinubu emphasised the significance of the partnership between Nigeria and Afreximbank, which has led to numerous development projects.
He mentioned flagship projects such as the Dangote Refineries, the African Medical Centre of Excellence, and the Africa Quality Assurance Centre.
The president also highlighted the Pan-African Payment and Settlement System (PAPSS), which enables cross-border trade in local currencies, reducing reliance on foreign exchange and promoting economic stability.
He urged all African nations to adopt PAPSS for deeper financial integration and collective resilience.
Tinubu announced the launch of the Africa Energy Bank in Abuja, with an initial capital of $5 billion to finance Africa’s energy transition.
He also mentioned scaling up fertilizer production to 7.5 million tonnes annually, positioning Nigeria as Africa’s fertilizer hub and ensuring food security for the continent.
Tinubu highlighted transformative projects such as the $3.5 billion Bakassi Deep Seaport, which would enhance trade infrastructure and market access.
Tinubu conferred the national honor of Grand Commander of the Order of the Niger (GCON) on outgoing Afreximbank President and Chairman of the Board of Directors, Prof. Benedict Oramah, for his outstanding contributions to Africa’s development.
He praised Oramah’s leadership, which grew the bank’s assets from $5 billion to over $37 billion and championed Africa’s pandemic response, industrialization, and support for the African Continental Free Trade Area (AfCFTA).
