From Isaac Anumihe, Abuja
The Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso, today said that Afreximbank, whose initial capital base was $750 million 32 years ago when it started, has expanded its capital assets to over $40 billion as of last year.
Speaking at the 32nd Annual General Meeting (AGM) of Afreximbank in Abuja, the governor said that the achievement is a reflection of hard work and prudent management of resources.
“This remarkable trajectory reflects both prudent financial stewardship and the continent’s growing confidence in its capabilities. It is also a testament to the expanding coalition of stakeholders, spanning 51 African countries, and a mix of public and private investors who have placed their trust in Afreximbank’s position.
“Besides its impressive financial results, Afreximbank’s achievements have been both wide-ranging and deeply strategic. It has distinguished itself as a reliable, counter-cyclical actor and first responder during crises. The bank has repeatedly risen to the occasion when Africa needed it most.
“From the COVID-19 pandemic to, of course, the counter-cyclical trade liquidity facility and its immense contributions directly to Africa’s public health response, these interventions collectively underscore a profound truth that Africa’s economic resilience is inseparable from its capacity to propose solutions to its challenges.
“Afreximbank, as a truly African institution, has distinguished itself by embodying this impulse,” he stated.
According to Cardoso, as a founding member and a major shareholder, Nigeria is also the bank’s largest single beneficiary.
In his remarks, the Senior Executive Vice President of the bank, Mr Denys Denya, lamented the crises the bank faced to establish Afreximbank.
According to him, the bank was fiercely resisted from both within and without. He said that those who wanted Africa to be perpetually dependent were the people at the forefront of the resistance.
“I want to remind us that the establishment of Afreximbank was Africa’s response to the confluence of crises during that time. But the establishment of Afreximbank was also met with fierce resistance, both from within and without Africa. It was those whose goal it was to perpetuate the culture of dependence and other developments of the continent who led such a resistance.
“Notwithstanding the fierce opposition to its creation, Afreximbank has ascended into systemic relevance, supporting not only its current clients but member countries and contributing to the continent’s development aspirations. Over the past three decades, the resilience of the bank has been anchored on courage and determination, clear foresight, and a firm belief in its vision. It is against this background that the 2025 Annual Meetings are aptly themed: Building the Future on Decades of Resilience,” he said.