Africa-Press – Malawi. The 32nd African Export-Import Bank (Afreximbank) Annual Meetings kicked off on Wednesday in Abuja, Nigeria, with leaders engaging on recent global trends and the pathway for regional integration and economic growth.
The meeting has brought together African and Caribbean leaders, finance ministers, central bank governors, experts and policymakers to discuss ‘Building the Future on Decades of Resilience’.
It comes as African economies have, for the past decades, been susceptible to myriad shocks and face an elevated level of economic uncertainty and market volatility at the height of the global trade ‘war’.
In his opening address, Afreximbank president Benedict Oramah said the meeting offers the continent an opportunity to reflect on shared resilience, innovation and transformation.
He said that amid headwinds, including deglobalisation, rising protectionism and geopolitical uncertainty, regional integration remains a key tenet of growth.
“It is precisely this uncertainty that reminds us of the imperative to build strength from within, charting a future that is unapologetically African and globally impactful.
“It is expected to be a future where Africa’s youthful population, rich natural resources, expanding intra-African trade and technological shifts create a new development paradigm,” Oramah said.
Figures provided show that over the past 32 years, the bank has mobilised over $250 billion into Africa, empowered industries long neglected by conventional financiers and served as a lifeline during crises, from the Covid pandemic to commodity shocks and disrupted supply chains.
Africa is estimated to hold about 40 percent of the world’s gold reserves and 30 percent of other essential minerals.
If its agriculture sector were well harnessed with systematic investment, the continent could also become the global food basket with relative ease.
However, experts say it would take systematic policy shifts, reduced production costs and increased mechanisation for Africa to become food secure and emerge as a food basket.
Afreximbank Senior Executive Danys Denya said the bank’s ideal, therefore, remains to champion the cause of growth and development for the continent.
Denya said efforts must be directed towards regional integration, investment in strategic sectors and the diversification of export destinations.He cited the African Continental Free Trade Area as key to the realisation of the trade integration aspiration.
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