Write Hatem Mohamed

Afreximbank Pushes for African Economic Sovereignty Through Industrialization and Fair Finance

Call for Economic Sovereignty

The President and Chairman of the Board of Directors of the African Export-Import Bank, Dr. George Elombi, declared that Africa’s economic sovereignty will only be realized through large-scale industrialization, domestic processing of its resources, and fair access to capital on the continent’s own terms.

Speaking at the Afreximbank Mid-year Media Briefing held at the Afreximbank African Trade Centre in Abuja, Dr. Elombi stressed that Africa can no longer depend on a development model based on exporting raw materials and importing finished goods.

Beyond Extraction: The New Growth Model

Dr. Elombi outlined that Africa’s next growth phase must be anchored in value addition, manufacturing, regional trade, and stronger African financial institutions capable of mobilizing domestic capital. “Africa’s sovereignty will not be secured by exporting more of what we do not process. It will be secured when we build the industries that turn African resources into African value,” he said. “But industrialization requires capital, and that capital must be accessible on terms that are fair, evidence-based and reflective of Africa’s true potential.”

From Commodities to Industrial Capacity

Afreximbank’s mandate, he noted, is to support the continent’s shift from commodity dependence to industrial capacity, from fragmented markets to integrated trade, and from external vulnerability to African resilience.

Through debt financing and its equity arm, the Fund for Export Development in Africa FEDA, and in partnership with industrial developers like ARISE IIP, the Bank is driving multipurpose industrial parks and special economic zones. These target minerals processing, agro-processing, automotive, textiles, and pharmaceuticals to build competitive manufacturing hubs and deepen regional production linkages.

Fair Credit Ratings as a Sovereignty Issue

Dr. Elombi tied industrialization directly to the cost and availability of capital. Credit ratings, he explained, dictate funding costs, investor access, and ultimately the price of financing trade, infrastructure, and industry. “Fair credit assessment is part of Africa’s sovereignty agenda. When African institutions are assessed properly, they can raise capital more competitively. When they raise capital more competitively, they can finance Africa’s industrial growth, and accelerate African trade and job creation.”

Strong Fundamentals Back BBB+ Rating

He cited Afreximbank’s recent BBB+ investment-grade rating from S&P Global Ratings as proof of the importance of context-based assessment. The rating followed a strong Q1 2026 performance, with total assets and contingencies at US$49.4 billion, shareholders’ funds of US$8.6 billion, a capital adequacy ratio of 23%, and a non-performing loan ratio of 2.40%.

Dr. Elombi urged rating agencies to recognize the Bank’s treaty-based structure, Preferred Creditor Status, shareholder support, and central role in African trade finance. He emphasized that African multilateral institutions should be judged on verified evidence, real structures, and their development impact.

Investor Confidence Remains Strong

Despite global headwinds, Afreximbank has maintained strong investor confidence, demonstrated through successful Samurai and Panda bond issuances and a US$2 billion dual-tranche syndicated facility in Q1 2026 from 31 lenders across Europe, the Middle East, Asia, and Africa.

Trade Integration Key to Industrial Success
Industrialization alone, Dr. Elombi warned, will not deliver sovereignty unless African goods move freely across African markets. Afreximbank will continue backing trade-enabling infrastructure, payment systems, logistics corridors, and AfCFTA implementation to cut barriers to intra-African trade.

“Capital, industry and trade must work together,” he said. “Africa must finance its production, process its resources and move its goods across its own markets. That is how we create value, retain value in Africa and build sovereignty that is practical, not theoretical.”

Backing a New African Financial Architecture

Dr. Elombi welcomed the push for a New African Financial Architecture NAFA and stressed the urgency of building capacity to mobilize resources from within the continent. Going forward, Afreximbank will focus on financing Africa’s foundational systems: industrial capacity, value addition, strategic minerals processing, trade infrastructure, digital payments, energy security, and intra-African trade.