TINUBU HONOURS AFREXIM PRESIDENT, ANNOUNCES $45.9BN HEALTH SPENDING

At the 32nd Annual Meeting of the African Export-Import Bank (Afrexim Bank) in Abuja, President Bola Tinubu conferred the prestigious national honour of Grand Commander of the Order of the Niger (GCON) on Prof. Benedict Oramah, President and Chairman of Afrexim Bank’s Board. The recognition, described as a surprise, was for Oramah’s significant contributions to Africa’s development, particularly in expanding Nigeria’s access to funding and supporting strategic sectors.
Tinubu lauded Afrexim Bank for mobilizing over $250 billion for Africa’s trade and development since 1993, including $140 billion in the last decade. He noted that Nigeria alone has received over $52 billion in support from the bank, facilitating landmark projects such as the Dangote Refinery, BUA Refinery, and the African Medical Centre of Excellence.
The President also announced that his administration had invested N45.9 billion to upgrade 8,800 primary health centres, improving maternal care and diagnostic services in neglected communities. He underscored efforts in infrastructure, with 279 roads completed and major highways like Lagos-Calabar and Sokoto-Badagry underway.
Tinubu emphasized transformative reforms initiated since May 2023, including fuel subsidy removal, exchange rate unification, and tax reforms. These measures, he said, have helped stabilize the naira, reduce inflation, and restore investor confidence. Notably, GDP grew by 3.4% in 2024, oil production increased, and debt servicing costs dropped from 96% to below 65% of revenue.
He announced Nigeria’s formal approval of the Pan-African Payment and Settlement System (PAPSS), a mechanism to enable intra-African trade in local currencies. Nigeria will also host the newly-launched Africa Energy Bank in Abuja, backed by $5 billion in capital, as part of the continent’s energy transition strategy.
In his response, Prof. Oramah expressed gratitude and reiterated the bank’s commitment to a $250 billion growth trajectory over the next decade. The event was graced by African dignitaries including former presidents Olusegun Obasanjo, Nana Akufo-Addo, Macky Sall, Mahamadou Issoufou, and former Nigerian vice presidents Namadi Sambo and Yemi Osinbajo.