Benedict Oramah Sworn in as Afreximbank’s New President

Benedict Oramah, a Nigerian banker and Agricultural Economist, has been sworn in as the new president of the African Export-Import Bank (Afreximbank). The swearing-in ceremony held on Monday, September 21 in Cairo, Egypt. He succeeds Jean-Louis Ekra, who was president from 2005, as the third leader of the continental trade finance institution. The first president of Afreximbank was also a Nigerian, Mr. Chris Edordu, making this the second time that a Nigerian would hold the office. During his speech, the new president pledged to promote and facilitate intra-African trade and make it Afreximbank’s cornerstone in the coming years. According to Oramah, intra-African trade holds the key to a technology-driven continental growth, and will “facilitate the attainment of dynamic comparative advantage in the production and export of certain kind of manufactured goods and services and will prepare African firms for better global competition.” On assuming his new position, Oramah stated in a news conference that the $120 billion African trade financing deficit would not be a problem under his leadership. Afreximbank is a prominent Pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade. It was established in October 1993 by African governments, African private and institutional investors, and non-African investors. Since 1994, Afreximbank has approved almost $35 billion in credit facilities for African businesses, including about $4.5 billion in 2014.