The Nigerian Leader, President Bola Ahmed, Tinubu has announced the launch of the Africa Energy Bank in Abuja, with US$5 billion in initial capital to finance the continent’s energy transition, aUnitednd the scaling of Nigeria’s fertiliser sector to 7.5 million tonnes annually.

President Tinubu made the announcement before an audience of heads of state, financial leaders, and global delegates, at the 32nd Afreximbank Annual Meetings in Abuja.

At the summit, President Tinubu also challenged African leaders to seize the moment and drive the continent’s destiny through deeper economic integration, innovation, and bold reforms.

The Nigerian Leader declared that a united and purposeful Africa possess capacity to define its destiny.

President Tinubu lauded Afrexim bank’s transformative impact under Professor Benedict Oramah, highlighting the bank’s growth from US$5 billion to over US$37 billion in assets.

The President spotlighted Nigeria’s formal adoption of the Pan-African Payment and Settlement System (PAPSS), urging all African nations to embrace the platform to reduce foreign exchange reliance and empower small businesses.

He called for full adoption of PAPSS, stronger financial backing for Afreximbank, and a renewed focus on intra-African trade as a

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He outlined the sucess of the bank and its pivotal role in Africa’s pandemic response, industrialisation, and support for the African Continental Free Trade Area (AfCFTA).

The Nigerian Leader further stated that the theme of AFREXIM’s 32nd meeting “Building the Future on Decades of Resilience”—is timely and profound.

President Tinubu outlined the results of his administration’s economic reforms—removal of fuel subsidies, exchange rate unification, and tax reforms—citing 3.4% GDP growth in 2024, a rebound in oil production, easing inflation, and improved investor confidence.

“In 2024, Nigeria recorded 3.4% GDP growth with broad sectoral contributions. Oil production rebounded to 1.5 million barrels per day with a 2.5 million target in view, supported by strategic investment deals like the $1.2 billion CNCEC agreement. Inflation is easing, the naira is stabilising, investor confidence is recovering, and debt servicing has declined from 96% to below 65% of revenue.

“Tax reform is also underway, with the passage of four tax bills by the National Assembly, which I signed into law a few days ago.”

Concluding his address, President Tinubu urged African leaders to “stand together, united in commitment to Africa’s development and prosperity as well as ensure that the decisions made in Abuja would be remembered as a turning point in shaping a new African reality.”