President Bola Tinubu has awarded the Grand Commander of the Order of the Niger (GCON) to Benedict Oramah, outgoing President and Chairman of the African Export-Import Bank (Afreximbank), in recognition of his contributions to development finance and African trade integration.

The announcement was made during the bank’s 32nd Annual Meetings in Abuja. According to a statement issued Friday by Bayo Onanuga, Special Adviser to the President on Information and Strategy, Tinubu commended Oramah’s decade-long tenure at the bank and highlighted Afreximbank’s impact on Nigeria’s economy.

“Afreximbank’s assets expanded from $5 billion to over $37 billion during Professor Oramah’s tenure,” Tinubu said, adding that the bank played a key role in Africa’s response to COVID-19 and supported industrialisation and trade across the continent. Tinubu also noted that Nigeria received over $52 billion in various forms of support from the bank.

The president cited flagship projects such as the Dangote and BUA Refineries, the African Medical Centre of Excellence, and the Africa Quality Assurance Centre as examples of Afreximbank’s partnership with Nigeria.

He further noted that Nigeria had endorsed the Pan-African Payment and Settlement System (PAPSS), aimed at facilitating trade in local currencies and reducing dependence on foreign exchange.

Tinubu also confirmed Nigeria’s collaboration with Afreximbank in launching the Africa Energy Bank, to be headquartered in Abuja, with an initial capital of $5 billion.

He said the initiative aligns with efforts to finance Africa’s energy transition using gas and renewable sources.

On the broader economic front, the president defended recent economic reforms, including the removal of fuel subsidies and the unification of exchange rates. He acknowledged the difficulty of these decisions but insisted they were necessary to stabilise the economy.

“GDP growth reached 3.4% in 2024. Oil output increased to 1.5 million barrels per day, and investor confidence is improving,” Tinubu stated.

He added that inflation is declining, debt servicing has dropped below 65% of revenue, and tax reforms are underway.

Highlighting developments in infrastructure, health, and digital access, Tinubu said over 100,000 Nigerians had accessed the national consumer credit scheme, and more were being enrolled. He also pointed to progress in road construction, healthcare investment, and broadband infrastructure.

In his remarks, Oramah said he had invested significant energy and commitment into his role, adding that Afreximbank had mobilised over $120 billion in 2020 alone. He predicted that the bank’s portfolio could reach $250 billion over the next decade, citing improved corporate governance and shareholder reinvestment.

The meeting was attended by former leaders, including ex-Presidents Olusegun Obasanjo of Nigeria, Nana Akufo-Addo of Ghana, Macky Sall of Senegal, and Mahamadou Issoufou of Niger, as well as former Nigerian Vice Presidents Yemi Osinbajo and Namadi Sambo.