In a ceremony marked by emotion and celebration, President Bola Ahmed Tinubu has conferred one of Nigeria’s highest honours, the Grand Commander of the Order of the Niger (GCON), on Prof. Benedict Oramah in recognition of his exceptional contribution to Africa’s development.
The announcement, made during the 32nd Afreximbank Annual Meetings in Abuja, moved Oramah’s wife to tears and sparked jubilant applause from the packed hall.
Before formally conferring the honour, President Tinubu unveiled plans to commission the new Africa Energy Bank in Abuja on Saturday.
The bank, launched in collaboration with Afreximbank, begins with an initial capital of $5 billion and is positioned to finance Africa’s energy transition, focusing on leveraging natural gas, renewables and clean technologies.
The President described the new bank as part of a broader strategy to deepen Nigeria’s partnership with Afreximbank, expanding not only in financing but also in fostering African entrepreneurship and boosting sectors critical to sustainable growth.
“We are scaling our fertilizer sector to 7.5 million tons annually, supported by Afreximbank,” Tinubu said, pointing to concrete steps aimed at strengthening Nigeria’s industrial and export capacity.
He explained that the collaboration extends beyond capital flows to building institutions, infrastructure, and innovation platforms designed to secure Africa’s economic future.
At a time of rising global protectionism and shifting trade dynamics, Tinubu urged African nations to invest more heavily in their institutions and capabilities, describing Afreximbank as an agile and bold partner that remains firmly rooted in Africa’s realities.
Calling for a united approach, Tinubu said: “Let us fully adopt first to reduce costs, conserve foreign reserves, and empower small-scale enterprises. Let us strengthen financial support to Afreximbank to scale its transformational impact.”
Oramah also spoke about the Africa Collaborative Transit Guarantee Scheme, launched to address the colonial legacy of a fragmented continent divided into 55 countries and 110 borders.
Traditionally, he explained, transporting goods across multiple African countries required shippers to secure separate transit bonds at each border, adding days and significant costs.
The new scheme, developed in partnership with the AfCFTA Secretariat, COMESA Secretariat and the African Union Commission, enables a single transit bond issued by Afreximbank or its partners to cover goods moving from Cape to Cairo without multiple border delays.
Fully operational in the COMESA region, the scheme has already issued bonds worth nearly $1 billion. Oramah said plans are underway to expand the initiative to other parts of Africa and expressed gratitude to the COMESA Secretariat for its partnership.
The events of the day reflected a broader vision of economic transformation rooted in self-reliance, institutional strength, and regional integration.
With the launch of the Africa Energy Bank and renewed focus on infrastructure and trade facilitation, both Tinubu and Oramah signalled a shared commitment to building an African economy driven by Africans, for Africans.
