Oramah Advocates for Africa's Financial Independence

Prof. Benedict Oramah, the former President of the African Export-Import Bank (Afreximbank), called on African leaders to reclaim control of the continent’s financial resources, stating that between $350 billion and $500 billion in reserves are held outside Africa. He warned that African countries face credit denials from institutions holding their funds due to compliance and country-risk concerns.

Oramah spoke at the 20th AELEX Annual Lecture at the Nigerian Institute of International Affairs in Lagos, advocating for home-grown economic solutions and reduced reliance on foreign financing. He referenced Asia's response to the 1997-1998 financial crisis and urged African nations to strengthen local financial institutions and expand local-currency financing.

He also recommended the wider use of the Pan-African Payment and Settlement System (PAPSS) to enhance trade in African currencies. Oramah highlighted Afreximbank's mobilization of over $40 billion through its central bank deposit program during his tenure and called for investments in energy and local processing of critical minerals.