Africa Growth: Afreximbank Warns of New Risks
Afreximbank’s leadership alerts of escalating threats to Africa’s economic role, highlighting renewed challenges to the continent’s progress and independence. Senior Executive Denys Denya urges African nations to fortify institutions like Afreximbank, emphasizing the significance of industrialization and intra-African trade. Forces that onc opposed the bank’s inception are re-emerging, coinciding with global economic uncertainties. The article details Denya’s call for stronger alliances within Africa and with the Global South to boost market access and innovation. News Directory 3 reports on the 32nd Annual meetings in Abuja were leaders addressed trade finance and AfCFTA integration. Discover what’s next as Afreximbank navigates these complex economic currents.
Afreximbank Exec Warns of Threats to Africa’s Economic role,Independence
Updated June 27,2025
Abuja,Nigeria – Denys denya,Senior Executive vice President of the African Export-Import Bank (Afreximbank),cautioned Wednesday that Africa’s progress and economic independence face new challenges,echoing the resistance encountered during the bank’s formation in the early 1990s. He stressed the importance of the bank’s crucial role in the continent’s future.
speaking at the opening of Afreximbank’s 32nd annual Meetings in abuja, Denya said forces that once opposed the bank’s creation are resurfacing to undermine the continent’s progress. These efforts coincide with global economic challenges like rising protectionism and trade tensions, he noted.
Denya urged African nations to defend and bolster homegrown institutions like Afreximbank, notably as the continent undergoes economic conversion. he linked the bank’s recent credit rating downgrade to broader attempts to weaken African-led development initiatives.
“I want to remind us that the establishment of the African Export-Import Bank was Africa’s response to the confluence of crises during the time but was met with fierce resistance, both from internal and external forces, those whose goal it was to perpetuate the culture of dependence and underdevelopment of the continent,” Denya said.
He emphasized the need for industrialization and economic diversification,advocating for value-added exports and increased regional trade through the African Continental Free Trade Area (AfCFTA). He noted that intra-African trade remains low, hovering around 16 percent.
denya also called for stronger alliances among African countries and with partners in the Global South to enhance market access, innovation, and competitive advantages for African businesses. He stressed the importance of South-South trade and investment promotion to achieve shared economic goals.
The 32nd Annual Meetings of Afreximbank convened leaders from African governments, financial institutions, the private sector, and development partners to discuss trade finance, development strategies, and AfCFTA integration.
What’s next
Denya urged African leaders, institutions, and private sector players to protect institutions like Afreximbank from external pressures and build on past successes for a better economic future.