Afreximbank President Urges Shift Toward African Industrial Autonomy

Elombi emphasized that industrial transformation hinges on equitable access to capital. He criticized traditional credit assessments that often inflate costs for African institutions, pointing to Afreximbank’s recent BBB+ investment-grade rating from S&P Global Ratings as proof that the continent’s financial strength is frequently underestimated. The bank maintains a robust balance sheet, reporting US$49.4 billion in total assets and a 2.4 per cent non-performing loan ratio as of the first quarter of 2026. This fiscal stability has enabled the institution to secure significant international backing, including a US$2 billion syndicated facility from 31 global lenders.

Beyond financing, the path to growth requires integrated logistics and regional trade networks. Through the Fund for Export Development in Africa and partnerships with ARISE IIP, the bank is prioritizing investments in special economic zones, mineral processing, and pharmaceuticals. By championing the New African Financial Architecture, Elombi aims to mobilize domestic capital to support the African Continental Free Trade Area. This strategy shifts the focus toward energy security and modernized digital payment systems, creating a framework where African industries can compete on their own terms rather than serving as suppliers for foreign markets.