Lagos, Nigeria (VOICE OF NAIJA)- THE President and Chairman of the Board of Directors of African Export-Import Bank (Afreximbank), George Elombi, has said that fair, transparent and evidence-based credit ratings are essential to Africa’s industrialisation and long-term economic sovereignty.
Speaking during a media briefing in Abuja, Elombi said Africa must move beyond its dependence on exporting raw materials and instead build industries that process the continent’s abundant resources into higher-value products.
His remarks followed S&P Global Ratings’ decision to assign Afreximbank an investment-grade BBB+ long-term and A-2 short-term issuer credit rating, a development that strengthens investor confidence in the pan-African financial institution.
According to Elombi, Africa’s economic future depends on building strong financial institutions capable of mobilising affordable capital for manufacturing, infrastructure and regional trade.
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“Africa’s sovereignty will not be secured by exporting more of what we do not process. It will be secured when we build the industries that turn African resources into African value.
“But industrialisation requires capital, and that capital must be accessible on terms that are fair, evidence-based and reflective of Africa’s true potential,” he said.
He noted that Afreximbank was established to help African economies transition from commodity dependence to industrial production by financing manufacturing, export development and intra-African trade.
Elombi argued that international credit ratings significantly influence borrowing costs for African countries and institutions by shaping investor confidence and access to global capital markets.
“Fair credit assessment is part of Africa’s sovereignty agenda. When African institutions are assessed properly, they can raise capital more competitively.
“When they raise capital more competitively, they can finance Africa’s industrial growth and accelerate African trade and job creation,” he added.
He described Afreximbank’s investment-grade rating as evidence that African financial institutions can achieve global recognition when assessed within their proper institutional and operational context.
According to him, the rating reflects the bank’s solid financial fundamentals, with total assets and contingencies rising to $49.4 billion in the first quarter of 2026. During the period, shareholders’ funds increased to $8.6 billion, while the bank maintained a 23 per cent capital adequacy ratio and a 2.4 per cent non-performing loan ratio.
Elombi urged international rating agencies to give greater recognition to Afreximbank’s treaty-based status, preferred creditor position, strong shareholder support and strategic mandate in financing African trade and development.
He stressed that shareholder confidence in the institution is anchored in its long-term development mission rather than external ratings alone.
Beyond financing, Elombi said Afreximbank, together with its equity investment subsidiary, the Fund for Export Development in Africa (FEDA), is supporting the establishment of industrial parks and special economic zones across the continent.
Working alongside industrial partners, including ARISE Integrated Industrial Platforms (ARISE IIP), the bank is investing in projects spanning mineral beneficiation, agro-processing, automotive assembly, textile production and pharmaceuticals to strengthen Africa’s manufacturing capacity and regional value chains.
Despite global economic headwinds, Elombi said the bank continues to enjoy robust investor confidence, citing its successful Samurai and Panda bond issuances, as well as a $2 billion equivalent dual-tranche syndicated facility secured in the first quarter of 2026 from 31 lenders across Europe, Asia, the Middle East and Africa.
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He maintained that industrialisation must be complemented by efficient trade infrastructure to unlock Africa’s full economic potential.
According to him, Afreximbank will continue investing in logistics corridors, trade-enabling infrastructure, digital payment systems and initiatives supporting the implementation of the African Continental Free Trade Area (AfCFTA).
“Capital, industry and trade must work together. Africa must finance its production, process its resources and move its goods across its own markets. That is how we create value, retain value in Africa and build sovereignty that is practical, not theoretical,” he said.
Elombi also welcomed ongoing discussions on establishing a New African Financial Architecture (NAFA), saying the continent must strengthen its ability to mobilise domestic resources to finance its own development priorities.
The remarks came as Afreximbank recently reported a 24.8 per cent increase in first-quarter profit, with net income rising to $268.9 million from $215.4 million in the corresponding period of 2025.
The bank said net interest income climbed 24 per cent to $510 million, driven by an 8 per cent increase in average loans and advances to $32 billion, underscoring sustained demand for trade and development financing across Africa.
