Elumelu Commends Afreximbank, Urges Other DFIs To Support African Businesses

AT the 24th Annual
General Meeting of
the African Export-
Import Bank (Afrexim),
held in Rwanda, Tony O.
Elumelu, CON, Chairman
of Heirs Holdings and the
Tony Elumelu Foundation,
congratulated Afrexim for
the critical support that
the Bank, led by President
Oramah, provides for African
businesses and its
significant contribution to
the development of crossborder
trade and investment
in Africa.
Mr Elumelu highlighted
the role of African institutions,
such as Afrexim, commenting
that the Bank’s
mission was further evidence
of Africa’s own ability
to provide long-term,
strategic financing to Africa’s
economic and social
development. “Afrexim
brings a unique and highly
relevant perspective to the
challenge of supporting intra-
African trade flow and
ensuring value is created in
and exported from our Continent”
said Mr Elumelu. “I
urge other development
finance institutions, particularly
the Bank’s African
peers, to follow its example
in providing transformational
forms of funding to
African businesses.”
Mr Elumelu spoke on
the topic “Cross-Border
Investments as a Driver
of Intra-African Trade and
Industrialisation: Reflections
from a Continental
Business Leader”, where
he championed the agenda
of the private sector, as the
key contributor to Africa’s
ability to attract and implement
sustainable investment.
Mr Elumelu, who
created Heirs Holdings,
cited his own approach
to long-term investment
in critical sectors, such
as power, finance and resources,
across twenty African
countries. According
to Mr Elumelu, Africa must
grow cross-border trade
and investment, and attract
both local and international
“An investment is not just
about profit and returns. It
is also about sustainability,”
he explained. “What I want
to see is Africans investing
in Africa. We appreciate
and welcome partnerships,
but there is a generation
of African businessmen
and women, who have the
capability and ambition to
lead and transform Africa’s
future. Let your money
work in Africa”.
Elumelu also highlighted
the importance of entrepreneurship.