New Afreximbank President George Elombi Warns Against Hidden Costs of Concessional Loans, Pledges Pan-African Economic Renewal

The newly inaugurated President of the African Export-Import Bank (Afreximbank), Dr. George Elombi, has cautioned African nations against overreliance on concessional loans from global financial institutions, describing them as “burdensome tools” that often undermine economic sovereignty rather than promote growth.

Speaking during his investiture ceremony in Cairo on Saturday, Elombi criticised multilateral lenders such as the IMF and World Bank, arguing that their so-called affordable loans come with restrictive conditions that result in job losses, political instability, and stalled industrialisation.
“They claim our loans are expensive, but their concessional loans impose conditionalities that cripple economies, limit investment in productive sectors, and deepen commodity dependence,” Elombi said.

The new Afreximbank chief also condemned attempts to question the bank’s preferred creditor status, describing them as a “coordinated attack on African sovereignty.” He stressed that Afreximbank’s mission extends beyond trade finance to driving structural transformation and industrial growth across the continent. “Africa cannot trade effectively unless it produces. Transforming the structure of our trade is not mission drift—it is mission delivery,” he declared.

Outlining his vision, Elombi announced plans to create a Strategic Minerals Development Programme and a new financing window to fund value chains from raw material extraction to manufacturing. He also proposed exploring a Pan-African digital currency or stablecoin to deepen financial integration and reduce dependence on external systems.

Pledging continuity with his predecessor, Professor Benedict Oramah, under whom the bank’s assets rose to $43.5 billion, Elombi vowed to expand Afreximbank’s balance sheet to $250 billion within a decade, with potential to reach $350 billion. He called for mobilising African and diaspora capital through sovereign funds, pensions, and private equity to fund major infrastructure and industrial ventures.

Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, officiated the ceremony and administered the oath of office. Describing the event as “the dawn of a new era in Africa’s financial sovereignty,” Edun praised Oramah’s transformative leadership and hailed Elombi’s appointment as both “continuity and renewal.”

Edun urged the new president to steer Afreximbank toward deepening African integration, industrialisation, and self-reliance. “You assume command at a defining moment when Africa’s destiny is being rewritten through resilience and innovation,” he said.