The initiative, announced by the bank’s newly inaugurated president, George Elombi, signals a bold shift in Afreximbank’s focus—from facilitating trade in raw exports to powering Africa’s industrialisation through homegrown manufacturing.
Elombi, speaking during his swearing-in ceremony on Saturday, pledged to “end the export of raw commodities and minerals” from African countries. He described the new policy thrust as a necessary step toward unlocking Africa’s true economic potential.
“No more Nigerian bauxite, or Gabonese manganese, or Cameroonian or South African bauxite, raw. We are not interested,” Elombi declared. “We will focus on domestic processing. This has numerous benefits.”
Under his leadership, Afreximbank will introduce a high-impact financing window dedicated to supporting projects that convert raw minerals into semi-finished or finished products. The goal is to stimulate industrial growth, create jobs, and ensure that African nations capture greater value from their natural resources.
Strategic Minerals Development Programme
The bank also plans to launch a Strategic Minerals Development Programme, aimed at financing and developing entire value chains—from mineral extraction and refining to the manufacturing of finished goods.
Elombi noted that while less than 20% of investment in the mineral sector goes into extraction, over 80% is channelled into supporting infrastructure such as roads, railways, ports, and power. He emphasised that tackling these infrastructure challenges is essential for enabling value addition and boosting intra-African trade.
To that end, Afreximbank will prioritise investments in critical trade-enabling infrastructure—including modern seaports, highways, rail lines, logistics hubs, and pipelines. The bank also intends to collaborate with countries that produce surplus power to extend transmission lines to regions facing energy deficits, improving connectivity across the continent.
“We will accelerate investments in infrastructure that directly connects African markets to one another,” Elombi stated, adding that infrastructure linking production centres to markets would receive top priority to lower business costs and drive competitiveness.
A Growing Continental Consensus
Elombi’s vision aligns with a broader continental push to shift Africa from a supplier of raw materials to a producer of value-added goods. Earlier this year, Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), made a similar call, urging African nations to stop exporting unprocessed materials.
“The export of raw materials is the door to poverty. The export of value-added products is the highway to wealth,” Adesina warned.
Despite being rich in mineral resources, Africa’s contribution to global manufacturing remains below 2%, and its share of world trade is under 3%, according to data from the Office of the US Trade Representative and multilateral institutions.
However, efforts such as the African Continental Free Trade Area (AfCFTA) are rekindling optimism. The agreement seeks to deepen intra-African trade, boost manufacturing, and foster value addition across sectors—principles that align squarely with Afreximbank’s new direction.
With Elombi at the helm, Afreximbank appears poised to play a pivotal role in transforming Africa’s mineral wealth into sustainable industrial growth and economic independence.