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Afreximbank Targets $250bn Balance Sheet Growth in 10 years

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The African Export-Import Bank (Afreximbank)’s shareholders have set an ambitious target to grow the balance sheet of the bank to $250 billion within 10 years. George Elombi, president of Afreximbank said this in his inaugural speech in Cairo, Egypt, reaffirming his faith in Africa’s ability to achieve the goal.

He said, “When we consulted with leaders, including President Abdel Fattah El-Sisi of Egypt, who is both a staunch supporter and a major shareholder, he challenged us to aim for $350 billion,” Elombi said. “That challenge is not about numbers; it is a call for greater impact.”

“Only a strong, well-capitalised institution can make the scale of investments required to transform Africa’s trade and development landscape,” he said. “As we invest in export processing zones, we will face critics who misunderstand our mission. Ignore them. Unless we process, nothing will change. To do that, Africa must have a strong financial institution. You have built one, and we will make it stronger,” he said.

He outlined his strategic priorities for the next five to ten years. The first, he said, is to promote value addition and strategic minerals processing. “We will no longer finance the export of Africa’s raw wealth,” he declared. “No more raw Nigerian bauxite, no more raw Cameroonian or South African manganese. We will focus on domestic processing.”

He emphasised that processing minerals locally would create jobs, boost foreign exchange earnings, and stimulate infrastructure development.

“We will establish a strategic minerals development program to finance entire value chains from extraction to refining and manufacturing finished goods,” he said, pledging to collaborate with the African Finance Corporation and the Trade and Development Bank in Nairobi to achieve this.

The second focus, he said, is to deepen intra-African trade and regional integration. “Our value addition agenda will succeed only if we secure markets for the goods we produce,” he explained.

He pledged to work with the African Continental Free Trade Area (AfCFTA) Secretariat to dismantle trade barriers and foster the free movement of goods, services, capital, and people across Africa.

In a pointed message to governments, he said, “Fear not your own people. Africans fear African people more than they fear foreigners. Open your borders. Your people will do you no harm.”

Elombi’s third priority is to develop trade-enabling infrastructure. “We cannot have trade without infrastructure,” he said, emphasising the need for investments in roads, railways, ports, pipelines, energy, and logistics hubs.

He announced plans to create a shared, integrated infrastructure ecosystem for trade, leveraging existing assets across borders to reduce costs and boost connectivity. He also underscored the importance of embracing digital and technological innovation. “Africa must not be left behind,” he said, pledging investments in digital infrastructure, e-commerce platforms, payment systems, artificial intelligence, and machine learning.

He hinted at exploring “a Pan-African digital currency” and called for mobilising global African capital to finance development.

Elombi stressed that mobilising global African resources and capital, whether held by diasporans, sovereign wealth funds, or private African businesses was essential for development.

“This is not just about finance; it is about ownership. It is about redefining the narrative of African development. It is time for Africa’s wealth, wherever it resides, to work for our own future,” he said.

Turning to the legacy of Afreximbank, Elombi said the institution, created 32 years ago, had achieved remarkable growth. “In just the last 10 years, total assets and guarantees grew more than eightfold to $43.5 billion,” he stated.

Total revenues, he said, rose sevenfold to $3.2 billion, while net income reached $1 billion at the end of 2024, representing a 700 percent increase over a decade.

The bank’s total capital rose from $1 billion in 2015 to $7.5 billion in 2024, with callable capital increasing from $450 million to $4.5 billion.

He also highlighted the creation of subsidiaries such as the Fund for Export Development in Africa, based in Rwanda, and others, which he said are becoming additional sources of revenue. Contrary to some critics, he argued, these subsidiaries are “not wasting funds” but rather “building the capital base needed for larger interventions.”

Elombi reaffirmed his commitment to preserve and deepen these achievements. “Our mission is to transform the structure of African trade,” he said. “Africa’s trade remains too dependent on commodity exports, and that must change. We must process, we must produce. Unless we produce, we will not trade among ourselves, and trade itself is not the end, it is the means to develop.”

 


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NITDA Strengthens Collaboration with NIPSS to Drive Digital Innovation, Orange Economy Growth

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The National Information Technology Development Agency (NITDA) has reinforced its commitment to advancing Nigeria’s digital transformation agenda through strengthened collaboration with key strategic institutions, as it hosted the Director General of the National Institute for Policy and Strategic Studies (NIPSS), Professor Ayo Omotayo, alongside participants of the Senior Executive Course (SEC) 48, 2026.

The visit, which builds on an earlier strategic study tour, provided a platform for in-depth engagement on the role of digital innovation in driving sustainable economic growth, with particular focus on the Orange Economy.

Representing the Director General of NITDA, Kashifu Inuwa CCIE, the Director of Stakeholder Management and Partnerships, Dr Aristotle Onumo, highlighted the Agency’s commitment to fostering a vibrant digital ecosystem through inclusive policies, strategic partnerships, and capacity development initiatives.

“NITDA is committed to creating an enabling environment where innovation can thrive by bringing together government, private sector, academia, and creatives to drive Nigeria’s digital economy,” he stated.

Inuwa underscored the growing importance of the Orange Economy, describing it as a critical driver of innovation and economic value through intellectual property. He identified sectors such as digital content creation, film, animation, and digital art as key contributors to national development.

“The Orange Economy represents a powerful opportunity to transform our rich cultural heritage and creativity into sustainable economic growth,” he noted.

He further highlighted Nigeria’s unique advantage, particularly its youthful and creative population, while calling for stronger collaboration among stakeholders to fully harness the sector’s potential.

“With our youthful population and rich cultural assets, Nigeria is well-positioned to become a global leader in the Orange Economy if we deepen collaboration and investment across the ecosystem,” he added.

During the engagement, NITDA also presented its strategic initiatives aimed at supporting the digital and creative sectors, including digital infrastructure development, promotion of digital literacy, and implementation of policies that enable startups and innovators to scale.

Addressing challenges facing the sector, Inuwa pointed to issues such as limited access to funding, infrastructure gaps, weak intellectual property protection, and ecosystem fragmentation, while emphasising the need for coordinated action.

“Addressing challenges such as funding gaps, infrastructure deficits, and intellectual property protection is critical to unlocking the full potential of Nigeria’s creative economy,” he said.

The Agency reiterated its target of achieving 70 per cent digital literacy by 2027, noting that ongoing programmes are equipping millions of Nigerians with essential digital skills, including those in underserved and informal sectors.

In his remark, Professor Omotayo described the visit as an important opportunity to deepen understanding of how digital technologies are reshaping economic sectors, particularly the creative industry. He noted that the insights gathered would contribute significantly to policy recommendations aimed at strengthening Nigeria’s economic framework.

Participants of the SEC 48 programme engaged actively during the session, raising questions on capacity development, access to tools, and frameworks for protecting digital content. NITDA highlighted its ongoing collaborations with industry stakeholders to provide training, innovation hubs, and access to digital tools for young Nigerians.

The engagement concluded with a renewed commitment from both NITDA and NIPSS to strengthen collaboration in research, policy development, and capacity building, aimed at positioning Nigeria as a globally competitive force in the digital and creative economy.

 


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NRS Takes Over Mineral Royalties Collection Under New Tax Laws

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Nigeria Revenue Service (NRS) has assumed responsibility for collecting mineral royalties from mining operators nationwide, following new tax laws effective January 1, 2026.

NRS Takes Over Mineral Royalties Collection Under New Tax Laws

NRS

The shift emerged from a Thursday meeting between Solid Minerals Development Minister Dele Alake and NRS Chairman Dr. Zacch Adedeji. Their joint statement, endorsed by both, confirms NRS now administers all federally collectible revenues, including royalties.

Enacted by President Bola Tinubu on June 26, 2025, the Nigeria Tax Laws 2025 empower this transition. The Ministry of Solid Minerals Development remains a key partner, supplying pricing data, geological insights, and sector coordination.

NRS Special Adviser Dare Adekanmbi’s statement outlines collaborative steps: a nationwide sensitization program for operators on filing and payments; development of a digital royalty system; and regular joint technical sessions to address issues.

Both agencies pledge orderly, transparent implementation to boost the mining sector. Operators must comply with obligations and join upcoming programs.

The move aims to streamline revenue collection while fostering mining growth.


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Microsoft Revamps Copilot in Workplace AI Push

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Microsoft has rolled out a new set of features for its Microsoft 365 Copilot platform, including tools for complex, multi-step work and deeper research tasks, as competition in workplace artificial intelligence (AI) intensifies.

The update introduces Copilot Cowork, a capability aimed at handling long-running tasks across Microsoft 365 applications.

The feature is being made available through the company’s Frontier programme, which typically gives early access to experimental tools.

Microsoft is also integrating technology linked to Claude – an AI model developed by Anthropic –into Copilot, signalling a broader shift toward using multiple AI systems within a single product rather than relying on a single model.

Jared Spataro, chief marketing officer for AI at Work at Microsoft, says the company is positioning Copilot as a system embedded directly into workplace software, rather than a standalone tool.

“Microsoft 365 Copilot is your AI for work,” he says, adding that it draws on multiple AI models and is integrated into existing workflows.

Alongside this, Microsoft has upgraded its Researcher feature, which is designed to analyse information from multiple sources and generate structured reports.

A new “Critique” function separates the drafting and review process between different AI models – one generates an initial response, while another evaluates and refines it.

The company says this approach improves output quality, with Researcher showing gains on its internal benchmark for accuracy, completeness and objectivity.

Another addition, called Model Council, allows users to compare outputs from different AI models side-by-side, highlighting differences in responses and reasoning.

The updates form part of what Microsoft calls “Wave 3” of Copilot, as it pushes to embed generative AI deeper into enterprise software. The move reflects a wider industry trend towards combining models from multiple providers, including OpenAI and Anthropic, to improve performance and reliability.

 


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