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Afreximbank Targets $250bn Balance Sheet Growth in 10 years
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.”
The World Bank Group has announced the 31-month debarments of United Aviation Services Limited (UNASEL), a transportation services company based in Nigeria, and Air Vice Marshal Alkali Mamu, its owner and president, “in connection with fraudulent practices under the Enhancing Niger Northeastern Connectivity Project,” according to a press release issued by the multilateral development bank.
The statement said that the project aims to enhance connectivity and road safety along the Zinder-Agadez Road section and improve access to basic socioeconomic infrastructure for selected communities in that road section.
However, according to the statement: “UNASEL and Mr. Mamu presented false experience documents in a prequalification application to qualify for a contract under the project. This was a fraudulent practice under the World Bank’s sanctions framework.”
“The debarments make UNASEL and Mr. Mamu ineligible to participate in projects and operations financed by Bank Group institutions. The debarments are part of two settlement agreements under which UNASEL and Mr. Mamu admit culpability for the underlying sanctionable practices,” it added.
The statement further said: “Per the Bank Group Sanctioning Guidelines, the settlement agreements provide for a reduced period of debarment in light of UNASEL and Mr. Mamu’s cooperation.
As a condition for release from sanction under the terms of the settlement agreements, UNASEL and Mr. Mamu commit to developing and implementing integrity compliance measures that reflect the relevant principles set out in the Bank Group Integrity Compliance Guidelines, and Mr. Mamu further agrees to complete corporate ethics training.
UNASEL and Mr. Mamu also commit to continue to fully cooperate with the Bank Group’s Integrity Vice Presidency.
“The debarments of UNA SEL and Mr. Mamu qualify for cross-debarment by other multilateral development banks under the Agreement for Mutual Enforcement of Debarment Decisions that was signed on April 9, 2010.”
Governor Peter Mbah of Enugu State, has approved the allocation of a parcel of land in Enugu, the state capital, for the establishment of a state-of-the-art Digital Fabrication Centre by the Industrial Training Fund.
Mbah announced this while receiving a delegation from the Industrial Training Fund on a courtesy visit to the Government House, Enugu.
The ITF disclosed this on Friday in a statement signed by its Director of Press and Public Relations, Thomas Ngor.
According to the statement, Mbah described the proposed project as timely and aligned with his administration’s vision of transforming Enugu into a leading destination for investment, innovation and technology-driven industrial development.
He noted that the future of economic prosperity lies in deliberate investments in human capital and emerging technologies, adding that the state has continued to create an enabling environment for innovation, enterprise and sustainable growth.
The governor explained that his administration has made technical education compulsory in the state’s basic education system, with emphasis on digital literacy, robotics and mechatronics to prepare learners for the future of work.
According to him, many traditional trades are now driven by digital technologies, making it imperative to equip young people with relevant technical competencies that will enable them to compete globally and contribute meaningfully to economic development.
Governor Mbah further disclosed that his administration has built smart schools across the state, equipped with robotics centres, mechatronics laboratories and other modern learning facilities, to prepare youths for the evolving global economy.
He noted that artificial intelligence is expected to contribute about $20tn to the global economy in the coming years.
He therefore stressed that the state must be intentional about upskilling its citizens, adding that the establishment of the ITF Digital Fabrication Centre will significantly strengthen the state’s drive to build a knowledge-based economy, foster innovation, promote local manufacturing and create employment opportunities for its growing youthful population.
Earlier, Afiz Ogun, the Director-General of the ITF, who led the delegation, said that upon his appointment by President Bola Tinubu, he was mandated to upskill Nigerian artisans to international standards.
He explained that the Fund subsequently repositioned its technical and vocational skills development efforts through strategic initiatives, including the Skill-Up Artisans Programme, which is designed to train, certify and license Nigerian artisans to international standards.
Ogun disclosed that the Fund had already established a Digital Fabrication Centre in Ikeja, Lagos, with the capacity to produce more than 400 different products. He therefore requested the allocation of land in Enugu State to establish a similar centre with the same production capacity.
According to him, the initiative is aimed at promoting industrialisation, reducing dependence on imports and preparing Nigerians for opportunities in the Fourth Industrial Revolution.
He also reaffirmed the Fund’s readiness to enter into public-private partnerships that will transform Nigeria’s artisanal ecosystem.
Ogun further noted that digital technologies, including artificial intelligence, robotics and computer-aided manufacturing, are rapidly transforming the global economy, making it imperative for Nigeria to deliberately invest in upskilling its workforce to remain globally competitive.
The ITF delegation was later conducted on a guided tour of facilities at one of the smart schools established by the Enugu State Government.
Glovo, a multi-category tech company, has announced its integration into the generative AI ecosystem with the launch of its “Shopping Assistant” for ChatGPT and Claude. Users can now discover retail products, compare prices, and seamlessly order any item using natural conversational language with the AI systems.
The Glovo experience inside such platforms introduces a conversational commerce model that shifts from a search-based web to an intent-based web. Rather than navigating traditional app menus and filters, users can express needs, such as asking for a “last-minute gift for a coffee lover under ₦50,000”, and the assistant handles semantic search, location validation, and product curation.
A Seamless, Concierge-Like Experience
Once both platforms have been connected through either ChatGPT or Claude apps, the user will be able to have a multi-turn dialogue where the assistant remembers context and constraints, such as budget caps. Users receive a visual carousel of up to five highly customised product options available at local stores. Each product displays its image, name, store details and ratings, and price. While the search and discovery experience takes place directly on the Generative AI platforms, selecting a product via the “view on Glovo” button takes the user to the Glovo mobile or web app, where the payment and final purchase are exclusively completed.
Strategic Focus on Retail and Growth
Glovo is prioritising the retail and grocery sectors for this initial launch, capturing the established habit of using AI for product research. Generative AI has driven a significant jump in retail traffic globally, so this first-mover advantage aims to meet customers where they are meeting Gen AI daily, and ensure it captures high-intent organic traffic as search behaviours evolve.
“We’re always looking for ways to meet our customers where they already are. Being available on Claude and ChatGPT means people can discover what Glovo has to offer as part of a natural conversation, with no friction. Glovo has always been about being the everyday app that provides choice and convenience, and this is another step in that direction”, said Shiro Theuri, Chief Technology Officer at Glovo.
How to look for products in the Glovo app through ChatGPT or Claude
- The user must sync ChatGPT or Claude with the Glovo app with the plug-in.
- Once synced, the user must type in @glovo followed by their request.
- The AI platform displays a carousel with 5 available options for the user.
- If the user wants to purchase any of the products or continue searching within the Glovo app, they must click “View on Glovo”, which will redirect the user to the Glovo app or website.
- After the order is confirmed, the store will prepare the item(s) and the courier will head up to the pick-up location. The user will receive the order in minutes.
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