AFRICAN nations must urgently strengthen institutions, accelerate industrialisation, and deepen regional cooperation to navigate a fractured global economy, Afreximbank senior executive vice president Denys Denya warned on Wednesday.
Speaking during the opening ceremony of the 2025 Afreximbank Annual Meetings (AAM2025) in Abuja, Nigeria, Denya cited geopolitical tensions, declining aid, and rising protectionism as threats requiring "resolute action" from the continent.
"The global order is now fractured, marked by geopolitical tensions, economic fragmentation, rising protectionism, and waning multilateralism. Aid to the continent is shrinking," he said.
"The certainties of the past—stability, alliances, and open markets—are being replaced by fragmentation and volatility. How do we navigate these headwinds?"
Denya said Afreximbank’s three-decade journey gives cause for optimism, and the resilience shown during crises has prepared the bank to chart a stronger path ahead.
"But Africa now stands at a crossroads. We must be deliberate in our aspirations, resolute in our convictions, and united in our actions," he said.
"We must strengthen African institutions, especially development finance institutions; build robust, independent institutions; promote good governance; and foster regional cooperation.
"This effort requires political will. Institutional strengthening demands consistent support from our leaders. At the same time, prudent macroeconomic policies, structural reforms, and investment in infrastructure and human capital are critical."
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He added: "Now is the time for deliberate industrialisation—adding value to Africa’s exports, diversifying products and markets. We must boost regional trade through the AfCFTA (African Continental Free Trade Area) and forge new partnerships to expand markets, foster innovation, and enhance competitiveness."
He said Afreximbank will continue to stand by its member states.
"We have done so in the past—through counter-cyclical facilities during the commodity super-cycle downturn, COVID-19, and the 2022 Ukraine crisis," he said.
"We supported industrialisation through special economic zones and capacity-building for large corporates."
He said Afreximbank has risen to systemic relevance, supporting not only its clients but also member countries—and contributing to the continent’s development aspirations.
Over the past three decades, he noted, the bank’s resilience has been anchored in courage, foresight, determination, and belief in its vision.
He said it was against this backdrop that the AAM2025 was aptly themed "Building the Future on Decades of Resilience."
"Some may ask: Why this theme? Because the same forces that once resisted the bank’s formation have now taken new forms—yet with the same goal: to undermine this great institution," Denya said.
"This theme also reflects ongoing global developments—a world shaped by shocks with profound implications for vulnerable nations."
As the world faces uncertainty, Denya said Afreximbank will continue supporting Africa’s aspirations.
The AAM2025 will end on Saturday.
