Afreximbank Slams Western Bias, Pushes African Success
Dr George Elombi, President of the African Export-Import Bank (Afreximbank), is done with the Western double standards. He is calling out international media and credit rating agencies for pushing biased narratives and unfair risk scores that hold Africa back. Elombi says it is time for Africans to tell their own success stories, build their own financial systems, and rate their own institutions based on facts, not foreign prejudice.
Why is the Western narrative holding Africa back?
Speaking at a media roundtable in Abuja on Wednesday, Elombi did not mince his words. He pointed out that international media organizations only want to show Africa through a lens of conflicts, disasters, hunger, strikes, and coups. They deliberately ignore the factories, airports, and refineries going up across the continent. This feeds what he calls a colonised mindset that keeps Africa looking dependent on external validation.
We must change that narrative by highlighting African successes and demonstrating that excellence is an everyday reality across the continent.
Are international credit rating agencies biased against Africa?
Elombi came hard at international credit rating agencies for their arbitrary risk assessments. He said African financial institutions, including Afreximbank, get slapped with downgrades of up to 3 notches simply for operating on African soil. But the facts tell a completely different story. Africa records lower loan default rates than many other regions.
He challenged the logic of these foreign agencies, asking why Africa is labeled risky when less money is lost there than elsewhere. He also called out their hypocrisy. These agencies want Afreximbank to pull its money out of Africa and park it abroad just to get a higher rating, even though 80 percent of the bank's balance sheet is in loans to fund African development.
What is the solution for African financial sovereignty?
Elombi threw his weight behind the African Union's initiative to set up a private, professionally managed African credit rating agency. This institution will assess African corporations based on local economic realities instead of Western prejudices.
We must have an African rating agency run by Africans and based in Africa to rate corporates seeking finance according to our realities on the continent.
How is Afreximbank driving industrial and health independence?
Afreximbank is not just talking; it is putting its money where its mouth is. Elombi highlighted the African Medical Centre of Excellence (AMCE) in Abuja as a flagship project to stop medical tourism. The bank has established a 75-million-dollar endowment fund to support research into diseases like sickle cell disorder, which hits people of African descent the hardest.
On energy security, Afreximbank pumped 2.5 billion dollars into the Dangote Refinery, plus another 1 billion dollars in working capital. This move proves Africa can process its own raw materials and stop importing petroleum at ridiculous costs. The bank also acted as financial adviser on the Naira for crude initiative.
How is PAPSS breaking the dollar dependency?
The Pan-African Payment and Settlement System (PAPSS) is live and breaking chains. Operational in 28 African countries, PAPSS allows cross-border trade using local African currencies. With adoption by central banks and over 190 commercial banks and fintech companies on board, PAPSS is actively cutting Africa's reliance on the US dollar.
Why does Afreximbank want an African credit rating agency?
International agencies downgrade African institutions based on location rather than actual financial performance, ignoring Africa's lower loan default rates. An African agency would rate corporates based on local realities, ensuring fair access to capital.
What is the Pan-African Payment and Settlement System (PAPSS)?
PAPSS is a financial platform that enables cross-border trade between African countries using local currencies instead of the US dollar. It currently operates in 28 African countries with the backing of central banks and over 190 commercial banks.
How much did Afreximbank invest in the Dangote Refinery?
Afreximbank provided 2.5 billion dollars in project support and a 1 billion dollar working capital facility to the Dangote Refinery. This investment aims to strengthen Africa's energy security and prove the continent can process its own raw materials.