Outgoing President of the African Export-Import Bank (Afreximbank), Prof. Benedict Oramah, has issued a passionate call to African commercial lenders, development finance institutions (DFIs), and trade insurers to take stronger ownership of the continent’s integration efforts by closing Africa’s $100 billion annual trade finance gap.
Delivering his farewell address at the closing ceremony of the Intra-African Trade Fair (IATF 2025) in Algiers on Wednesday, Oramah described the shortage of capital and risk mitigation instruments as the most critical barriers to trade on the continent. His remarks came as the record-breaking fair concluded with $48.3 billion in trade and investment deals.
“It is awkward that in this trade fair, apart from Shelter Afrique, I do not see any other African development bank here,” Oramah said. “We should see here the credit insurance companies. We should see here the trade financial institutions. The commercial banks are here, but they are not deliberate on how we use them,” he added.
The plea highlighted the symbolic weight of the event, which drew more than 112,000 participants from 132 countries, including 20 heads of state and government, 2,148 exhibitors, and nearly 1,000 buyers.
Oramah, who spent nearly three decades at Afreximbank and transformed it into a $33 billion financial powerhouse, will hand over the reins later this month to Dr. George Elombi, a Cameroonian banker and long-time executive at the institution. His departure also coincides with the arrival of new leadership at the African Development Bank (AfDB), where Mauritanian economist Sidi Ould Tah assumed the presidency on September 1.
The dual transitions raise questions about whether Africa’s leading financial institutions can align their strategies to tackle what Oramah described as the continent’s fundamental challenge: “Lack of capital to finance projects and trade, as well as the ability to manage risks.”
Under his leadership, Afreximbank pioneered financial sovereignty by raising capital locally, establishing its own credit insurance schemes when Western firms retreated, and launching the Pan-African Payment and Settlement System (PAPSS). Yet, Oramah acknowledged that Afreximbank alone cannot close the financing deficit. “By the time we get to Lagos 2027,” he declared, referring to the next IATF, “most of these deals should be done, financed where they need financing.”
The Algiers edition of the Intra-African Trade Fair, held from September 4 to 10, set new benchmarks. According to the IATF 2025 Report Card, the fair attracted 2,148 exhibitors from 70 countries and hosted multiple forums, including the Creative Africa Nexus (CANEX), the Africa Automotive Show, and an Africa Research and Innovation Hub.
Special days were dedicated to Algeria, Kenya, Tunisia, Zambia, Zimbabwe, Côte d’Ivoire, and global partners, while matchmaking sessions linked businesses with governments and investors. Algeria alone accounted for $11.4 billion of the $48.3 billion in contracts signed, with an additional $11.6 billion in export commitments still pending.
Former Nigerian President and IATF Advisory Council Chairman, Chief Olusegun Obasanjo, lauded the outcome, describing the fair as a “testament to a more integrated and prosperous Africa.” He said: “Through vibrant exchanges and partnerships, IATF 2025 has exceeded our expectations and now stands as the biggest ever.
It has sown the seed of future prosperity for our shared vision of an economically integrated Africa.”
Key outcomes from the event include the institutionalisation of the trade fair as a treaty-based entity, IATFCO, headquartered in Harare, Zimbabwe; the announcement of Lagos, Nigeria, as host of the 2027 edition; and the award of the 2026 African Sub-Sovereign Governments Network (AfSNET) Conference to Calabar, Nigeria.
The fair also featured awards recognising excellence in design, innovation, sustainability, and creative industries, with winners ranging from Zambia and Zimbabwe to Ogun State, Nigeria, and Fiat Stellantis.
For Oramah, the Algiers fair was both a celebration and a farewell. Having championed AfCFTA implementation, spearheaded innovative financial tools, and expanded intra-African trade, his final message was clear: Africa’s integration depends on its own institutions.
His successor, Elombi, and AfDB’s Tah will now be tasked with advancing that vision. As Oramah put it: “The time has come for African banks, DFIs, and insurers to step up. Without them, integration will remain a dream. With them, it will be our reality.”
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