Afreximbank Seeks Stronger Support for African DFIs

By Oluwakemi Kindness

The African Export-Import Bank (Afreximbank), on Wednesday called on African governments to strengthen and protect the independence of Development Finance Institutions (DFIs), noting their critical role in supporting the continent’s economic resilience and long-term growth.

The Senior Executive Vice President of the African Export-Import Bank (Afreximbank), Denys Denya, made this call at the opening of the on-going 32nd Afreximbank Annual Meetings in Abuja.

Denya emphasized the need for DFIs to operate with strong political backing and autonomy, particularly in light of increasing global economic uncertainty and reduced access to external aid.

“In an era where there is scarcity of funding for African entities, our home-grown institutions must be given all the support to solve our problems,” he said. “Institutional strengthening also requires strong political support – so as not to undermine their own creation.”

Denya stressed that DFIs such as Afreximbank have become central to Africa’s ability to navigate economic shocks, finance critical infrastructure, and foster regional cooperation.

He cited the bank’s historical role as a counter-cyclical lender during periods of economic crisis, including the 2008–2009 global financial meltdown, the 2014–2016 commodity slump, the COVID-19 pandemic, and the Russia-Ukraine war.

In addition to crisis response, Afreximbank has also supported structural development through the establishment of industrial parks, special economic zones, and strategic investments in key sectors.

Most recently, the bank completed the Africa Medical Center of Excellence (AMCE) in Abuja, aimed at reducing foreign medical tourism and retaining healthcare-related foreign exchange on the continent.

According to Denya, the challenges currently facing African economies — including heightened geopolitical tensions, trade protectionism, and global economic fragmentation — closely mirror the conditions that led to the bank’s establishment over 30 years ago.

“Certainties of the past—stability, predictable alliances, and open markets—are giving way to a new era of fragmentation and volatility,” he said. “Our institutions must therefore be strengthened to withstand these emerging pressures.”

He further noted that sustaining DFIs’ contributions to macroeconomic stability and regional integration requires not only political support, but also adherence to sound governance principles, prudent fiscal management, and long-term planning.

The 2025 Afreximbank Annual Meetings, themed “Building the Future on Decades of Resilience”, is holding in Nigeria’s Federal Capital Territory, Abuja.

The sessions bring together heads of state, ministers, policymakers, financial institutions, and stakeholders from across Africa and beyond to deliberate on the future of African trade and economic cooperation.