IATF: We’ve built a solid platform… it’s time to institutionalise it – Oramah; Hails Zimbabwe as host of headquarters

Remarks on the theme “From Trade Fairs to Economic Empowerment: An Evolutionary Story” By Prof. Benedict Oramah, President and Chairman of the Board of Directors of African ExportImport Bank, at the Opening Ceremony of the 2025 Intra-African Trade Fair, Held in Algiers on September 4, 2025

His Excellency, Abdelmadjid Tebboune, President of the People’s Democratic Republic of Algeria

Your Excellencies, African and Caribbean Heads of State and Heads of Government

Your Excellencies, representatives of Heads of State and Governments

Your Excellencies, Former Heads of State

His Excellency, Mahmoud Ali Youssouf, Chairperson of the African Union Commission, ably represented by Her Excellency, Amb. Selma Malika Haddadi,

Deputy Chairperson of the African Union Commission

His Excellency Olusegun Obasanjo, Former President of the Federal Republic of Nigeria and Chair of the IATF Advisory Council

Honourable Ministers and Governors of Central Banks

Her Excellency, Nardos Bekele-Thomas, Chief Executive Officer of the African Union Development Agency-NEPAD (AUDA-NEPAD)

His Excellency Wamkele Mene, Secretary General of the AfCFTA Secretariat

Heads of Partner International Organisations and their representatives

Your Excellencies, State and Regional Governors

Board Members of Afreximbank and Afreximbank Subsidiaries

Your Excellencies, Mr. Christopher Edordu and Mr. Jean Louis Ekra, former Presidents of Afreximbank

Senior Executive Vice President and Executive Vice Presidents at Afreximbank

Members of the Intra-African Trade Fair (IATF) Advisory Council

Heads of Afreximbank Subsidiaries

Corporate leaders and esteemed Exhibitors

Colleagues at Afreximbank

My dear wife, Chinelo

Ladies and Gentlemen of the Press

Distinguished Ladies and Gentlemen

As we gather in this beautiful city of Algiers to mark yet another significant milestone in our journey towards attaining Africa’s economic emancipation, through intra-regional trade and investment, we must remember the trials and tribulations that gave us political freedom and paved the way for that new journey. Algeria, and indeed Algiers, was one of the epicentres of the struggle that helped shape Africa as a free and independent continent.

With courage and intellectual erudition, great Algerians, such as Ahmed Ben Bella, Larbi Ben M’hidi, Panand Mohamed Khider, as well as Pan-Africanists like Frantz Fanon, dedicated their lives to the pursuit and eventual attainment of Algeria’s political freedom. And today, under the leadership of His Excellency Abdelmadjid Tebboune, President of the People’s Democratic Republic of Algeria, the country is experiencing an unprecedented economic transformation, the benefits of which are now extending to different parts of Africa, setting the stage for Algeria becoming the proud and worthy hosts of the 4th edition of the intra-African Trade Fair (IATF).

It is, therefore, with immense pleasure that I thank His Excellency, President Abdelmadjid Tebboune, his able government, and the great people of Algeria for the excellent facilities and arrangements which made it possible for us to look forward to a world-class series of events here this week. Hosting an event of this magnitude and complexity is no mean feat. Gathered here are over 30,000 visitors and buyers, as well as over 6 2,000 exhibitors from all over the world. The fact that we have all been comfortably accommodated, taken care of, and going about our businesses easily is proof of the massive economic transformation Algeria has seen in recent years. They are a proof to all of us as to what is possible when we take our destiny in our hands.

Allow me to also quickly recognise and thank the Heads of State and Governments from Africa and the Caribbean who have joined us here today. The honour of your presence at this Opening Ceremony reflects your confidence in, and respect for, the leadership of Algeria as well as your strong support and confidence in the work of the Bank and its partners, the African Union Commission (AUC) and AfCFTA Secretariat, in using the Trade Fair to promote Africa’s economic integration.

Your Excellencies, Distinguished Ladies and Gentlemen, since the 1960s, when many African economies began to gain political independence, it has always been understood that political 8 independence without economic empowerment would be nothing but glorified servitude.

As we can see from the enthusiasm and expectations of the thousands of African youth, as well as the business and government representatives gathered here in Algiers to attend this Trade Fair, the long-anticipated struggle to free Africans all over the world from decades of servitude is now moving from lip service to action. But just like political independence, economic empowerment can only be earned and not granted on a platter of gold. To transform from what the great Franz Fanon referred to as the “wretched of the earth” to owners and controllers of capital would require a courageous, disruptive move, another epic struggle similar to those used to gain political independence in the 1960s, but different in important parameters.

In 2019, at the Annual Meetings of Afreximbank Shareholders, held in Moscow, I described the new struggle this way, and I quote:

“… a revolution is sweeping across the African continent without bloodshed or conflict. It is peaceful and will fundamentally alter our world, shatter old assumptions and reshape our lives. It is easy to underestimate, as it is not accompanied by banners or fanfare. The revolutionaries are of a different breed. Instead of being trained in military camps, the freedom fighters for this new battle are being trained in technical schools and universities; instead of fighting in trenches, this battle will be fought on factory floors and tech incubation centres; instead of guns, the battle will be fought with ideas, hard work and investments. While bravery was required for the political struggle, courage is a necessity for the economic liberation struggle. Tech, and not armed guerrillas, ideas, and not brute force, will represent the potent forces for victory in this new struggle. And as with the political struggle, Africa needs partners that can support it to prevail. The partnership we seek goes beyond aid and grants. Africa seeks partnerships founded on mutual respect and trust, as well as win-win economic cooperation and investments, and the pursuit of shared prosperity.” unquote

The Intra-African Trade Fair, through its four editions since 2018, has proven to be a solid platform for launching winning ideas and initiatives, forging continental and global partnerships, unlocking critical funding, and visualising unprecedented market opportunities. It is also proving itself to be a formidable platform for the new struggle for economic independence of all Africans, regardless of colour, creed, location, gender, or status. The participation of Afreximbank, other African Multilateral Financial Institutions, commercial banks, insurance companies, and other financial institutions remind our people, with solid bankable, ideas that they too can dream big and expect the dreams to come through and not end in a pipe.

It was not that Africa did not have kids as capable as or even better than many global giants, Bill Gates, Zuckerberg, and Steve Jobs; what we did not have was the capital and a cohesive market to give them the audacity to dream. Gradually, and surely, that is changing; we are reaching a stage where African kids can also dream, and some green shoots are beginning to emerge, as evident in the few unicorns Africa has birthed in recent years.

That is why we are pleased that today, IATF has become the rallying point where the kids from the Kabylie region in the deserts of Algeria, Abu-Simbel in the Southern tips of Egypt, Kilwa Island in Tanzania, Ngomgom in Senegal, Ntabankulu in South Africa, my own small town, Nnokwa in Nigeria, and many others in between can expect to bring their ideas, creativity, innovation, and expect not only to be listened to, with respect, but actually supported. We believe that we have built a platform and supporting ecosystem where young Africans who may change the way the world reads, lives, interrelates, does business, and manages their health will one day emerge. The proof is in what we have seen emerge from this platform since 2018. Permit me to cite some examples:

• When the Government of Tanzania decided to develop the Rufiji dam project to bridge its 6,000 MW electricity needs, curb seasonal flooding, and support farmers, international financiers, insurers, and even contractors shunned the project. It was at the IATF in 2018 that Tanzania signed the construction contract with 2 Egyptian contractors, Arab Contractors and El-Sewedy Electric, to implement a 2.9 billion US dollar project. Afreximbank arranged the guarantees and funding, leading a consortium that included Egyptian and Tanzanian banks. And today, Tanzania can boast of self-sufficiency and even think of exporting power, dream of establishing heavy industries, worry less about loss of lives in Stiegler’s Gorge due to flooding, etcetera. The project is today the largest intra-African EPC project, financed solely by African financial institutions.
• After gaining access to the intra-African trade fair through the Elumelu Foundation, Ndubisi Arinze Eze, Chief Executive Officer of Aerial Industries Pte. Ltd, a young Nigerian innovator, was discovered by Singaporean investors at IATF2018, and today he designs and produces drones in Singapore, which are revolutionising farming globally with sales into Southeast Asia, the Middle East, Africa itself, and South America.
• At IATF2021, Comoros Island struck a transformational opportunity to develop and modernise its tourism industry when it signed a deal with El-Sewedy Group of Egypt to develop the Galawa Hotel Project, which is a landmark fivestar resort now under development on the northwest coast of 18 the Comoros Islands, reviving the site of the country’s former legendary hotel. Afreximbank arranged the financing for the implementation of the landmark project.
• At the 2023 IATF, Afreximbank signed a US$450 million Global Credit Facility with ARISE Integrated Industrial Platforms (ARISE IIP) Limited, a leading developer and operator of industrial parks and Special Economic Zones. The facility, disbursed in December 2024, is financing the development and expansion of industrial parks in Malawi, Nigeria, Côte d’Ivoire, the Democratic Republic of Congo, Sierra Leone, and Chad, while also providing working capital for commodity purchases and trade-related operations, such as logistics, processing, and insurance.
• At the IATF 2023, SAMAPECHE, a medium-sized enterprise in Mauritania, sealed a €12 million deal that enabled it to build a fish processing factory, expand its storage capacity by 3,000 metric tonnes, and add three boats to its fleet. As a result, the company increased its export business to African and non-African destinations by over 65%.

Your Excellencies, distinguished Ladies and Gentlemen, all these good and encouraging things did not happen by chance. The journey we began in 2017, when we started planning for the inaugural Trade Fair, which was held in November 2018, was a strategic move drawn from Afreximbank’s Intra-African Trade Strategy, launched in 2016. The herculean task of converting vision to reality, mobilising African states, thousands of exhibitors, buyers, and sponsors, etc for an event of such a magnitude was only made possible by the strong support Afreximbank received from many.

As this is my last opportunity to address this Forum as the President of Afreximbank, the Bank that initiated the IATF project, I would seek your kind permission to recognise a few people who made a difference. I would like to start with the Afreximbank Board of Directors, who, despite the uncertainty of the outcome, believed in the vision and trusted the Bank’s Management to deliver on their commitments. Special mention must be made of His Excellency, President Olusegun Obasanjo, Baba, who, without hesitation, agreed to chair the IATF Advisory Council and, in that role, threw his enormous political weight and capital behind it. He absorbed the political spears and arrows for us and even threw some expertly on behalf of the Bank and its organising partners. Members of the Advisory Council, including the able Vice Chairman and 2nd President of Afreximbank, Mr. Jean Louis Ekra, provided unparalleled leadership and breadth of institutional insights and support that made the project a 23 collective endeavour. Special thanks to other members of the IATF Advisory Council, the list of whom is proudly displayed on the screen:

Our collaborating partners, the African Union Commission and AfCFTA Secretariat, own this project as much as we do. The platforms they provided gave the initiative the continental legitimacy required for its success. While so many in these organisations worked extraordinarily hard in support, allow me to make special mention of H.E. Mr Wamkele Mene, Secretary General of the AfCFTA Secretariat and H.E Ambassador Albert Muchanga, the immediate past AU Commissioner for Economic Development, Tourism, Trade, Industry and Mining (ETTIM), who took the project as their own baby and gave it the leadership it needed.

Sponsors who supported the project early, some of whom have remained consistent, are the reasons we are able to sustain this initiative and look forward to its future with hope. Major sponsors, including Dangote Industries Limited, El-Sewedy Electric, Oando Energy, Arise IIP, Titan Trust Bank, Sonangol, Hassan Allam, Atlantic Financial Group, Groupe Guicopres, Vista Group, ETG, Mota Engil, and OSP Saudi Arabia, as well as others, all featured on our sponsorship wall, and displayed on the screen, deserve our special thanks. And so do all the countries that have hosted the event, including Egypt, South Africa, and now Algeria, as well as those who make it a point to exhibit at the events. There are also some countries that expressed intent and worked hard to host, but due to one thing or another, could not. We thank them for their support and the lessons learnt from the experience, which have helped to strengthen the initiative. Many thanks to exhibitors, artists, buyers, performers, speakers, journalists and all those who have made tremendous contributions to the success we are celebrating today. Our appreciation also goes to those who helped us introduce critical verticals, including Diaspora Day, Africa Automotive Forum, Culinary and Gastronomy and Sports Verticals.

My colleagues in Management deserve all the accolades. Our Intra-African Trade Group and the very committed IATF Committee, led by indefatigable Ms. Kanayo Awani, Executive Vice President, is the pillar on which this project stood, stands, and will continue to stand. Without her tenacity, hard work, and belief in the change Africa deserves; the vision would have ended up a mere dream. I cannot thank them enough. I would also like to thank our service providers Reed Exhibitors, Brand Communications, Red Flag and others for putting up fantastic shows, event-after-event. Pixy Konner deserves our appreciation for working with us to deliver the very difficult first edition of the Fairs in 2018.

As I exit the stage, I am convinced that we have built a solid platform that can stand the test of time. After 4 events and almost 8 years, it is time to institutionalise the initiative and lessen the burden on Afreximbank and its collaborating partners, the AUC and AfCFTA Secretariat. That is why I am very pleased that the Advisory Council has approved that Harare, Zimbabwe, be the new Headquarters of an independent IATF entity. I thank all the countries that bid to host for their effort and also the spirit of sportsmanship that was exhibited throughout the entire process. I congratulate the Government of Zimbabwe for putting up a very strong bid and hope that they will work assiduously with the Advisory Council to quickly open the IATF as an independent, sustainable organisation in Harare.

It is also encouraging that the Board of Afreximbank has approved an initial capitalisation of 28 million US dollars for the institution. While we anticipate that the organisation would strive for financial sustainability, I would like to seize this opportunity to call on African governments, Corporations, and financial institutions to support it during its early teething stage. I thank you all for your kind attention.

Prof. Benedict Oramah President and Chairman of the Board of Directors