By Emmanuel Nduka
Somalia has officially become the 53rd African member state of the African Export-Import Bank (Afreximbank), joining the likes of Nigeria, Ghana, and many other African powerhouses.
The significant step is primed to bolster Somalia’s economic trajectory, boosting trade and industrial development while advancing intra-African commerce under the African Continental Free Trade Area (AfCFTA).
Announcing this on Wednesday, prof. Benedict Oramah, President/Chairman Board of Directors of Afreximbank, stated that “the collective journey” will enable Somalia economy realise its maximum value from its enormous natural resources, “while hastening its integration into the African Continental Free Trade Area.”
“We are delighted to welcome Somalia into the Afreximbank family.
“This is a significant milestone as it widens the opportunity for the Somali public and private sectors to access financing and other related interventions that address their real needs.
“By joining the Bank, Somalia embarks on a new journey of pursuing its developmental aspirations on its own terms, backed by unwavering support from Afreximbank, a bank with a proven track record of supporting its Participating States in good and bad times,” Prof. Oramah wrote on X.
With Somalia’s membership, Afreximbank is closer to realizing its goal of expanding its product offerings across the continent, paving the way for sustainable economic transformation and deeper regional integration.
