The Senior Executive Vice President of the African Export-Import Bank (Afreximbank), Denys Denya, has warned that new threats are emerging against Africa’s development and economic independence, similar to the resistance faced during the creation of the bank in the early 1990s.
Denya raised this concern while speaking at the opening session of the 32nd Annual Meetings of Afreximbank, which was held in Abuja on Wednesday. According to him, some of the same forces that once opposed the bank’s establishment are now resurfacing in different forms, with the aim of weakening the progress made by the continent.
He said the renewed efforts to derail Africa’s progress have come at a time when the global economic system is facing major challenges, including rising protectionism, trade tensions, and policy uncertainty. He stressed the need for African countries to defend and strengthen home-grown institutions like Afreximbank, especially now that the continent is at a critical stage of its economic transformation.
In his words, “I want to remind us that the establishment of the African Export-Import Bank was Africa’s response to the confluence of crises during the time but was met with fierce resistance, both from internal and external forces, those whose goal it was to perpetuate the culture of dependence and underdevelopment of the continent.”
Denya added that the bank has remained strong and resilient over the last three decades because of a firm belief in its vision, courage, and clear strategy. He explained that the 2025 theme for the annual meeting—Building the Future on Decades of Resilience—was chosen to reflect both past struggles and present realities.
He noted, “Three decades after its establishment, the very combined forces, drawn from both within and without, that opposed the creation of the bank in the lead-up to its establishment have metamorphosed into various shapes, with the sole objective of undermining this great institution.”
The Afreximbank executive’s remarks come amid concerns over the bank’s recent credit rating downgrade. The bank was downgraded to ‘BBB-’ from ‘BBB’ by international rating agencies, with a negative outlook. The bank, along with the African Peer Review Mechanism—a body under the African Union—has strongly disagreed with the reasons given for the downgrade.
Denya linked the downgrade and other negative signals to larger global forces that may be seeking to weaken African-led development institutions. He said that now more than ever, Africa must stand united and act with a shared purpose to protect its development interests.
He also spoke on the need to push forward with industrialisation and economic diversification across the continent. According to him, African countries must add value to their exports rather than just relying on raw materials. He said industrial growth must be part of a wider plan to increase regional trade and reduce dependence on foreign markets.
“Intra-African trade is still hovering around 16 per cent. That’s too low. The African Continental Free Trade Area (AfCFTA) gives us the opportunity to change this. It’s time to scale up our manufacturing base and create stronger regional markets,” Denya said.
He called for fresh alliances among African countries and with other partners in the Global South. These partnerships, he said, will help improve access to new markets, boost innovation, and create competitive advantages for African businesses.
Denya stressed that it is important to focus on South-South trade and investment promotion, saying that African nations should leverage shared experiences and resources to achieve common economic goals.
He concluded by urging African leaders, institutions, and private sector players to take deliberate steps to protect institutions like Afreximbank from external pressures and to build on past achievements to secure a better economic future for the continent.
The 32nd Annual Meetings of Afreximbank brought together leaders from African governments, financial institutions, the private sector, and development partners. It is one of the most important gatherings for discussing Africa’s trade finance, development strategies, and integration through the AfCFTA.
