The 31st Afreximbank Annual Meeting & The 3rd Africaribbean Trade And Investment Forum: Leaders Discuss Economic Prosperity and Global Africa’s Future

The Afreximbank Annual Meeting and the 3rd Africaribean Trade and Investment Forum is currently underway from 12–15 June 2024, happening in Baha Mar Convention, Arts & Entertainment Center, Nassau, The Bahamas with the theme “Owning Our Destiny: Economic Prosperity on the Platform of Global Africa”. The event, which is being held in a hybrid format with both in-person and virtual participation, has attracted a diverse range of delegates including Heads of states and Captains of Industry, and representatives from international organizations.

The annual meeting highlights the importance of strengthening economic ties between Africa and the Caribbean, and exploring new opportunities for collaboration and partnership. Discussions have focused on ways to enhance trade and investment flows between the regions, as well as the potential for joint ventures and strategic alliances.

With an opening powerful message of unity and interconnectedness from Senior Executive Vice President, Denys Denya. In his opening remark, emphasized the concept of ‘Global Africa’, which aims to connect Africa worldwide through shared history and experiences. It is in the context of sustained deprivation and marginalisation that we seek to unity our forces in the context of global Africa for a better future.

The message of unity and collaboration continued as H.E. Prof. Benedict Oramah, President of Afreximbank, took the stage to deliver his opening statement. Oramah highlighted the importance of recognizing that the fate of all Africans, regardless of geographic location, race, or color, is intricately linked. He stressed the need for African nations to come together and work towards a common goal of economic prosperity and development.

Mrs. Pamela Coke-Hamilton, Executive Director of the International Trade Centre, spoke at the Afreximbank event, highlighted the connections between Africa and the Caribbean. She underscored that, “The ties between Africa and the Caribbean are umbilical, and they are organic. And it’s these ties that you can and must carry us through some of the biggest threats that we face, especially today’s poly crisis world.

The opening remarks by H.E. Ambassador Nomusa Dube-Ncube, Premier of KwaZulu-Natal stressed on the crucial role of the African diaspora in the continent’s economic transformation.
She noted; “It is crucial to recognise that Africa’s journey towards prosperity involves not just Intra-Africa trade, but also integration of the vast African diaspora spread around the world. The story of Africa is incomplete without acknowledging the contribution and struggle of its people, many of whom have been displaced through no fault of their own.”
This recognition is key to leveraging our collective strength and driving sustainable growth and development.

The highlight of the event featured thought-provoking sessions where top leaders engaged meaningful discussions and collaborations that will help shape the future of economic prosperity in Africa.

At the session on Driving Economic Transformation in Global Africa: The role of Emerging AfriCaribbean Giants. Was moderated by Ms. Lisa-Marie Misztak of BBC News. Which featured several leaders, H.E. Andrew Wilson, Quality Group of Companies, Bahamas, Mr. Jean-Louis Ekra, former president of Afreximbank, The former Group CEO of ETI, Arnold Ekpe, Dr, Kingsley Mordi, Director, Bono Energy, Mr Otunba Wale Akinboboye, Founder La Campagne Tropicana, Mr. Akol Ayii, Founder and Chairman, Trinity Group and Mr, Osi Okonkwo, P.E. General Manager, FrazEnergy Limited(Subsidiary of Oilserv Limited

Mr. Jean-Louis Ekra, former president of Afreximbank, emphasized the necessity of shifting away from commodity-based economies in order to achieve sustainable economic growth.
Mr. Ekra spoke on the specific policies that government should introduce to create private sector growth. He stressed that “We can no longer continue to base our economies on exporting commodities and processing commodities. The private sector takes a leading role in that, bearings in mind to put basic infrastructure to be in place.

The former Group CEO of ETI, Arnold Ekpe, also touched on this session emphasizing actionable steps: he added that the real challenge we face is turning talk into action. Responding to the primary strategy for maximising potential gains from Afro-Caribean private sector integration, he highlighted: “it is easier to travel in the Caribbean, in Africa with a European passport, than it is with an African passport. That is the problem, we can fix this, so why haven’t we fixed it. Arnold Ekpe noted that it time to focus on how we can talk less and do more.

The Session: Using Industrial Transformation to Build Bridges”, led by
featured the renowned businessman Aliko Dangote. The founder and CEO of the Dangote Group, shared his insights on how industrialization can be used as an important tool to foster economic growth and development in Africa.

During his session, Dangote response to the the question of becoming the engineering procurement and construction company of their own refinery; in his words, “We took up challenge and we set up a team of 340 engineers in India and we actually became the EPC of the refinery. It has never happened in the world” He also attributed their success to Afreximbank, Highlighting the important role they played in their success.

The plenary session titled ‘Navigating Economic Transformation in a Polycrisis World: Strategies for Global Africa’ plenary session moderated by CNN Correspondent, Ms. Eleni Giokos, and featured Mr. John A Rolle, Governor, Central Bank of the Commonwealth of the Bahamas, Prof. Yemi Osinbajo, Former Vice President of Nigeria, Hon. Kevin Greenidge, Governor, Central Bank of Barbados, Dr. Donald P. Kaberuka, Chairman and Managing Partner, SouthBridge Group and Former President, African Development Bank Group, Dr. Howard Nicholas Senior Lecturer in Economics at the International Institute of Social Studies (ISS) of the Erasmus University of Rotterdam and Mr. Denys Denya, Senior Executive Vice President, Afreximbank.

During this session, Hon. Kevin Greenidge, Governor of the Central Bank of Barbados, emphasized the importance of strategic alliances and unity in addressing the challenges facing the region. Emphasising a climate-positive growth model, he urged leveraging Africa’s vast renewable energy resources and critical minerals as economic opportunities.

Another highlights of the event was the session “A Time to Pause and Reflect: A Global Africa Vision for Afri-Caribbean Socio-Political & Economic Cooperation and Integration,” featured former leaders Hon. Percival Noel James Patterson and H.E. Chief Olusegun Obasanjo emphasized the critical need for unity in order to achieve economic growth and political reforms.

During the session, Hon. Patterson highlighted the need to build trading leads between Africa and the Caribbean. The slave trade must be converted into a trade of goods and services.
H.E. Chief Obasanjo echoed,
The time has come when we have talked too much, and the time has come when it’s no longer thought. It is action.

The session concluded with a call to action for leaders from Africa and the Caribbean to work together towards a shared vision of prosperity and development. By standing united, these regions can leverage their strengths and resources to create a more sustainable and inclusive future for all. Embracing this and work towards a stronger, united Global Africa.

Several high-profile deals and agreements have already been signed and announced during the event, signaling a growing momentum towards closer economic cooperation, with a focus on sustainable and inclusive growth.

At the Afreximbank Annual Meeting Afreximbank and Rawbank signed a historic $100M trade finance facility agreement, marking the largest of its kind in the DRC. This partnership aims to strengthen trade finance and support economic growth in Africa.

Afreximbank also signed a significant $443M facility agreement with Etu Energias. Paving the way for the local acquisition of strategic petroleum assets in Angola and marking a major step forward in boosting Angola’s energy sector.

A partnership between Afreximbank, the Fund of Export Development in Africa (FEDA), and JVL Media, solidified a Memorandum of Intent signed by the distinguished Viola Davis. This collaboration aims to advance publishing and the development of Africa’s film value chain, as well as promote Afro-narratives within global cinema through the Creative Africa Nexus Programme.
The multifaceted initiative seeks to elevate Africa’s creative sector and our stories on the international stage.

Afreximbank signed two facility agreements totalling $80M with CBZ Bank Zimbabwe at the Annual Meeting in Nassau, Bahamas! The first is an uncommitted facility for $60M to confirm trade instruments issued by CBZ Bank Zimbabwe. The second, a $20M facility, will support on-lending to corporate clients and SMEs for essential trade finance activities, including procurement of raw materials and supply chain business activities.

Another deal was also signed by Afreximban, a Project Preparation Facility with Grand Bahama – Afro-Caribbean Market Place to the value of $1.86 million. This transformative project captures the theme of “Owning Our Destiny – Economic Prosperity on the Platform of Global Africa.” It involves revitalizing the former International Bazaar and Royal Oasis Tower and Casino in Freeport, Grand Bahama Island into an Afro-Caribbean Marketplace.

This vibrant hub will foster African and Caribbean partnerships, enhance trade and investment, and become the signature destination for a ‘Taste of Africa and the Caribbean’. The project is set to bring $50 million in investments.

In addition to the business and panel discussions, the event has also featured cultural exchanges, networking opportunities, and the role of the diaspora in driving economic development.

The Afreximbank Annual Meeting and the 3rd Africaribean Trade & Investment Forum have provided a valuable platform for stakeholders to engage, collaborate, and forge new partnerships that will help to shape the future of trade and investment between Africa, the Caribbean, and the wider diaspora. The event is set to conclude with a series of recommendations and action points that will guide future initiatives and projects in this important and dynamic region.