The Senior Executive Vice President of the Africa Export-Import Bank, Denys Denya, has sounded the alarm over the re-emergence of forces seeking to derail Africa’s development, warning that the same opposition that resisted the bank’s creation in the 1990s has returned in new forms.
Speaking at the 32nd Annual Meetings of the bank on Wednesday in Abuja, Denya called for urgent, united efforts to fortify Africa’s home-grown institutions.
The continental bank has been in the news in recent times over its downgrade to ‘BBB-’ from ‘BBB’ with a negative outlook. The bank has faulted the premise for the downgrade, the same as the African Peer Review Mechanism, an instrument of the African Union Member States.
In his opening speech, Denya stressed the need for strategic resolve, collective purpose, and deliberate action toward industrialisation in the face of global volatility.
He said, “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. Over the past three decades, the resilience of the bank has been anchored on courage and determination, clear foresight, and a firm belief in its vision. “ It is against this backdrop that the 2025 annual meetings are aptly themed ‘Building the Future on Decades of Resilience’. Some of you may ask, why this[GA1] theme? 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.”
He maintained that the theme was also influenced by the ongoing global developments: heightened geopolitical tensions, economic fragmentation and realignment, increasing protectionism crystallised by tariff wars, blatant disregard for rules-based multilateral trade, and heightened policy uncertainty.
Denya noted that “The time to be deliberate about industrialisation with a view to promoting value addition to Africa’s exports has never been more urgent. While diversifying the continent’s export basket, efforts must also be directed at diversifying export destinations. We must improve regional trade through the AfCFTA.
“With intra-African trade hovering around 16 per cent, the AfCFTA offers a unique opportunity to accelerate the structural transformation of the continent’s economies by scaling up the manufacturing base.
“We need to forge new trading partners and strategic alliances to leverage our collective strengths, resources, and expertise for shared prosperity. New partnerships and strategic alliances will contribute to enhancing access to new markets, offer competitive advantages, and increase innovation. Accordingly, South-South trade and investment promotion should be high on the agenda.”
