Negative narratives undermine Africa's investment prospects, says Afreximbank president

Business, Corporate Affairs

ABUJA, Nigeria (NPA) — President of the African Export-Import Bank (Afreximbank), Dr George Elombi, has called on African journalists to reshape global perceptions of the continent by highlighting its economic achievements rather than reinforcing negative stereotypes that discourage investment.

Speaking at a media roundtable in Abuja on Wednesday, Elombi said persistent negative narratives about Africa continue to undermine the continent’s ability to attract investment, mobilise capital and secure the expertise needed for sustainable development.

According to him, international media coverage of Africa is overwhelmingly dominated by stories of conflict, hunger, coups, disasters and political instability, while giving little attention to the continent’s industrial, infrastructure and economic successes.

He said the imbalance reinforces what he described as a “colonised mindset” that leaves Africa dependent on external validation.

“We must change that narrative by highlighting African successes and demonstrating that excellence is an everyday reality across the continent,” Elombi said.

The Afreximbank president also criticised international credit rating agencies for what he described as unfair assessments of African institutions, arguing that they routinely assign lower ratings simply because organisations operate on the continent.

According to him, African financial institutions, including Afreximbank, have consistently recorded lower loan default rates than many institutions in other regions despite being labelled as high-risk.

“What is the basis for describing Africa as a risky environment when less money is lost here than elsewhere? We must change that narrative to show that Africa is not more risky than the rest of the world, at least in terms of loan defaults,” he said.

Elombi expressed support for the African Union’s plan to establish an independent African credit rating agency, saying such an institution would assess African businesses based on local realities rather than external biases.

“We must have an African rating agency run by Africans and based in Africa to rate corporates seeking finance according to our realities on the continent,” he added.

Highlighting Afreximbank’s development initiatives, Elombi cited the African Medical Centre of Excellence (AMCE) in Abuja as a flagship project designed to reduce medical tourism by providing world-class specialised healthcare, particularly in cardiology and haematology.

He disclosed that the bank had established a 75 million-dollar endowment fund to support research into diseases such as sickle cell disorder, which disproportionately affects people of African descent.

Elombi also highlighted Afreximbank’s role in promoting industrialisation through strategic infrastructure financing.

He revealed that the bank provided 2.5 billion dollars in support for the Dangote Refinery to strengthen Africa’s energy security, reduce dependence on imported petroleum products and demonstrate the continent’s capacity to process its own raw materials.

He added that Afreximbank has since supported the refinery with a further one billion-dollar working capital facility while also serving as financial adviser on Nigeria’s naira-for-crude initiative.

On regional trade integration, Elombi said the Pan-African Payment and Settlement System (PAPSS) is now operational in 28 African countries, with participation from their central banks as well as more than 190 commercial banks and fintech companies.

He described PAPSS as a transformative platform that enables cross-border trade using African currencies, reducing reliance on the U.S. dollar and strengthening intra-African commerce.

Elombi urged journalists across the continent to consistently project stories of innovation, industrialisation and economic transformation, stressing that changing Africa’s global narrative is essential to attracting investment, creating jobs and accelerating sustainable development.