By 
The Senior Executive Vice President of the African Export-Import Bank (Afreximbank), Denys Denya, has raised the alarm over the resurgence of forces working to undermine Africa’s development trajectory. Speaking at the 32nd Annual Meetings of the bank held in Abuja on Wednesday, Denya cautioned that the same resistance that opposed the bank’s formation in the 1990s has resurfaced in new forms, threatening the continent’s hard-won progress.
Denya’s warning comes amid growing scrutiny of the bank following a recent downgrade of its credit rating from ‘BBB’ to ‘BBB-‘ with a negative outlook. Afreximbank, along with the African Peer Review Mechanism (APRM)—a specialized entity of the African Union—has contested the rationale behind the downgrade, suggesting it undermines African institutions at a time when their role is more critical than ever.
In his opening address, Denya underscored the need for a unified and strategic response to protect and strengthen Africa’s home-grown institutions.
“I want to remind us that the establishment of the African Export-Import Bank was Africa’s response to a confluence of crises. It was met with fierce resistance—both from internal and external forces—aimed at perpetuating dependence and underdevelopment,” Denya said.
He noted that Afreximbank’s resilience over the past 30 years has been grounded in courage, vision, and unwavering commitment to its mandate. With this legacy in mind, the 2025 Annual Meetings will carry the theme: “Building the Future on Decades of Resilience.”
“Three decades after its establishment, the very forces—within and beyond—that once opposed the bank’s creation have re-emerged in different forms with the singular goal of weakening this institution,” Denya warned.
He linked this renewed threat to global trends such as heightened geopolitical tensions, economic fragmentation, rising protectionism, and a decline in multilateral cooperation, all of which pose significant challenges to Africa’s economic aspirations.
Denya emphasized the urgency of Africa’s industrialisation, calling for strategic investments in value-added exports, diversification of export destinations, and increased intra-African trade through the African Continental Free Trade Area (AfCFTA).
“With intra-African trade still around 16%, the AfCFTA provides a unique opportunity to structurally transform Africa’s economies by scaling up the continent’s manufacturing capabilities,” he said.
He further urged African countries to forge strategic alliances and strengthen South-South cooperation, highlighting the need for new trading partners that can unlock shared prosperity through innovation, expanded market access, and collective resource mobilisation.
Denya concluded by reinforcing Afreximbank’s continued commitment to empowering African economies, noting that resilience, self-reliance, and collaborative partnerships remain the keys to navigating the evolving global landscape and achieving long-term development.
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