Afreximbank Chief Urges Media to Change Africa’s Story

Afreximbank President George Elombi has called on African journalists to promote stories that reflect the continent’s progress and attract greater investment.

Speaking during a media roundtable in Abuja, Dr George Elombi, who also chairs the Afreximbank Board of Directors, said the African narrative presented by many international media organisations continues to discourage investment, limit access to capital, and reduce opportunities for development. He argued that reports often focus on conflicts, disasters, hunger, strikes, and coups while giving little attention to Africa’s industrial growth and infrastructure achievements.

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

Elombi also criticised international credit rating agencies, saying they unfairly assign higher risk to African financial institutions. According to him, organisations such as Afreximbank have demonstrated strong loan performance despite operating on the continent.

“Don’t make those presumptions. They say we are operating in a risky environment, but year after year we demonstrate that the loans we provide are safe.

“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.

“Eighty per cent of our balance sheet is in loans because Africa needs financing for development; but they want us to take our money out of Africa and deposit it abroad before giving us higher ratings.”

He backed the African Union’s plan to establish an African-owned credit rating agency, saying it would assess businesses using the continent’s economic realities instead of external assumptions.

Elombi highlighted several Afreximbank projects, including the African Medical Centre of Excellence (AMCE) in Abuja, a 75-million-dollar research endowment for diseases such as sickle cell disorder, and 2.5 billion dollars in financing for the Dangote Refinery. He also said the Pan-African Payment and Settlement System (PAPSS) now operates in 28 African countries, helping businesses trade in local currencies and reduce reliance on the U.S. dollar.

He urged journalists to continue promoting stories of innovation, industrialisation, and economic progress to strengthen the African narrative and position the continent as an attractive destination for investment.

How important do you think the African narrative is in shaping global investment decisions?