Negative narratives hinder Africa’s investment drive - Afreximbank President

African Export-Import Bank (Afreximbank) President Dr. George Elombi has called on African journalists to actively reshape the continent's narrative to foster investment and development. Speaking at a media roundtable in Abuja, Elombi highlighted how prevailing international perceptions, heavily influenced by media coverage, hinder Africa's ability to attract capital and expertise.

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

Elombi pointed out that international media disproportionately covers conflicts, disasters, and political instability in Africa, while largely ignoring significant industrial and infrastructure advancements. This selective reporting, he argued, reinforces a "colonized mindset" that perpetuates Africa's dependence on external validation. "We must change that narrative by highlighting African successes and demonstrating that excellence is an everyday reality across the continent," he urged.

Furthermore, Elombi strongly criticized international credit rating agencies for what he described as arbitrary and prejudiced risk assessments. He stated that African financial institutions, including Afreximbank, are often downgraded significantly simply for operating on the continent, despite often recording lower loan default rates than other regions. "What is the basis for describing Africa as a risky environment when less money is lost here than elsewhere?" he questioned.

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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.

He explained that Afreximbank's balance sheet is heavily weighted towards loans because of Africa's development financing needs. However, he noted the paradox where these institutions are expected to move capital abroad for higher ratings. Elombi expressed support for the African Union's initiative to establish a private, professionally managed African credit rating agency, which would assess African corporations based on local economic realities rather than external biases.

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What is the basis for describing Africa as a risky environment when less money is lost here than elsewhere?

Elombi also highlighted Afreximbank's development interventions, citing the African Medical Centre of Excellence (AMCE) in Abuja as a key project aimed at reducing medical tourism by offering specialized healthcare. He mentioned a $75 million endowment fund established to support research at the AMCE, particularly for diseases like sickle cell disorder that disproportionately affect Africans.

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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.