PJ Patterson, former Jamaican Prime Minister, speaking at the AAM 2025
The annual meetings of the African Export-Import Bank (Afreximbank), the 32nd, just concluded in Abuja, Nigeria’s capital. running between June 25 and 27. The conference convened at an important time for Africa. With a global economy confronting mounting challenges and geopolitical tensions weakening international ties, Africa prepares to forge its own economic destiny. This year’s discussions focused on charting a bold and united course for the continent’s future.
At the conference delegates deliberated on Africa’s most pressing challenges, discussions touched on the absence of funding for key infrastructural projects on the continent and an over-reliance on the export of raw materials. Africa’s mass migration of talents was also an issue that raised concerns, many lamenting the effect on vital industries. For Nigeria’s president, Bola Ahmed Tinubu, building greater African solidarity, tailored policies, and development strategies grounded in the continent’s unique needs were the important areas of focus.
The continent holds a powerful card as essentially the world’s last untapped goldmine for economic growth. But that same potential is being undermined by a major loss of the its GDP to illicit financial flows according to recent data, a reality that illustrates the urgency of building robust financial systems and trade networks.
Delegates concentrated on three urgent needs; establishing robust financial systems to mobilise capital efficiently, building up local manufacturing to cut dependence on imports, and making agriculture and energy top priorities to ensure food security and stable power supply.
The conference was not just about ideas. It demanded concrete action from leaders, with the African Continental Free Trade Area (AfCFTA) framing these goals as both opportunity and obligation.
The line-up of speakers brought diverse yet complementary perspectives. Aliko Dangote, Africa’s richest man with a $28.1 billion fortune, as reported by Bloomberg in March, delivered a reflection session moderated by CNN’s Eleni Giokos that had the room on edge.
Detailing the journey of his $20 billion oil refinery, the world’s largest single-train facility, he acknowledged Afreximbank’s pivotal support. “Africa is the only continent with room for real growth,” he asserted. “The rest of the world needs us to grow.” His blueprint included reliable electricity, backed by a 2022 African Development Bank study linking power access to a 1.5% annual GDP boost, consistent policies, and a stable business climate.
With unflinching confidence, he declared that just ten institutions modelled after Afreximbank could transform Africa into “heaven within ten years.” The sweeping claim was met with equal parts admiration and doubt from economists in attendance.
Percival James Patterson, former Jamaican prime minister and special guest, urged stronger ties between Africa and the Caribbean. With his extensive experience guiding the island through difficult economic transitions, he drew attention to the historical ties that should drive practical strategies to reshape shared heritage into a foundation for collective economic growth.
The numbers tell part of the story. Current trade between the two regions is at $729 million. However, studies by the International Trade Centre and Afreximbank suggest that strategic partnership could nearly increase that figure to $1.8 billion by 2028.
Patterson declared, “The time for symbolic talk is over. The moment for bold, united action is now.” He wove a narrative of shared history between Africa and the Caribbean, born from the scars of the transatlantic slave trade, and how this could transform into a vision of shared prosperity.
“The post-World War II global order is imploding before our eyes,” he warned. “In this unpredictable and fragmenting world, we must create a safe economic space for our own development, and we must do it together.”
He did not stop at rhetoric. He pointed to Afreximbank’s growing reach in the Caribbean, where St. Kitts and Nevis were the first to sign an agreement with the bank, a move now followed by 12 other CARICOM nations. Patterson also brought up CAPSS, the Caribbean’s new payment system, which took inspiration from Africa’s platform and has already shown promising results.
He also spoke about plans for a new AI investment centre, with the funding from Afreximbank to be channelled through the PJ Patterson Institute at the University of the West Indies. In his closing remarks, Patterson pushed for collective action, especially for today’s youth and future generations. Many believe this message resonated with participants, as it generated robust discussions across digital platforms.
There were different views on clarity of government policies and the effectiveness of financial institutions. Some delegates shared their concerns about structural challenges, pointing out that Nigeria’s persistent economic difficulties exposed broader governance and corruption issues.
Others pointed to Afreximbank’s over $30 billion in trade finance in 30 years as proof of greater possibilities for the continent. Practical strides emerged, though. Side sessions yielded commitments to renewable energy, with solar projects in East Africa gaining momentum.
A proposal for the investment of $5 billion to address urgent food security challenges was discussed. There was agreement that this would address ongoing disruptions in global supply chains. These efforts suggest that the conference could mark a commemorative moment for driving substantial economic progress across Africa.
Several participants say the success of the conference was not just its strong opening, but how it managed to bridge fundamentally different perspectives. Dangote’s business-first pragmatism found common ground with Patterson’s historically-grounded outlook. Together, they strengthened Africa’s drive for self-sufficiency, a push demonstrated by evident developments like Afreximbank’s growing Caribbean presence, now showing real promise as a blueprint for effective South-South cooperation.
Economists noted the conference delivered concrete proposals both in energy investments and agricultural financing and trade integration. While these elements form a credible development roadmap, participants emphasised that implementation discipline will determine their ultimate impact. Success will depend on political will and constant engagements with the continent’s growing population, commentators say.
Even as the event showed promise of a bright future for trade alliances, many question whether leaders will follow through on their promises and if the funding needed to achieve the stated goals can even be raised. For now, AAM 2025 has set an ambitious goal, one that will be adopted across the continent and its Diaspora. Participants say this was more than a meeting. It was a movement. For Africa and its Caribbean allies, the challenge now is to turn vision into victory.