Post #127

⚙️Afreximbank Wipes Out Colonialism On October 25, Afreximbank inaugurated its new president at a ceremony in Cairo. In his inaugural address, the new head of the Pan-African financial institution George Elombi announced a strategic shift toward local value addition and mineral processing. ⏩So far, the only large-scale domestic processing project financed by Afreximbank has been Nigeria’s Dangote oil refinery, where the bank acted as the main lender. ⏪ The new president, however, appears genuinely committed to placing mineral processing at the forefront of Afreximbank’s agenda: First, we will promote and accelerate value addition and strategic minerals processing. We will work to stop the export of raw potential... We will establish a Strategic Minerals Development Programme to finance entire value chains. The significance of this shift is difficult to overstate: 🔸 Most African governments that restrict raw material exports suffer from the absence of local processing facilities 🔸In the rare cases where such facilities exist, they are often foreign-owned due to a shortage of domestic capital. Given that Afreximbank allocates around $20 billion annually, this policy realignment has a potential to actually help Africa reduce its dependence on raw resource exports - at a time when commodity prices are at record highs and geopolitical competition for critical minerals is only gaining momentum. Devils Below