Africa must mobilise capital, expertise and business networks from its global diaspora to accelerate industrialisation and shift economies from exporting raw materials to producing finished goods, according to the African Export-Import Bank (Afreximbank).
Temwa Gondwe, Director of Intra-African Trade and Export Development (Creatives and Diaspora), delivered the message on behalf of Afreximbank President and Chairman of the Board of Directors, Dr. George Elombi, at the 2026 YGL Convening of the ADF Africa–Diaspora Leadership Programme in Lagos.
Speaking at the Dangote Refinery, which has a stated capacity of 650,000 barrels per day, Gondwe cited the project as evidence of Africa’s ability to develop industrial infrastructure at global scale.
Afreximbank supported the refinery’s development by underwriting $2.5 billion of a $4 billion syndicated loan and providing a $1 billion working-capital facility, according to the statement.
The project illustrates the scale of financing required to expand Africa’s domestic processing capacity and reduce reliance on exports of unprocessed commodities. Gondwe positioned the refinery within a wider industrialisation agenda focused on developing regional value chains, creating jobs and increasing the share of finished products generated within African economies.
Infrastructure and regional trade
Gondwe said industrial expansion requires investment beyond manufacturing and production facilities, including power, transport, logistics, payment systems and trade infrastructure that connect African businesses to domestic, regional and international markets.
The emphasis reflects the infrastructure and financing challenges facing efforts to deepen intra-African trade under the African Continental Free Trade Area (AfCFTA). Businesses require reliable systems to move goods, settle transactions and access markets for regional value chains to develop.
Afreximbank is seeking to address those requirements through initiatives designed to connect African enterprises with capital, expertise and commercial opportunities across the continent and its diaspora.
Diaspora investment strategy
The bank’s Global Africa Strategy is intended to mobilise diaspora capital, expertise and networks in support of African businesses and industries, Gondwe said.
Through the Afreximbank Global Africa Gateway, the Caribbean Initiative and the Creative Africa Nexus (CANEX), the institution is developing channels for investment, market access, knowledge exchange and enterprise development across the global African community.
The objective is to direct a greater share of diaspora resources towards productive investment while connecting African businesses to the financing, skills and markets needed to expand.
The approach places diaspora engagement within a broader economic development strategy, linking international African networks to industrial production, trade and enterprise growth rather than focusing solely on remittances.
