Historic Partnership: Somalia Becomes Afreximbank’s 53rd Member State

Minister Gani reaffirmed Somalia's commitment to expediting the ratification process, thereby solidifying its full membership and paving the way for immediate cooperation.

In a historic move signalling a significant stride toward economic revitalization, Somalia has officially joined the African Export-Import Bank (Afreximbank), becoming the institution’s 53rd African member state. This accession marks a transformative milestone, positioning Somalia firmly on a path toward sustainable economic transformation, regional integration, and accelerated trade development under the African Continental Free Trade Area (AfCFTA).

Hon. Hirsi Jama Gani, State Minister at the Office of the Prime Minister, formalized Somalia’s accession through an official instrument stating that Somalia “accepts, and hereby accedes, to the Agreement for the Establishment of Afreximbank.” Minister Gani reaffirmed Somalia's commitment to expediting the ratification process, thereby solidifying its full membership and paving the way for immediate cooperation.

The accession follows proactive engagements between Afreximbank officials and the Somali government, aimed at identifying tangible areas for cooperation to support Somalia's ongoing reconstruction efforts and economic diversification strategy. A collaborative roadmap outlining key interventions in trade financing, infrastructure development, and technical support has already been established.

Afreximbank President and Chairman of the Board, Prof. Benedict Oramah, warmly welcomed Somalia’s accession, underscoring the significance of this event for both the country and the broader African financial landscape. "We are delighted to welcome Somalia into the Afreximbank family," Prof. Oramah stated. "This represents a unique opportunity for the Somali public and private sectors to leverage Afreximbank's extensive financial resources and expertise. It is a step toward ensuring Somalia’s developmental ambitions are met with comprehensive, tailored financial solutions."

Highlighting the strategic implications of Somalia’s membership, Prof. Oramah added, "Somalia’s inclusion expands Afreximbank’s regional reach and strengthens our collective effort toward deepening intra-African trade and economic resilience under the AfCFTA framework. We aim to help Somalia harness its abundant natural resources and entrepreneurial spirit, accelerating its reintegration into the continental and global economic systems."

Expressing gratitude and optimism, Hon. Hirsi Jama Gani stressed the importance of Somalia’s partnership with Afreximbank. "On behalf of the Government of Somalia and our citizens, we thank Afreximbank for facilitating our membership, marking our commitment to becoming a proactive player in regional and continental economic growth through trade under AfCFTA. This membership represents a vital cornerstone in our ongoing efforts toward reconstruction and economic diversification, providing crucial financial and technical support."

Minister Gani further encouraged Afreximbank to accelerate the implementation of targeted programs aligning closely with Somalia’s National Development Plan, thereby aiding the nation in realizing ambitious economic and infrastructural objectives. He highlighted the urgent need to expedite these initiatives to restore Somalia’s prominence as a strategic trade hub in East Africa.

Echoing similar sentiments during recent engagements in Mogadishu, Hon. Abdirahman Abdullahi, Governor of Somalia’s Central Bank, emphasized the timeliness of Afreximbank's involvement, coming on the heels of Somalia's 2024 accession to the East African Community (EAC) and the successful completion of the Highly Indebted Poor Countries (HIPC) debt relief initiative. "The Somali people are renowned globally for their trade acumen and entrepreneurial drive. We strongly encourage our business community to actively seize the financing opportunities presented by Afreximbank to expand their reach, drive sustainable economic growth, and build a more competitive, interconnected economy."

Afreximbank has also commenced strategic dialogues with Somalia's corporate and financial sectors, recognizing their critical role in delivering the Bank’s development programs, which are central to fostering robust economic growth within the nation.

With this accession, Somalia not only reaffirms its commitment to continental economic cooperation but also takes a significant leap forward toward sustained economic transformation, infrastructure development, and inclusive growth for its population, further enriching Africa's economic tapestry.