Business
Nigeria got $50bn from Afreximbank in decade of strategic investments – Oramah
Nigeria has received over $50 billion in funding from the African Export-Import Bank (Afreximbank) in the past ten years, with significant investments across critical sectors such as energy, healthcare, infrastructure, manufacturing, transport, and financial services.
This was revealed by the President and Chairman of Afreximbank, Prof. Benedict Oramah, during the commissioning of the Afreximbank Africa Trade Centre (AATC) in Abuja on Thursday.
Oramah emphasized the bank’s commitment to Nigeria’s development, noting that $19 billion of the total funding was directed to the financial services sector, which he said has played a key role in driving economic growth beyond oil.
“Over the last decade alone, total disbursements into Nigeria amounted to about $50 billion, covering vital sectors of energy, infrastructure, manufacturing, healthcare, transport, and financial services,” Oramah stated.
The newly launched AATC Abuja is the first of its kind and forms part of Afreximbank’s broader plan to establish a network of trade centres across Africa and the Caribbean. The $120 million facility, completed in just over three years, aims to facilitate trade, investment, and regional integration.
“This centre is designed to serve as a digital gateway and connection point for businesses across Africa and the Caribbean, enabling collaboration and trade,” said Oramah.
The AATC Abuja will host a variety of services including a tech innovation hub, SME support facilities, a Digital Africa Trade Gateway, and state-of-the-art conference and exhibition spaces. Oramah said the facility is central to empowering Nigerian businesses within the African Continental Free Trade Area (AfCFTA).
Looking ahead, Afreximbank is set to launch its next trade centre in Harare, Zimbabwe by August 2025, with future centres planned for Kampala, Cairo, and Yaoundé. Oramah noted that these hubs will be instrumental in reshaping the continent’s trade and economic dynamics.
In addition to the trade centre, Afreximbank is undertaking several high-impact projects in Nigeria, including the African Medical Centre of Excellence in Abuja — a $750 million facility in partnership with King’s College Hospital, London. The centre will offer specialised services in oncology, cardiology, and haematology.
The bank is also supporting the African Quality Assurance Centre in Ogun State, aimed at improving the export quality of Nigeria’s agricultural and value-added goods. Similar facilities are being developed in Kaduna and Imo States.
Oramah further spotlighted a $200 million facility opened by Afreximbank to support Nigeria’s creative sector, providing funding for youth- and women-led businesses and helping to scale African content exports globally.
He expressed appreciation to President Bola Tinubu and the Nigerian government for their continuous support and invited stakeholders to Afreximbank’s 32nd Annual Meetings, to be held in Nigeria in June 2025.
Speaking on behalf of President Tinubu, Secretary to the Government of the Federation, George Akume, reiterated the government’s support for the trade centre, highlighting its alignment with Nigeria’s strategic goals of job creation, economic diversification, and SME empowerment.
Trade and Investment Minister Dr. Jumoke Oduwole described the AATC as a pivotal development for African trade, praising Afreximbank’s investment of over $52 billion in Nigeria and its leadership in driving the AfCFTA agenda.
Finance Minister and Coordinating Minister of the Economy, Wale Edun, also hailed Afreximbank’s role in strengthening Nigeria’s position in global trade. He applauded initiatives like the Pan-African Payment and Settlement System and reaffirmed the country’s commitment to supporting the bank’s mission across the continent.
