Afreximbank has disbursed an impressive $50 billion into Nigeria over the past decade, making substantial contributions across various sectors, including energy, manufacturing, healthcare, transport, and financial services. This investment underscores the bank’s strong commitment to Nigeria’s development, helping expand the country’s non-oil economy.
Key Highlights:
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Significant Investments:
Afreximbank President Prof. Benedict Oramah revealed that the total disbursements to Nigeria amounted to $50 billion, with $19 billion directed towards Nigeria’s financial services sector, which has seen notable growth over the years. -
Afreximbank Africa Trade Centre (AATC):
The commissioning of the Afreximbank Africa Trade Centre (AATC) in Abuja marks a major milestone in the bank’s efforts to enhance regional trade and investment. The $120 million facility, which took 41 months to complete, is designed to foster intra-African trade and strengthen connections between Africa and the Caribbean. The AATC offers a range of services, including a technology incubation hub, SME facilities, and a Digital Africa Trade Gateway, all aimed at accelerating Nigeria’s participation in the African Continental Free Trade Area (AfCFTA). -
Expanding the Trade Network:
Oramah outlined plans for expanding the AATC network, with future centres set to launch in Harare, Zimbabwe, in 2025, and other locations like Kampala, Uganda, Cairo, Egypt, and Yaoundé, Cameroon, in the coming years. These centres are expected to play a pivotal role in reshaping Africa’s economic landscape by facilitating trade and regional integration. -
Healthcare and Creative Industries:
Afreximbank is also pursuing several other key initiatives in Nigeria, including the establishment of the African Medical Centre of Excellence in Abuja, a $750 million project in partnership with King’s College Hospital, London. The centre will provide advanced healthcare services in oncology, cardiology, and haematology. Additionally, Afreximbank has opened a $200 million facility to support Nigeria’s creative sector, helping to boost exports of creative content across Africa and beyond. -
Government Support:
Nigerian officials, including President Bola Tinubu (represented by George Akume) and key ministers, expressed strong support for the AATC and Afreximbank’s initiatives. The focus on job creation, economic diversification, empowering SMEs, and promoting digital transformation aligns with Nigeria’s growth objectives. -
Future Prospects:
Afreximbank’s ongoing work in Nigeria reflects a broader strategy to enhance the continent’s trade capabilities and financial integration. Prof. Oramah expressed gratitude for the Nigerian government’s cooperation and announced that Afreximbank’s 32nd Annual Meetings will be hosted in Nigeria in June 2025.
This significant collaboration between Afreximbank and Nigeria illustrates the bank’s critical role in advancing Africa’s trade and economic development, providing essential support to various sectors and contributing to Nigeria’s economic growth and diversification.
