{"id":13766,"date":"2025-02-12T10:49:38","date_gmt":"2025-02-12T10:49:38","guid":{"rendered":"https:\/\/angolanembassy-nga.ao\/?p=13766"},"modified":"2025-02-12T10:50:03","modified_gmt":"2025-02-12T10:50:03","slug":"nigeria-receives-52bn-as-afreximbanks-largest-beneficiary","status":"publish","type":"post","link":"https:\/\/angolanembassy-nga.ao\/?p=13766","title":{"rendered":"Nigeria receives $52bn as Afreximbank\u2019s largest beneficiary"},"content":{"rendered":"\n

Nigeria has received approximately $52 billion in trade and development financing from the African Export-Import Bank (Afreximbank)<\/a>, making it the bank\u2019s largest beneficiary across Africa.<\/p>\n\n\n\n

The President and Chairman of the Board of Directors of Afreximbank, Prof. Benedict Oramah, disclosed this on Tuesday during the Afreximbank Annual Meetings 2025 Signing Ceremony in Abuja. <\/p>\n\n\n\n

He noted Nigeria\u2019s central role in the bank\u2019s financing activities, stating that the country has been the first beneficiary of several flagship transformative projects led by Afreximbank.<\/p>\n\n\n\n

Oramah acknowledged the Nigerian government\u2019s consistent support, particularly in responding positively to capital calls and eliminating regulatory obstacles that could have hindered the bank\u2019s operations. He noted that Nigeria\u2019s contributions have ensured its strong voice in the bank\u2019s affairs, allowing it to play a crucial role in shaping Afreximbank\u2019s future.<\/p>\n\n\n\n

He further revealed that over the past decade, Afreximbank has disbursed no less than $140 billion across Africa. These interventions, he explained, have helped bridge financing gaps caused by the withdrawal of international banks from the continent, driving economic transformation and reducing Africa\u2019s dependence on commodity exports.<\/p>\n\n\n\n

Oramah pointed out Afreximbank\u2019s key role in industrialising Africa, transforming several economies into major industrial hubs. He also noted the bank\u2019s contributions to implementing the African Continental Free Trade Agreement (AfCFTA) by supporting the AfCFTA Secretariat and financing initiatives aimed at boosting intra-African trade.<\/p>\n\n\n\n

Nigeria, he said, has been a major recipient of the bank\u2019s investments in critical sectors. Among the key projects he highlighted was the African Quality Assurance Centre, designed to ensure Nigerian goods meet global trade standards. The first of such centres is already operational in Ogun state, with plans for additional facilities across the continent.<\/p>\n\n\n\n

Another significant investment is the Africa Trade Centre in Abuja, scheduled for inauguration on April 10. The facility, located in the heart of the capital Abuja, consists of two towers featuring a hotel, conference centre, technology hub, exhibition space, and a trade information centre.<\/p>\n\n\n\n

Afreximbank has also contributed significantly to Nigeria\u2019s healthcare sector, particularly with the establishment of the African Medical Centre of Excellence in Abuja, set to open on June 5. This centre is expected to serve as both a hospital and a research hub for neglected diseases affecting people of African descent, positioning Nigeria as a key destination for medical tourism.<\/p>\n\n\n\n

In the energy sector, Oramah highlighted Afreximbank\u2019s role in supporting Nigeria\u2019s industrial transformation. The bank has made substantial investments to boost Nigeria\u2019s refining capacity, backing projects such as the Dangote Refinery and the Port Harcourt Refinery. These investments align with a broader strategy to establish the Gulf of Guinea as a major refining hub and reduce Africa\u2019s dependence on imported petroleum products.<\/p>\n\n\n\n

As part of efforts to strengthen Africa\u2019s energy security, Afreximbank is also supporting the establishment of an Africa Energy Bank in Abuja, with an initial capital of $5 billion, including a $1.25 billion commitment from Afreximbank itself.<\/p>\n\n\n\n

Oramah further noted that the bank has played a crucial role in enhancing Nigeria\u2019s fertiliser production, enabling the country to emerge as Africa\u2019s leading producer with an annual output of 7.5 million metric tonnes.<\/p>\n\n\n\n

In addition to industrial and energy investments, Afreximbank has been actively supporting Nigeria\u2019s creative industry through credit facilities, capacity-building initiatives, and market access programs aimed at expanding the country\u2019s cultural exports.<\/p>\n\n\n\n

Looking ahead, Oramah described the upcoming 32nd Afreximbank Annual Meetings, scheduled to take place in Abuja in June, as a landmark event. He explained that the meetings would.<\/p>\n\n\n\n

Speaking earlier, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed that Nigeria has been selected to host the 32nd Annual Meetings of the African Export-Import Bank (Afreximbank) from June 23 to 27, 2025. <\/p>\n\n\n\n

Edun described the opportunity as a testament to Afreximbank\u2019s confidence in Nigeria under the leadership of President Bola Ahmed Tinubu. He highlighted Nigeria\u2019s strong partnership with the bank, which has approved tens of billions of dollars in financial facilities for the country over the years.<\/p>\n\n\n\n

The minister praised Afreximbank\u2019s role in driving economic growth and financial innovation across Africa. He commended its president, Prof. Benedict Oramah, for leading the bank with creativity and vision, noting that this would be his final AGM as chairman of the board after a decade of service.<\/p>\n\n\n\n

He also acknowledged Afreximbank\u2019s contributions to Nigeria\u2019s economic development, citing key projects such as the African Quality Assurance Centre in Ogun State, which enhances product safety for exports, and the soon-to-open African Medical Centre of Excellence in Abuja, which aims to reduce medical tourism.<\/p>\n\n\n\n

Edun welcomed the upcoming meetings, which are expected to attract around 5,000 delegates from across Africa and beyond. He expressed Nigeria\u2019s readiness to provide a conducive environment for discussions that would shape the future of trade finance and economic integration on the continent.<\/p>\n","protected":false},"excerpt":{"rendered":"

Nigeria has received approximately $52 billion in trade and development financing from the African Export-Import Bank (Afreximbank), making it the bank\u2019s largest beneficiary across Africa. 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