AFREXIMBANK Investment In Nigeria hits $17bn
.The Africa Export-Import Bank (AFREXIMBANK) total investment in the Nigerian economy has hit over $17 billion.
The President of the bank, Dr. Benedict Oranmah, stated this at the Ground-Breaking Ceremony of the Anglophone Regional Office, in Abuja.
“Approvals to various corporate organizations including indigenous oil firms and banks and government entities, are in excess of $17 billion.”, he said.
He said that the decision to massively invest in the Nigerian economy was in appreciation of the critical roles the nation played in the formation of the bank and the strong support of the nation by strengthening its capital base.
Dr. Oranmah said that the Regional Office would mark closer and continuous relationship between the bank of Nigerian government entities and businesses.
In her address, the Minister of Finance, Mrs. Kemi Adeosun, said that Nigeria invested an initial $50 million, becoming one of the largest shareholders of the Bank which helped to attract the interest of others in the equity participation of the Bank.
“Just like many other member countries of the Bank, Nigeria continues to support the Bank’s capital mobilisation by reinvesting its dividends in the Bank’s capital.
“Since inception, the bank has been very active in Nigeria. This is reflected by the institution’s consistent support to corporate and government entities through financing and advisory services, and significant financial and technical supports to Nigeria, with the country’s share of total loans averaging more than 40% of the Bank’s aggregate,” Mrs. Adeosun said.
She described the new office as a symbol of your commitment and expression of AFREXIMBANK’s salutary achievements in financing, promoting and expanding intra- African and Extra – African trade, a symbol of the strength of our Trade Finance Bank too.
The minister expressed optimism that the construction of the Regional Office complex would also create job opportunities for Nigerian youth, generate business opportunities for entrepreneurs to venture into the bank, and by extension, financial support to our private sectors.