Afreximbank Funds Boost Nigeria’s Economy with $50bn – Oramah
Afreximbank has disbursed a total of $50bn in Nigeria over the past decade, making significant contributions to the country’s key sectors, including energy, manufacturing, healthcare, transport, and financial services.
The President and Chairman of the Board of Directors of Afreximbank, Prof. Benedict Oramah, disclosed this during the commissioning of the Afreximbank Africa Trade Centre in Abuja on Thursday.
Speaking at the event, Oramah highlighted the bank’s commitment to supporting Nigeria’s development, pointing out that these investments have been crucial in expanding the non-oil sectors of the economy. He noted that $19bn of the total amount disbursed had been invested in Nigeria’s financial services sector, which has grown significantly over the years.
“Over the last decade alone, total disbursements into Nigeria amounted to about $50bn, spreading across vital sectors of energy, infrastructure, manufacturing, healthcare, transport, and financial services,” Oramah said.
The AATC Abuja, which is the first of its kind, is a key component of Afreximbank’s broader strategy to create a network of trade centres across Africa and the Caribbean.
The $120m facility, which began in November 2021 and was completed within its 41 months, is designed to promote trade and investment by facilitating regional integration and enhancing connectivity between Africa and the Caribbean.
Oramah stressed that the AATC will serve as a platform for boosting intra-African trade, saying, “This centre will act as a lighthouse for interconnections, providing a digital gateway that will enable businesses across Africa and the Caribbean to connect, collaborate, and trade.”
The AATC Abuja will offer a wide range of services, including a technology incubation hub, an SME incubation facility, a Digital Africa Trade Gateway, as well as conference and exhibition spaces.
“This facility is a hub for turbocharging Nigerian businesses’ engagement in the African Continental Free Trade Area,” Oramah added.
Looking ahead, Oramah discussed the expansion of Afreximbank’s network of trade centres.
He revealed that the next AATC will be launched in Harare, Zimbabwe, in August 2025, with others planned for Kampala, Uganda, in 2026, as well as Cairo, Egypt, and Yaoundé, Cameroon, in the near future.
He stressed that these centres would be instrumental in reshaping Africa’s economic future.
In addition to the AATC, Oramah highlighted several other initiatives Afreximbank is pursuing in Nigeria. This includes the upcoming opening of the African Medical Centre of Excellence in Abuja, a $750m state-of-the-art medical facility developed in partnership with King’s College Hospital, London. The centre will provide advanced healthcare services in oncology, cardiology, and haematology.
The bank is also supporting the African Quality Assurance Centre in Ogun State, which aims to enhance the quality infrastructure needed for Nigeria’s agricultural and value-added goods to meet regional and international market standards. Similar projects are in development in Kaduna and Imo States.
Oramah also addressed the role of Nigeria’s creative sector in providing jobs for youth and women. He noted that Afreximbank had recently opened a $200m facility to support the creative industry, helping Nigeria boost its exports of creative content across Africa and the world.
He also expressed his gratitude to President Bola Tinubu for his exceptional support and to the Nigerian government for their cooperation.
Looking forward, Oramah invited stakeholders to attend Afreximbank’s 32nd Annual Meetings, which will be hosted in Nigeria in June 2025.
In his keynote remark, President Bola Tinubu, who was represented by George Akume, the Secretary to the Government of the Federation, expressed the Federal Government’s support for the centre, emphasising its role in advancing inter-African trade, fostering economic integration, and supporting Nigeria’s strategic goals.
He highlighted the focus on job creation, economic diversification, and empowering SMEs and women-led businesses through access to markets and finance, aligning with Nigeria’s vision for growth.
He also reaffirmed Nigeria’s commitment to inclusive growth and digital transformation, praising the bank’s leadership in shaping Africa’s trade landscape.
In her welcome remarks, Nigeria’s Minister of Trade and Investment, Dr Jumoke Oduwole, highlighted the significance of the event, describing it as a key step toward Africa taking greater control of its trade.
She praised Afreximbank’s leadership, acknowledging its impactful contributions to Nigeria, with over $52bn disbursed in the last decade across various sectors.
Oduwole emphasised that the AATC will empower youth, women-led businesses, and SMEs, providing a platform for trade intelligence, policy development, and the successful implementation of the African Continental Free Trade Area.
She also reiterated Nigeria’s commitment to collaborating with Afreximbank to enhance trade, industrialisation, and digital transformation.
Also speaking, Nigeria’s Minister of Finance and the Coordinating Minister of the Economy, Wale Edun, praised the strategic significance of the project, highlighting its role in boosting Africa’s position in global trade.
He emphasised Afreximbank’s vital contribution to Nigeria’s development, with over $52bn disbursed into key sectors over the years, including healthcare and infrastructure.
Edun also commended the bank’s leadership under Prof. Benedict Oramah, recognising its efforts in advancing trade across the continent and enhancing financial integration, particularly through initiatives like the Pan-African Payment and Settlement System.
He reaffirmed Nigeria’s commitment to supporting Afreximbank’s continued success and its mission to elevate African economies on the global stage.
