Afreximbank has disbursed a total of $50 billion into Nigeria over the past decade, supporting key sectors such as energy, manufacturing, healthcare, transport, and financial services.
This was disclosed by the President and Chairman of the Board of Directors of Afreximbank, Benedict Oramah, during the commissioning of the Afreximbank Africa Trade Centre in Abuja on Thursday.
Oramah stated that the bank remains committed to Nigeria’s development, with $19 billion of the disbursed amount invested in the financial services sector alone.
“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 newly commissioned AATC Abuja, valued at $120 million, is the first of its kind and forms part of Afreximbank’s strategy to build a network of trade centres across Africa and the Caribbean.
The centre was completed in 41 months, having commenced in November 2021.
Oramah described the AATC as a strategic hub for regional integration and economic connectivity, stating, “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 facility includes a technology incubation hub, an SME incubation facility, a Digital Africa Trade Gateway, and spaces for conferences and exhibitions.
“This facility is a hub for turbocharging Nigerian businesses’ engagement in the African Continental Free Trade Area,” Oramah added.
He announced that the next AATC would be launched in Harare, Zimbabwe, in August 2025, with future centres planned for Kampala, Cairo, and Yaoundé.
Oramah also highlighted other key initiatives by the bank in Nigeria, such as the African Medical Centre of Excellence in Abuja a $750 million partnership with King’s College Hospital, London focused on oncology, cardiology, and haematology.
Additionally, Afreximbank is supporting the African Quality Assurance Centre in Ogun State to improve export standards for Nigerian agricultural products, with similar centres under development in Kaduna and Imo States.
The bank is also investing in Nigeria’s creative sector, opening a $200 million facility to support youth and women in content creation and export.
Oramah expressed gratitude to President Bola Tinubu for his support and invited stakeholders to the bank’s 32nd Annual Meetings, set to take place in Nigeria in June 2025.
Representing President Tinubu, Secretary to the Government of the Federation, George Akume, reiterated the Federal Government’s support for the centre, noting its alignment with Nigeria’s economic diversification and SME empowerment goals.
He said “AATC would advance inter-African trade and promote inclusive growth, especially for youth and women-led businesses.”
Minister of Trade and Investment, Jumoke Oduwole, in her remarks, praised Afreximbank’s efforts, revealing that over $52 billion had been disbursed to Nigeria across sectors in the last decade.
She emphasised that the “AATC would support trade intelligence, policy development, and the implementation of the AfCFTA while empowering SMEs, youth, and women.”
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, reiterated these remarks, praising Afreximbank’s strategic influence and emphasising its contribution to the development of infrastructure and healthcare.
He lauded the leadership of Oramah and recognised the importance of the Pan-African Payment and Settlement System in enhancing financial integration.
Edun reaffirmed Nigeria’s commitment to Afreximbank’s mission of boosting African economies globally.
