by Niyi Jacobs
The African Export-Import Bank (Afreximbank) has announced its participation in the Bank of Industry Nigeria’s €2 billion syndicated facility. This landmark initiative is poised to accelerate Nigeria’s industrial and economic development by fostering sustainable financing for key sectors.
The syndicated facility, signed in London on December 17, 2024, underscores Afreximbank’s commitment to supporting the industrialization of African economies. Speaking at the signing ceremony, Mr. Denys Denya, Senior Executive Vice President at Afreximbank, emphasized the institution’s resolve to champion transformative projects across the continent.
“This facility will support Nigeria’s industrial sector by providing much-needed capital for manufacturing, technology, and infrastructure. It exemplifies Afreximbank’s strategic focus on driving trade and economic integration across Africa,” Denya said.
Dr. Olasupo Olusi, Managing Director of the Bank of Industry, hailed the partnership as a milestone in the country’s economic journey. He highlighted how the funds will empower small and medium-sized enterprises (SMEs) and enhance productivity in pivotal industries.
The facility aligns with Nigeria’s broader development agenda, targeting job creation, enhanced exports, and sustainable economic growth. It also reflects the confidence of international financial institutions in Nigeria’s economic potential.
The collaboration between Afreximbank, the Bank of Industry, and other stakeholders demonstrates a shared vision for fostering resilience and self-reliance in African economies. The syndicated funding initiative is expected to catalyze growth, improve competitiveness, and position Nigeria as a hub for industrial innovation.
By leveraging such partnerships, Afreximbank continues to play a pivotal role in delivering impactful solutions that address Africa’s economic challenges while promoting inclusive growth.
