By NIyi JACOBS
Nigeria has received more than $50 billion in funding from the African Export-Import Bank (Afreximbank) over the past decade, with substantial investments in sectors such as energy, healthcare, infrastructure, manufacturing, transport, and financial services. This was disclosed by Prof. Benedict Oramah, President and Chairman of Afreximbank, during the unveiling of the Afreximbank Africa Trade Centre (AATC) in Abuja on Thursday.
Oramah highlighted that $19 billion of the total funding was specifically directed towards Nigeria’s financial services sector, playing a crucial role in diversifying the economy beyond oil. “In the last ten years, Afreximbank has made significant contributions to Nigeria’s development, with disbursements totaling $50 billion across critical sectors,” Oramah said.
The newly inaugurated AATC, located in Abuja, is the first of several planned trade centres across Africa and the Caribbean, marking a key part of Afreximbank’s strategy to promote intra-African trade. The $120 million facility, completed in just over three years, is designed to serve as a digital hub for businesses, fostering collaboration, trade, and regional integration.
“The AATC Abuja will connect businesses across Africa and the Caribbean, providing access to a digital gateway, SME support services, and cutting-edge conference and exhibition facilities,” Oramah explained. The centre is expected to be a central driver of Nigeria’s role within the African Continental Free Trade Area (AfCFTA).
Looking ahead, Afreximbank plans to expand its network of trade centres, with the next launch scheduled for Harare, Zimbabwe in August 2025, and further centres planned in Kampala, Cairo, and Yaoundé. These hubs will be pivotal in reshaping Africa’s trade and economic landscape.
In addition to the trade centre, Afreximbank is supporting several transformative projects in Nigeria. These include the African Medical Centre of Excellence in Abuja, a $750 million initiative in partnership with King’s College Hospital, London, aimed at providing specialized medical services in oncology, cardiology, and haematology.
Afreximbank is also backing the African Quality Assurance Centre in Ogun State, which aims to improve the quality of Nigeria’s agricultural exports, alongside similar initiatives in Kaduna and Imo States. The bank is also investing $200 million into Nigeria’s creative sector, focusing on youth- and women-led businesses and boosting the export of African content.
Oramah expressed gratitude to President Bola Tinubu and the Nigerian government for their continued support and announced the upcoming Afreximbank 32nd Annual Meetings in Nigeria, scheduled for June 2025.
George Akume, Secretary to the Government of the Federation, echoed the government’s commitment to the AATC, aligning it with Nigeria’s goals of job creation, economic diversification, and SME empowerment. Trade and Investment Minister Dr. Jumoke Oduwole and Finance Minister Wale Edun both praised Afreximbank’s contributions to Nigeria’s economic growth and its leadership in driving the AfCFTA agenda
