Nigeria has received a cumulative disbursement of approximately $52bn from the African Export-Import Bank, making it the largest beneficiary of the bank’s trade and development financing across Africa.
The President and Chairman of the Board of Directors of Afreximbank, Prof. Benedict Oramah, disclosed this on Tuesday at the Afreximbank Annual Meetings 2025 Signing Ceremony in Abuja.
He said, “As the largest recipient of the bank’s trade and development finance, Nigeria has attracted a cumulative disbursement of about $52bn from Afreximbank. Nigeria is the first beneficiary of several flagship transformative projects that the bank is piloting.”
Oramah also expressed gratitude to the Nigerian government for its continued support of the bank, particularly for responding positively to capital calls and removing regulatory hurdles that could have affected the bank’s operations in the country.
He noted that Nigeria’s contributions had ensured its strong voice in the bank’s affairs, allowing it to play a critical role in shaping Afreximbank’s future.
He stated that over the past decade, Afreximbank had disbursed no less than $140bn across Africa.
These interventions, he explained, had helped bridge financing gaps left by the retreat of international banks from the continent, driving economic transformation and reducing Africa’s dependence on commodity exports.
He said Afreximbank had played a key role in industrialising the continent, turning several African economies into major industrial hubs.
Oramah pointed out that the bank’s interventions had facilitated the implementation of the African Continental Free Trade Agreement by supporting the AfCFTA Secretariat and fully underwriting several initiatives aimed at boosting intra-African trade.
He stated that Nigeria had been a major recipient of the bank’s investments in critical sectors.
Among the key initiatives he highlighted was the African Quality Assurance Centre, developed to ensure Nigerian goods meet global trade standards.
He said the first centre was already operational in Kaduna, with additional facilities being planned across the continent.
He added that Afreximbank had also developed the Africa Trade Centre in Abuja, which would be inaugurated on April 10.
The centre, located in the heart of the capital, comprises two towers featuring a hotel, conference centre, technology hub, exhibition space, and a trade information centre.
According to him, the bank had made significant contributions to Nigeria’s healthcare sector, including the African Medical Centre of Excellence in Abuja, set to open on June 5.
The centre, which will serve as both a hospital and a research hub for neglected diseases affecting people of African descent, is expected to position Nigeria as a medical tourism destination.
Oramah said Afreximbank had also played a key role in supporting Nigeria’s energy and industrial transformation
He noted that the bank had invested heavily in boosting Nigeria’s refining capacity, supporting projects such as the Dangote Refinery and the Port Harcourt Refinery.
He said these investments were part of a broader strategy to establish the Gulf of Guinea as a major refining hub, reducing Africa’s dependence on petroleum imports.
As part of broader efforts to strengthen Africa’s energy security, he said Afreximbank would support the establishment of an Africa Energy Bank in Abuja, with an initial capital of $5bn, including $1.25bn committed by Afreximbank itself.
He added that the bank had also supported Nigeria’s fertiliser production, enabling the country to emerge as the continent’s leading producer, with an annual output of 7.5 million metric tonnes.
He also stated that the bank was supporting Nigeria’s creative industry through credit facilities, capacity building, and market access initiatives aimed at expanding the country’s cultural exports.
Oramah described the upcoming 32nd Afreximbank Annual Meetings, scheduled to take place in Abuja in June, as a landmark event for the bank and the continent.
He noted that the meetings would provide an opportunity to reflect on Africa’s economic progress over the past three decades and discuss strategies for the future.
He said discussions would focus on navigating economic challenges, including geopolitical tensions, global trade shifts, and Africa’s place in an increasingly protectionist global economy.
He noted that the meetings would also mark a transition in the bank’s leadership, as he prepared to step down after 31 years of service, including 10 years as president.
He expressed confidence that the event would produce a strong successor to lead the bank into the future.
Oramah commended Nigeria for its track record in hosting major international events, recalling the country’s successful hosting of Afreximbank’s 25th anniversary in 2018, which attracted over 3,000 participants.
He said the upcoming event was expected to draw between 5,000 and 6,000 delegates from across Africa, the Caribbean, the Americas, Europe, and Asia.
He added that the opening ceremony on June 27 would be a major highlight, bringing together heads of state, heads of government, regional leaders, policymakers, academics, and business executives from across the world.
He expressed optimism that the gathering would strengthen partnerships and drive new economic initiatives across Africa.
He thanked President Bola Tinubu and the Nigerian government for their commitment to ensuring the success of the meetings and reaffirmed Afreximbank’s dedication to supporting Nigeria’s economic development.
Also speaking, the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, expressed Nigeria’s appreciation for the support received from Afreximbank.
“Afreximbank has approved tens of billions in facilities for Nigeria over the years, and of course, we are grateful for that,” the minister said.
