Nigeria got $52bn as interventions in 10 years – Oramah

Africa Export-Import Bank (AFREXIMBANK) Prof. Benedict Oramah, has disclosed that its interventions to Nigeria in the last 10 years was over $52 billion.

Prof Oramah, who made the disclosure at the formal signing of an agreement for the hosting of the 2025 AFREXIMBANK Annual Meetings (AAM2025) in Nigeria, said the amount make the country one of the largest recipients of the Bank’s disbursements over the period.

Oramah said: “Being the largest recipient of the bank’s trade and development finance, Nigeria has attracted a cumulative disbursement of about 52 billion dollars from Afreximbank.

”Nigeria is the first beneficiary of a number of flagship transformative projects that the bank is piloting.”

Describing its interventions as pivotal to Africa’s development, the Bank’s boss said in the last decade, it disbursed $140 billion to bridge financing gaps across the continent.

“Over the last three decades, Afreximbank has grown to become a consequential institution for the continent. In the last decade, it disbursed no less than $140 billion into the continent and leveraged over $200 billion in his week over the same period, representing one of the most significant finances of what by multilateral financial institution to the continent of Africa.

“These investments are helping to close the financing gap created by the withdrawal of international banks for supporting many African economies. African banks interventions have also made what was once considered impossible, a reality by transforming many African economies from commodity dependence to major industrial hubs that are significant value from abundant commodities and created the capacity of Africans to resolve their socio-economic development challenges, thanks to Afreximbank, the African network Free Trade Agreement was able to proceed without major difficulties,” he said.

The multilateral finance institution, the Banks’ head said initiated several projects in Nigeria which includes African Quality Assurance Centre located in Ogun State and two others currently ongoing Kaduna and Imo States AFREXIMBANK Africa Trade Centre, and a $750 million African Medical Centre for excellence consisting of a Medical School and a Centre for Disease Research.

He said the decision to hold the annual meeting in Nigeria is a testament of its influence in shaping Africa’s financial landscape.

The AAM2025 scheduled for Abuja between June 23 and 27, would have the theme: ‘Building the Future in Decades of Resilience.’

It would attract over 6,000 delegates, including captains of industries, heads of governments, policymakers, investors, and financial experts from across the world to deliberate on Africa’s economic challenges and opportunities.

In his remarks, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the Bank’s interventions in Nigeria over the years has been critical in developing key sectors of the economy, including oil and gas, agriculture, creative industry and health.

Edun said the decision by the government to accept to host the Bank’s meeting would be strategic to consolidate on the gains of its intervention in the country’s economy.

“Nigeria is honoured to host the 2025 AFREXIMBANK Annual Meetings, which will serve as a critical platform to drive discussions on trade financing, economic growth, and investment opportunities across Africa.

“AAM2025 is a testament to AFREXIMBANK’s commitment to strengthening Africa’s financial sector and positioning Nigeria as a hub for economic transformation,” he added.