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From Adanna Nnamani, Abuja
Nigeria has received a cumulative disbursement of approximately $52 billion from the African Export-Import Bank (Afreximbank), making it the largest beneficiary of the bank’s trade and development financing across the continent.
The President and Chairman of the Board of Directors of Afreximbank, Prof. Benedict Oramah, disclosed this on Tuesday during the Afreximbank Annual Meetings 2025 Signing Ceremony held in Abuja.
“Being 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 a number of flagship transformative projects that the bank is piloting,” Oramah stated.
He expressed gratitude to the Nigerian government for its continued support, particularly in responding positively to capital calls and removing regulatory hurdles that could have impeded the bank’s operations in the country.
According to him, Nigeria’s contributions have ensured its strong voice in Afreximbank’s affairs, enabling the country to play a pivotal role in shaping the bank’s future direction.
Highlighting Afreximbank’s impact across Africa, Oramah revealed that the bank had disbursed no less than $140 billion over the past decade.
These interventions, he noted, have helped bridge financing gaps created by the withdrawal of international banks from the continent, driving economic transformation and reducing Africa’s reliance on commodity exports.
Oramah outlined several critical initiatives funded by Afreximbank in Nigeria. Among them is the African Quality Assurance Centre in Kaduna, designed to help Nigerian goods meet global trade standards. He noted that additional facilities are planned across the continent to bolster this initiative.
Additionally, Afreximbank has developed the Africa Trade Centre in Abuja, set to be inaugurated on April 10. Located in the heart of the capital, the centre features two towers housing a hotel, conference centre, technology hub, exhibition space, and a trade information centre.
In the healthcare sector, the African Medical Centre of Excellence in Abuja, scheduled to open on June 5, is another flagship project. Oramah explained that the facility would serve not only as a hospital but also as a research hub focusing on neglected diseases affecting people of African descent. The centre is expected to position Nigeria as a key destination for medical tourism.
The bank has also played a vital role in Nigeria’s energy and industrial sectors. Oramah highlighted Afreximbank’s significant investments in enhancing the country’s refining capacity, supporting projects such as the Dangote Refinery and the Port Harcourt Refinery. These investments, he said, are 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 efforts to strengthen Africa’s energy security, Oramah announced that Afreximbank would support the establishment of an Africa Energy Bank in Abuja. The bank will have an initial capital of $5 billion, with Afreximbank committing $1.25 billion.
In the agricultural sector, the bank has supported Nigeria’s fertiliser production, enabling the country to become the continent’s leading producer with an annual output of 7.5 million metric tonnes. Additionally, Afreximbank has provided support to Nigeria’s creative industry through credit facilities, capacity-building programmes, and market access initiatives aimed at expanding cultural exports.
Looking ahead, Oramah described the upcoming 32nd Afreximbank Annual Meetings, scheduled to take place in Abuja in June, as a landmark event for both the bank and the continent.
The meetings will serve as a platform to reflect on Africa’s economic progress over the past three decades and discuss strategies for the future.
Discussions will focus on navigating global economic challenges, including geopolitical tensions, shifts in global trade, and Africa’s role in an increasingly protectionist global economy. The event will also mark a leadership transition for Afreximbank, as Oramah prepares to step down after 31 years of service, including a decade as president.
Oramah expressed confidence that the meetings would produce a strong successor to lead the bank into the future. He commended Nigeria for its track record in hosting major international events, recalling the success of Afreximbank’s 25th anniversary celebrations in 2018, which attracted over 3,000 participants.
He said the upcoming event is expected to draw between 5,000 and 6,000 delegates from across Africa, the Caribbean, the Americas, Europe, and Asia, adding that the opening ceremony on June 27 will be a major highlight, bringing together heads of state, government leaders, policymakers, academics, and business executives from around the world.
Oramah expressed optimism that the gathering would strengthen partnerships and drive new economic initiatives across Africa. He also thanked President Bola Tinubu and the Nigerian government for their commitment to ensuring the success of the meetings, reaffirming Afreximbank’s dedication to supporting Nigeria’s economic development.
Also speaking at the event, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, acknowledged Nigeria’s strong partnership with Afreximbank.
“Afreximbank has approved tens of billions in facilities to Nigeria over the years, and of course, we are grateful for that,” Edun said.
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