By Bassey Udo
Nigeria benefitted from over $52 billion (about 37.14 percent) out $140 billion intervention funding to Africa by the Africa Export-Import Bank (AFREXIMBANK) in the last ten years, the President of the Bank, Prof. Benedict Oramah, disclosed on Tuesday in Abuja.
Oramah, who spoke at the formal signing of an agreement for the hosting of the 2025 AFREXIMBANK Annual Meetings (AAM2025) in Nigeria, said Nigeria was one of the largest recipients of the Bank’s disbursements over the period.
Also, he said Nigeria was among the first beneficiaries of the Bank’s transformative projects in Africa, including the African Quality Assurance Centre located in Ogun State and two others currently ongoing Kaduna and Imo States.
Other developmental initiatives of the Bank in Nigeria, he said include the AFREXIMBANK Africa Trade Centre, reputed to be the first in Africa, scheduled for a grand unveiling in April.
The other initiatives, he added, include the $750 million African Medical Centre for excellence consisting of a Medical School and a Centre for Disease Research, scheduled to opened in June, with the potential to convert Abuja to a medical tourism hub.
Also, he said the Bank provided funding for the refining of about 1.2 million barrels per day of petroleum products by Dangote, BUA and Port Harcourt refineries as part of the Bank’s strategy to ensure the Gulf of Guinea becomes a major hub for refining petroleum products in Africa.
Prof. Oramah commended Nigeria’s leadership in promoting trade and economic development, noting that the country’s decision to accept to play host to the event would further reinforce its influence in shaping Africa’s financial landscape.
The Bank’s Annual Meetings would focus on enhancing trade financing for African businesses, strengthening cross-border trade and payment systems, expanding opportunities for small and medium-sized enterprises (SMEs) as well as Africa’s role in global trade and industrialization.
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.
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.
He 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.
“Hosting AAM2025 in Nigeria reflects AFREXIMBANK’s confidence in President Bola Ahmed Tinubu’s administration and the country’s role in advancing stronger trade across Africa,” Edun said.
“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.
