Afreximbank invests a record-breaking $36 billion in Nigeria’s economy – Since its inception in 1993, the African Export-Import Bank (Afreximbank) has invested over $36 billion in the Nigerian economy through trade and project financing.
This comes as the bank aims to close trade and investment agreements worth $43 billion at the Intra-African Trade Fair (IATF2023) in Cairo, Egypt, in November 2023.
In the previous IATF, Nigeria directly benefited from trade and investment agreements worth over $18 billion.
Monday, the executive vice president of the bank’s intra-African trade bank, Kanayo Awani, made this announcement during a high-level business road show at the Nigeria Intra-African Trade Fair (IATF2023) in Lagos. She stated that the assistance extended to a variety of sectors and industries, such as energy, transportation, financial services, healthcare, manufacturing, and commerce infrastructure.
“Additionally, Afreximbank remains committed to contributing to Nigeria’s economic growth, as evidenced by several ongoing flagship projects such as the $300 million, 500-bed Africa Medical Centre of Excellence (AMCE) in Abuja in partnership with King’s College, London, the Afreximbank Africa Trade Centre (AATC) in Abuja, and the Africa Quality Assurance Centre (AQAC) in Shagamu, Ogun State, which is already operational,” she said.
She stated that, as part of the development of the auto sector, the Bank has also provided a grant to support the development of a Nigerian automotive policy that will guarantee a competitive and thriving auto industry in Nigeria.
“The inaugural trade fair conducted in Cairo, Egypt in 2018 was a resounding success. This was followed by an even more successful IATF2021 held in Durban, South Africa in 2021,” she explained.
Awani stated that the IATF’s two editions attracted participants from 130 countries and more than 2,500 exhibitors from 77 nations.
She stated that the two previous editions generated over $74 billion in trade and investment agreements, demonstrating the immense potential for intra-African trade and investment.
