In a significant boost to Nigeria’s economic landscape, the African Export-Import Bank (Afreximbank) has disbursed a total of $50 billion over the past decade, strategically targeting crucial sectors like energy, manufacturing, healthcare, transport, and financial services. This substantial investment was highlighted during the commissioning of the Afreximbank Africa Trade Centre (AATC) in Abuja, a landmark facility designed to propel intra-African trade.
Prof. Benedict Oramah, President and Chairman of Afreximbank, emphasized the bank’s unwavering commitment to Nigeria’s development. “Over the last decade alone, total disbursements into Nigeria amounted to about $50 billion, spreading across vital sectors,” he stated, noting that a significant $19 billion of this sum was channeled into Nigeria’s rapidly expanding financial services sector.
The newly commissioned $120 million AATC Abuja, a pioneering initiative, aims to serve as a hub for fostering trade and investment between Africa and the Caribbean. “This centre will act as a lighthouse for interconnections, providing a digital gateway that will enable businesses across Africa and the Caribbean to connect, collaborate, and trade,” Oramah explained. This facility will offer a range of services, including a technology incubation hub, SME incubation facilities, and the Digital Africa Trade Gateway, all designed to empower Nigerian businesses within the African Continental Free Trade Area.
Strategic Expansion and Future Initiatives
Looking ahead, Afreximbank plans to expand its network of trade centers, with upcoming launches in Harare, Zimbabwe (August 2025), Kampala, Uganda (2026), and eventually in Cairo, Egypt, and Yaoundé, Cameroon. These centers are envisioned as pivotal in reshaping Africa’s economic future.
Beyond the AATC, Afreximbank is also investing in critical infrastructure, including the African Medical Centre of Excellence in Abuja, a $750 million state-of-the-art medical facility developed in collaboration with King’s College Hospital, London. Additionally, the bank is supporting the African Quality Assurance Centre in Ogun State, aimed at enhancing Nigeria’s agricultural and value-added goods to meet international standards.
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“We are also supporting the Creative Industry with a 200 Million USD facility to boost exports of creative content across Africa and the world” Oramah added, recognizing the sector’s potential for job creation, especially for youth and women.
Government Support and Economic Vision
President Bola Tinubu, represented by George Akume, Secretary to the Government of the Federation, reaffirmed the Federal Government’s support for the AATC. He highlighted its role in “advancing inter-African trade, fostering economic integration, and supporting Nigeria’s strategic goals.” He stressed the focus on job creation, economic diversification, and empowering SMEs and women-led businesses.
Nigeria’s Minister of Trade and Investment, Dr. Jumoke Oduwole, echoed this sentiment, praising Afreximbank’s impactful contributions. “The AATC will empower youth, women-led businesses, and SMEs, providing a platform for trade intelligence, policy development, and the successful implementation of the African Continental Free Trade Area,” she stated, noting that over $52 billion has been disbursed into key sectors over the last decade.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, emphasized the AATC’s strategic significance in boosting Africa’s position in global trade. He commended Afreximbank’s leadership, particularly in initiatives like the Pan-African Payment and Settlement System.
As Nigeria prepares to host Afreximbank’s 32nd Annual Meetings in June 2025, the collaborative efforts between the bank and the Nigerian government signal a strong commitment to driving economic growth and integration across the continent.
