Nigeria Receives $52bn in Financing from Afreximbank
By Patience Ikpeme
Nigeria’s strong partnership with the African Export-Import Bank (Afreximbank) has yielded substantial benefits, with the country receiving approximately $52 billion in trade and development financing, making it the bank’s largest beneficiary across Africa.
This significant investment was revealed by Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, during the Afreximbank Annual Meetings 2025 Signing Ceremony 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,” Oramah stated, underscoring Nigeria’s central role in the bank’s financing activities. He further noted that Nigeria has been the first beneficiary of several flagship transformative projects initiated by Afreximbank.
Oramah acknowledged the Nigerian government’s consistent support, particularly its responsiveness to capital calls and its efforts to eliminate regulatory hurdles that could impede the bank’s operations. He emphasized that Nigeria’s contributions have secured its influential position within the bank, allowing it to actively participate in shaping Afreximbank’s future direction.
Over the past decade, Afreximbank has disbursed no less than $140 billion across the continent, bridging critical financing gaps left by the withdrawal of international banks. These interventions have been instrumental in driving economic transformation and reducing Africa’s reliance on commodity exports, Oramah explained.
Afreximbank’s commitment to Africa’s industrialization is evident in its support for transforming economies into industrial hubs, Oramah pointed out. The bank has also played a crucial role in implementing the African Continental Free Trade Agreement (AfCFTA), supporting the AfCFTA Secretariat and financing initiatives that promote intra-African trade.
Nigeria has been a major beneficiary of Afreximbank’s investments in key sectors. Oramah highlighted several significant projects, including the African Quality Assurance Centre in Ogun State, designed to ensure Nigerian goods meet global trade standards, with plans for expansion across the continent. The soon-to-be-inaugurated Africa Trade Centre in Abuja, featuring a hotel, conference center, technology hub, exhibition space, and trade information center, is another testament to this partnership.
In healthcare, Afreximbank’s support has led to the establishment of the African Medical Centre of Excellence in Abuja, slated to open in June. This facility will serve as both a hospital and a research center for neglected diseases prevalent among people of African descent, positioning Nigeria as a destination for medical tourism.
Afreximbank has also made substantial investments in Nigeria’s energy sector, backing projects like the Dangote Refinery and the Port Harcourt Refinery to boost the nation’s refining capacity and establish the Gulf of Guinea as a major refining hub. The bank is also supporting the establishment of an Africa Energy Bank in Abuja with an initial capital of $5 billion, including a $1.25 billion commitment from Afreximbank.
Oramah also noted Afreximbank’s contribution to Nigeria’s fertilizer production, enabling the country to become Africa’s leading producer with an annual output of 7.5 million metric tonnes. Furthermore, the bank has been actively supporting Nigeria’s creative industry through credit facilities, capacity building, and market access programs.
Looking ahead, Oramah emphasized the significance of the upcoming 32nd Afreximbank Annual Meetings in Abuja in June, describing it as a landmark event.
Earlier, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, confirmed that Nigeria will host the 32nd Afreximbank Annual Meetings from June 23-27, 2025. He described this as a testament to Afreximbank’s confidence in Nigeria under President Bola Ahmed Tinubu’s leadership.
Edun praised Afreximbank’s role in driving economic growth and financial innovation across Africa and acknowledged its contributions to Nigeria’s economic development through projects like the African Quality Assurance Centre and the African Medical Centre of Excellence.
He welcomed the upcoming meetings, anticipating the participation of around 5,000 delegates and expressing Nigeria’s readiness to host discussions that will shape the future of trade finance and economic integration in Africa.
