Afreximbank has revealed it disbursed approximately $50 billion into Nigeria over the past ten years, targeting critical sectors such as energy, infrastructure, manufacturing, healthcare, transport, and financial services.
This comes in a bold demonstration of its commitment to Africa’s economic transformation.
This announcement came from the President and Chairman of the Board of Directors of Afreximbank, Prof. Benedict Oramah, during the commissioning of the newly completed Afreximbank Africa Trade Centre in Abuja on Thursday.
Prof. Oramah, speaking at the event, emphasized the bank’s unwavering support for Nigeria’s development efforts, noting its significant role in advancing non-oil sectors.
“Over the last decade alone, total disbursements into Nigeria amounted to about $50bn, spreading across vital sectors of energy, infrastructure, manufacturing, healthcare, transport, and financial services,” he stated.
He further highlighted that the financial services sector alone received $19 billion, contributing substantially to its steady growth.
The AATC in Abuja marks a major milestone for Afreximbank’s ambition to create a continent-wide network of trade centres.
The $120 million complex, completed in 41 months since it commenced in November 2021, is the first of its kind and designed to serve as a bridge linking Africa and the Caribbean in trade and investment.
Oramah stated,, “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.”
The AATC Abuja is poised to offer a host of services including a technology and SME incubation hub, a Digital Africa Trade Gateway, and expansive conference and exhibition facilities.
“This facility is a hub for turbocharging Nigerian businesses’ engagement in the African Continental Free Trade Area,” Oramah added.
Looking ahead, Afreximbank plans to replicate the AATC model in other African cities. The next centre is scheduled for Harare, Zimbabwe, in August 2025, followed by facilities in Kampala (Uganda), Cairo (Egypt), and Yaoundé (Cameroon).
Beyond trade, Afreximbank is rolling out other major projects in Nigeria. One such initiative is the African Medical Centre of Excellence in Abuja, a $750 million ultra-modern hospital developed in partnership with King’s College Hospital, London, to offer specialized services in oncology, cardiology, and haematology.
Additionally, the bank is supporting the African Quality Assurance Centre in Ogun State, which aims to strengthen Nigeria’s agricultural export capabilities. Similar centres are also underway in Kaduna and Imo States.
Prof. Oramah also spotlighted the creative industry as a vital driver of inclusive growth.
He mentioned a newly launched $200 million fund dedicated to supporting Nigeria’s creative sector, with the goal of amplifying the country’s cultural exports.
Grateful for Nigeria’s partnership, Oramah extended his appreciation to President Bola Tinubu and the federal government for their consistent support.
He also invited stakeholders to the bank’s 32nd Annual Meetings, slated to be held in Nigeria in June 2025.
Representing President Tinubu, the Secretary to the Government of the Federation, George Akume, affirmed the federal government’s full backing of the AATC initiative. He acknowledged its importance in advancing trade within Africa, enhancing integration, and contributing to job creation and SME empowerment.
In her remarks, Nigeria’s Minister of Trade and Investment, Dr. Jumoke Oduwole, described the unveiling of the centre as a defining moment for Africa’s trade independence.
She praised Afreximbank’s leadership and disclosed that over $52 billion had been injected into Nigeria’s economy through the bank in the past ten years.
She also highlighted the centre’s potential to empower youth, women-led enterprises, and small businesses, as well as foster effective policy development and support AfCFTA implementation.
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun, echoed similar sentiments. He lauded the strategic significance of the AATC and commended the vision of Afreximbank under Prof. Oramah. Edun reiterated the federal government’s support for the bank and praised its initiatives such as the Pan-African Payment and Settlement System aimed at strengthening financial integration across the continent.
