Afreximbank has pumped over $50 billion into Nigeria’s economy in the last ten years. The bank said the money was spread across major sectors like energy, manufacturing, healthcare, transport, infrastructure, and financial services. The President and Chairman of the Board of Directors of Afreximbank, Professor Benedict Oramah, revealed this in Abuja on Thursday during the commissioning of the Afreximbank Africa Trade Centre (AATC).
According to Professor Oramah, $19 billion out of the total amount went directly into Nigeria’s financial services sector. He said the bank is committed to helping Nigeria grow, especially in non-oil areas of the economy. Oramah said Afreximbank’s financial support has played a big role in building up the country’s private sector and improving trade.
The newly commissioned AATC Abuja is the first of its kind on the continent. It is part of Afreximbank’s larger plan to establish trade centres across Africa and the Caribbean. The $120 million project started in November 2021 and was completed in just under 42 months. The centre is meant to boost trade and investment across the continent and promote regional unity.
Professor Oramah explained that the Abuja centre would be a hub that helps African businesses work together. It has facilities like a technology incubation hub, SME support services, the Digital Africa Trade Gateway, and spaces for exhibitions and conferences. He said it would help Nigerian businesses take full advantage of the African Continental Free Trade Area (AfCFTA).
He also announced that the next AATC would be opened in Harare, Zimbabwe, in August 2025. Other centres are planned for Kampala, Cairo, and Yaoundé. Oramah said these centres would connect African businesses and help reshape the continent’s economic future.
In addition to the Abuja trade centre, Afreximbank is working on other big projects in Nigeria. One of them is the African Medical Centre of Excellence, also in Abuja. The $750 million facility is being built in partnership with King’s College Hospital, London. It will offer advanced medical care in cancer treatment, heart disease, and blood-related illnesses.
The bank is also supporting the African Quality Assurance Centre in Ogun State. This centre is aimed at helping Nigeria’s agricultural and processed products meet global standards. Similar centres are also being developed in Kaduna and Imo states.
Professor Oramah also spoke about the creative industry, saying Afreximbank recently launched a $200 million fund to support Nigerian creatives. He said this move will help create more jobs for young people and women and increase Nigeria’s export of creative products to other African countries and beyond.
He thanked President Bola Ahmed Tinubu and the Federal Government for their continued support. Oramah also invited everyone to attend Afreximbank’s 32nd Annual Meetings, which will be held in Nigeria in June 2025.
President Bola Tinubu, represented by the Secretary to the Government of the Federation, Senator George Akume, said the Federal Government fully supports the new trade centre. He said the centre would promote economic growth, create jobs, and support small and medium businesses, especially those led by women and youths.
He noted that the centre fits into Nigeria’s economic plans, which include diversification, digital transformation, and improving access to finance.
The Minister of Trade and Investment, Dr Jumoke Oduwole, said the launch of the AATC was a big step for Africa. She said it would help the continent take control of its trade and empower local businesses. She praised Afreximbank for disbursing over $52 billion to Nigeria in the last ten years.
Dr Oduwole also said the AATC would support policy development, trade intelligence, and the implementation of AfCFTA. She promised that the Nigerian government would continue to work closely with the bank to support industrialisation and trade growth.
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, also spoke at the event. He said the bank’s investments had made a big difference in areas like healthcare and infrastructure. He praised Professor Oramah’s leadership and Afreximbank’s efforts to improve trade across Africa.
Edun said the Pan-African Payment and Settlement System, supported by the bank, is helping to connect African economies and improve financial integration. He promised that the government would continue to support Afreximbank in its efforts to grow the African economy.
