A report by the Nigerian Content Development and Monitoring Board (NCDMB) on Monday, 7th March, reveals that the African Export-Import Bank (Afreximbank) had invested over $42 billion in support of African businesses between 2016 and 2020.
This update was disclosed by Professor Benedict Oramah, the president of the board, as he proclaimed that the continental institution is presently the largest lender to the multi-million dollar 650,000 barrels per day Dangote Refinery which is presently under construction at the Lekki Free Trade Zone, Lagos.
Professor Benedict revealed this at the maiden edition of the African Local Content Investment Forum (ALCIF) in Lagos on Monday, 7th March. The event was themed “Evolving a Pan-African Strategy Towards Sustainable Funding of Africa Oil and Gas Projects” and was targeted at oil and gas practitioners especially member nations of the African Petroleum Producers Organisation (APPO).
The Afreximbank is one of Africa’s brightest initiatives conceived to help budding entrepreneurs in the continent and promote intra and extra-African trade. The financial facility had earlier signed a $1.04 billion facility with the Nigerian National Petroleum Company (NNPC) Limited to fund the exploration of petroleum during the second intra-Africa trade fair held in Durban, South Africa. This was only a few days after the completion of the Climate Change Conference (COP-26) in Glasgow, Scotland.
Also present at the event was the Executive Secretary of NCDMB, Mr Simbi Wabote, who described the Afreximbank as one bright spot in the continent.
This update is coming on the heels of a similar feat by the African Development Bank (AfDB) where similar financial support to African businesses have occurred. Only recently, the AfDB granted Tunisia €103.95 Million loan to upgrade road infrastructure as it also launched a $10.5m project in Zimbabwe. These projects are all in line with the bank’s objective to spur sustainable economic development and social progress in member countries.
Wabote also disclosed that the AfDB has the African Development Fund (ADF), which became operational in 1974 and has cumulatively invested $45 billion over its 44 years of operation on the African continent.