Nigeria has emerged as the largest recipient of African Export-Import Bank (Afreximbank) financing, securing a cumulative disbursement of approximately $52 billion.
The President and Chairman of the Board of Directors of Afreximbank, Prof. Benedict Oramah, disclosed this on Tuesday during the Afreximbank Annual Meetings Signing Ceremony in Abuja.
He noted that Nigeria has benefited the most from the bank’s interventions, receiving substantial financing for trade and development projects across critical sectors.
“Being the largest recipient of the bank’s trade and development finance, Nigeria has attracted a cumulative disbursement of about $52bn from Afreximbank. Nigeria is the first beneficiary of a number of flagship transformative projects that the bank is piloting,” Oramah stated.
He further acknowledged Nigeria’s role in strengthening Afreximbank’s operations by responding positively to capital calls and eliminating regulatory barriers that could have hindered the bank’s initiatives.
According to him, these contributions have ensured that Nigeria maintains a strong voice in shaping the bank’s policies and future interventions.
Over the past decade, Afreximbank has disbursed no less than $140 billion across Africa.
Oramah explained that these interventions have helped drive economic transformation, reduced Africa’s reliance on commodity exports and bolstered industrialization efforts.
Afreximbank has also been instrumental in facilitating the African Continental Free Trade Agreement (AfCFTA) by supporting its secretariat and underwriting various initiatives aimed at expanding intra-African trade.
Nigeria has been a key beneficiary of Afreximbank’s investments in strategic sectors, including industrialization and trade facilitation.
Among the initiatives highlighted was the African Quality Assurance Centre, which aims to help Nigerian products meet international trade standards.
The first facility is already operational in Kaduna with more expected to be developed across the continent.
Speaking at the event, Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, expressed Nigeria’s appreciation for the bank’s continuous support.
“Afreximbank has approved tens of billions in facilities to Nigeria over the years, and of course, we are grateful for that,” Edun stated.
As Africa’s leading recipient of Afreximbank funding, Nigeria continues to play a pivotal role in the continent’s economic growth, leveraging financial support to accelerate industrialization, boost trade competitiveness and drive infrastructure development.
The latest disbursement further cements the country’s position as a priority market for Afreximbank’s financing initiatives.
