Nigeria has obtained $52 billion from Afreximbank, solidifying its position as Africa's largest recipient of funding.
Nigeria has received a total of around $52 billion from the African Export-Import Bank, positioning it as the foremost beneficiary of the bank's trade and development financing throughout Africa.
Afreximbank President and Chairman of the Board of Directors, Professor Benedict Oramah, announced this information during the 2025 Afreximbank Annual Meetings Signing Ceremony in Abuja on Tuesday.
He noted that Nigeria, as the bank's largest recipient of trade and development finance, has received approximately $52 billion in cumulative disbursements from Afreximbank and is the primary beneficiary of several of the bank's flagship transformative initiatives.
Oramah also expressed appreciation to the Nigerian government for its ongoing support of the bank, particularly for its positive response to capital calls and for eliminating regulatory barriers that could have hindered the bank’s operations within the country.
He emphasized that Nigeria’s contributions have ensured a significant voice in the bank’s governance, enabling it to play a vital role in shaping the future of Afreximbank.
Over the last ten years, he noted, Afreximbank has disbursed no less than $140 billion across the African continent.
These financial interventions, he explained, have been instrumental in addressing the financing gaps created by the withdrawal of international banks from Africa, fostering economic transformation and decreasing the continent's reliance on commodity exports.
Oramah highlighted that Afreximbank has been pivotal in the industrialization of the continent, transforming several African economies into significant industrial centers.
He also pointed out that the bank’s initiatives have supported the implementation of the African Continental Free Trade Agreement by backing the AfCFTA Secretariat and fully underwriting various projects aimed at enhancing intra-African trade.
He concluded by stating that Nigeria has been a significant recipient of the bank’s investments in essential sectors, including the establishment of the African Quality Assurance Centre, which aims to ensure that Nigerian products comply with global trade standards.
The initial center has commenced operations in Kaduna, with plans for additional facilities throughout the continent.
Furthermore, Afreximbank has established the Africa Trade Centre in Abuja, which is scheduled for inauguration on April 10.
Situated in the capital's core, the center features two towers that house a hotel, a conference center, a technology hub, exhibition areas, and a trade information center.
He mentioned that the bank has made notable contributions to Nigeria's healthcare sector, including the African Medical Centre of Excellence in Abuja, which is set to open on June 5.
This center will function as both a hospital and a research facility focused on neglected diseases that impact individuals of African descent, aiming to position Nigeria as a destination for medical tourism.
Oramah highlighted that Afreximbank has been instrumental in facilitating Nigeria's energy and industrial transformation.
He pointed out that the bank has made substantial investments to enhance Nigeria's refining capacity, backing projects like the Dangote Refinery and the Port Harcourt Refinery.
These investments are part of a comprehensive strategy to develop the Gulf of Guinea into a significant refining hub, thereby decreasing Africa's reliance on petroleum imports.
In line with broader initiatives to bolster Africa's energy security, he stated that Afreximbank will assist in the creation of an Africa Energy Bank in Abuja, with an initial capital of $5 billion, which includes a commitment of $1.25 billion from Afreximbank itself.
Additionally, he noted that the bank has supported Nigeria's fertilizer production, helping the country to become the leading producer on the continent, with an annual output of 7.5 million metric tonnes.
The bank is actively supporting Nigeria's creative sector through various initiatives, including credit facilities, capacity building, and efforts to enhance market access, all aimed at boosting the nation's cultural exports.
Oramah characterized the forthcoming 32nd Afreximbank Annual Meetings, set to occur in Abuja in June, as a pivotal occasion for both the bank and the continent. He emphasized that the meetings would serve as a platform to evaluate Africa's economic advancements over the last thirty years and to strategize for the future.
Discussions will center on addressing economic challenges such as geopolitical tensions, shifts in global trade, and Africa's role in a progressively protectionist global landscape.
He also highlighted that the meetings would signify a change in the bank's leadership, as he prepares to conclude his 31-year tenure, including a decade as president.
Oramah expressed confidence that the event would yield a capable successor to guide the bank forward. He praised Nigeria for its history of successfully hosting significant international events, recalling the successful 25th anniversary of Afreximbank in 2018, which attracted over 3,000 attendees.
The upcoming event is anticipated to welcome between 5,000 and 6,000 delegates from Africa, the Caribbean, the Americas, Europe, and Asia.
He noted that the opening ceremony on June 27 is expected to be a key highlight, featuring heads of state, government leaders, regional authorities, policymakers, academics, and business leaders from around the globe.
Oramah expressed hope that the gathering would enhance partnerships and stimulate new economic initiatives throughout Africa. He extended his gratitude to President Bola Tinubu and the Nigerian government for their commitment to the success of the meetings and reaffirmed Afreximbank's commitment to supporting Nigeria's economic growth.
Furthermore, Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, conveyed Nigeria's gratitude for Afreximbank's continued support. He stated that Afreximbank's approval of tens of billions in financing for Nigeria over the years is deeply appreciated.