FG Confirms Afreximbank Released $52 Billion to Nigeria, Lists Key Projects Executed

• The Africa Export-Import Bank was founded in 1993 to help African countries facilitate international trade
• The bank has also released intervention funds to several African countries for special impact projects over the years
• The Nigerian government has confirmed how much it received from the bank and what projects were funded with the money

Ruth Okwumbu-Imafidon, a Legit.ng journalist, has over a decade of experience in business reporting across digital and mainstream media.

The Federal Government of Nigeria has acknowledged the African Export-Import Bank (Afreximbank) for its several interventions in Nigeria and Africa.

According to Vice President Kashim Shettima, the bank’s intervention across Africa is valued at over $100 billion, of which Nigeria has received $52 billion.

While flagging off Afreximbank’s 32nd Annual General Meeting (AGM) in Abuja, Shettima noted that Nigeria is both the highest beneficiary and highest shareholder in the bank.

He listed key projects in Nigeria that have been funded by the Afreximbank intervention funds, to include:

1. The African Trade Centre, Abuja as a nucleus for policy innovation, trade facilitation, and business intelligence,
2. The African Medical Centre of Excellence, providing world-class oncology, cardiology, and haematology services for Nigerians,
3. African Quality Assurance Centres in Kaduna and Ogun State to improve the quality of exports from Nigeria,
4. A $300 million export-manufacturing initiative, located in Cross River, Enugu, and Kano states. These projects are targeted at catalysing industrial clusters in Nigeria. They are also expected to support the $3 billion intra-Africa petroleum trade facility.

Commenting on the significance of the projects, Shettima, who was represented by his Senior Special Adviser on Economic Affairs, Dr. Tope Fasua, said:

“These are not mere projects, they are strategic investments in resilience, for sovereignty and in shared prosperity.”

He also reiterated the commitment of the President Bola Tinubu administration to pursue the boldest economic reforms in Nigeria’s history, and grow the nation's Gross Domestic Product (GDP).

The Vice President of Afreximbank, Mr. Dennis Denya, in his remarks, described the AGMs as a critical gathering that has proven to be the birthplace of ideas and policy designs that change the narrative.

He also noted that it constantly created a platform for strategic alliances and constructive partnerships, the Daily Sun reports.

Recall that Afreximbank urged the Nigerian government to stabilise the naira as a means of assuring foreign investors that their investments are safe.

The bank warned that the consistent currency risks and economic uncertainties in Africa’s largest economy could lead to a cautious investment approach by investors.

While the Central Bank of Nigeria had made efforts to strengthen the naira, no long-term result had been achieved.

Afreximbank opens internship programme

In related news, Legit.ng previously reported that Afreximbank announced an opening for its Internship Programme.

The bank said the programme is open to citizens of member African countries and Africans in the diaspora.

Afreximbank also listed the criteria to participate in the programme and announced that successful candidates would get a monthly stipend of $800.

Proofreading by James Ojo, copy editor at Legit.ng.

Source: Legit.ng