• Thursday, December 07, 2023
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Afreximbank invests all-time high $36bn in Nigeria


The African Export-Import Bank (Afreximbank) has invested over $36 billion into the Nigerian economy since its creation in 1993 through trade and project financing.

This comes as the bank targets $43 billion in trade and investment deals at the Intra-African Trade Fair (IATF2023) holding in Cairo, Egypt in November 2023.

Nigeria directly benefited from trade and investment deals worth over $18 billion in the previous IATF.

Kanayo Awani, the bank’s executive vice president, intra-African trade bank, disclosed this on Monday at the Nigeria Intra-African Trade Fair (IATF2023) high-level business road show in Lagos. She said the support has covered a range of sectors and industries, including, among others, energy, transport, financial services, healthcare, manufacturing, and trade infrastructure.

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“In addition, Afreximbank remains committed to contributing to Nigeria’s economic growth as evident in several flagship projects underway such as the $300m 500-bed Africa Medical Centre of Excellence (AMCE) ongoing in Abuja in partnership with King’s College, London, Afreximbank Africa Trade Centre (AATC), also in Abuja, and the Africa Quality Assurance Centre (AQAC) in Shagamu, Ogun State, which is already operational,” she said.

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As part of the development of the auto sector, she said the Bank has also provided a grant to support the development of the Nigerian automotive policy that will help ensure a competitive and vibrant auto sector in Nigeria.

“The inaugural trade fair held in Cairo, Egypt in 2018 was a resounding success. This was followed by an even more successful IATF2021 hosted in Durban, South Africa in 2021,” she said.

Awani said the two editions of the IATF collected participants from 130 countries globally, with more than 2,500 exhibitors from 77 countries.

The two previous editions generated over $74 billion in trade and investment deals, providing a glimpse of the immense potential that exists for intra-African trade and investment, she said.