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.

Read also Afreximbank signs MOU with Anambra State for development, $200m debt financing

“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.

Related News

Read also Afreximbank targets SME traders with US$400mn China-backed loan

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.

More from our Markets Column
Read Next
Awoniyi dumps PDP, keeps mum on next move

Awoniyi dumps PDP, keeps mum on next move

By BusinessDay • September 11, 2023

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.

Join BusinessDay whatsapp Channel, to stay up to date

Open In Whatsapp