• Monday, May 27, 2024
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Nigeria joins others to sign Afreximbank’s fund for export development in Africa

Nigeria joins others to sign Afreximbank’s fund for export development in Africa

Nigeria has acceded to the Establishment Agreement for the Fund for Export Development in Africa (FEDA), the development impact investment platform of the African Export-Import Bank (Afreximbank).

Nigeria joins the ranks of countries acceding to the Establishment Agreement of FEDA, becoming the 16th nation to do so. This underscores the increasing backing the Fund enjoys among African nations.

This announcement comes three decades following Afreximbank’s establishment in Nigeria, a key milestone that boldly demonstrates Nigeria’s continued commitment to supporting Afreximbank and FEDA’s missions. FEDA sees new memberships as critical to broadening its scope of interventions and its mission of delivering long-term capital to African economies, with a focus on industrialization, intra-African trade and value-added exports. The signing of the FEDA Establishment Agreement is expected to pave the way for the ratification of the Agreement in due course. This will in turn bolster FEDA’s interventions in Nigeria.

Benedict Oramah, President of Afreximbank and Chairman of the Boards of both Afreximbank and FEDA, said, “We extend our sincere appreciation to the Federal Republic of Nigeria for the signing of the FEDA Establishment Agreement. This significant achievement further strengthens the already robust partnership between Afreximbank and Nigeria, one of the Bank’s foremost supporters. The partnership will enhance investments in sectors critical to the development journey of Nigeria.”

Other countries that have acceded to FEDA’s Establishment Agreement include Rwanda, Mauritania, Guinea, Togo, South Sudan, Zimbabwe, Kenya, Chad, Republic of the Congo, Gabon, Sierra Leone, São Tomé and Príncipe, Equatorial Guinea, Ghana and Egypt.