In a significant move to galvanize Nigeria’s non-oil export sector, the African Export-Import Bank (Afreximbank) has unveiled plans for a $300 million export manufacturing initiative spanning four key Nigerian states: Cross River, Imo, Enugu, and Kano. This ambitious project, announced by Afreximbank President Prof. Benedict Oramah during the commissioning of the Afreximbank African Trade Centre (AATC) in Abuja, aims to catalyze industrial growth and diversify the nation’s economy.
“This over $300 million project is being developed to promote export manufacturing, and similar projects are expected in Cross Rivers, Imo, Enugu, and Kano States,” Oramah stated, emphasizing the bank’s commitment to enhancing regional export capacity. The initiative, implemented through Arise Integrated Industrial Platform, an Afreximbank investee company, will establish export zones designed to support small and medium-sized enterprises (SMEs) and large manufacturers in targeting both regional and global markets.
Afreximbank’s extensive involvement in Nigeria’s economic landscape is underscored by its $50 billion investment over the past decade. Notably, $19 billion of this sum was directed towards Nigeria’s financial services sector, significantly deepening and expanding the sector’s impact on the local economy. “This has helped deepen and expand the sector and elevated their impact on the local economy,” Oramah noted.
Beyond industrial development, Afreximbank is making substantial strides in healthcare. The $750 million African Medical Centre of Excellence (AMCE), a 500-bed quaternary facility in Abuja, is slated for commissioning in June. This state-of-the-art hospital will specialize in oncology, cardiology, and haematology, providing world-class treatment and reducing the need for Nigerians to seek medical care abroad.
To bolster Nigeria’s export competitiveness, the African Quality Assurance Centre (AQAC) in Ogun State has been operationalized, addressing critical quality infrastructure gaps. Oramah also highlighted the development of similar AQAC facilities in Imo and Kaduna States, aiming to provide essential testing and certification services for agricultural and manufactured exports.
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Looking ahead, Nigeria is set to host the Africa Energy Bank in 2024, a joint initiative with the African Petroleum Producers’ Organisation (APPO). “The Energy Bank will position Nigeria as the continental hub for mobilising energy financing,” Oramah explained, highlighting the bank’s role in addressing financing constraints within the continent’s energy sector.
Afreximbank’s interventions have also yielded significant improvements in Nigeria’s refining and fertilizer capacities. Oil refining capacity has surged to 1.2 million barrels per day, while urea fertilizer production has nearly doubled, reaching 7.5 million tonnes annually. Oramah projects a further increase to 11 million tonnes by 2027, driven by the expansion of Dangote Petrochemical Company.
Recognizing the potential of Nigeria’s creative sector, Afreximbank has launched a $200 million dedicated facility in partnership with the Federal Ministry of Culture and Creative Industry. This initiative aims to enhance credit access, capacity building, and international market exposure for Nigerian creatives.
“These projects and interventions add to the significant investments committed by Afreximbank since its inception some 32 years ago,” Oramah concluded, expressing gratitude for the unwavering support of successive Nigerian governments.
Through these multifaceted initiatives, Afreximbank is not only driving economic diversification and industrial growth but also enhancing healthcare and fostering the creative economy, demonstrating its commitment to Nigeria’s sustainable development.
