The President and Chairman of the Board of Directors of Afreximbank, Prof. Benedict Oramah, says that the Bank has disbursed a total of $50bn in Nigeria over the past decade, making significant contributions to the country’s key sectors, including energy, manufacturing, healthcare, transport, and financial services.
Speaking at the commissioning of the Afreximbank Africa Trade Centre (AATC) in Abuja on Thursday, Prof Oramah highlighted the bank’s commitment to supporting Nigeria’s development, pointing out that these investments have been crucial in expanding the non-oil sectors of the Nigerian economy.
He noted that $19bn of the total amount disbursed had been invested in Nigeria’s financial services sector, which has grown significantly over the years.
“Over the last decade alone, total disbursements into Nigeria amounted to about $50bn, spreading across vital sectors of energy, infrastructure, manufacturing, healthcare, transport, and financial services,” Prof. Oramah said.
The AATC Abuja, which is the first of its kind, is a key component of Afreximbank’s broader strategy to create a network of trade centres across Africa and the Caribbean.
According to Oramah, the $120m Trade Centre will serve as a platform for boosting intra-African trade, saying,
“This centre will act as a lighthouse for interconnections, providing a digital gateway that will enable businesses across Africa and the Caribbean to connect, collaborate, and trade,” he said.
He explained that the AATC Abuja will offer a wide range of services, including a technology incubation hub, an SME incubation facility, a Digital Africa Trade Gateway, as well as conference and exhibition spaces.
“This facility is a hub for turbocharging Nigerian businesses’ engagement in the African Continental Free Trade Area,” Oramah added.
He disclosed that the next AATC will be launched in Harare, Zimbabwe, in August 2025, with others planned for Kampala, Uganda, in 2026, as well as Cairo, Egypt, and Yaoundé, Cameroon, in the near future and that these centres will be instrumental in reshaping Africa’s economic future.
Speaking on several other initiatives Afreximbank is pursuing in Nigeria, Prof. Oramah listed the upcoming opening of the African Medical Centre of Excellence in Abuja, a $750m state-of-the-art medical facility developed in partnership with King’s College Hospital, London. The centre will provide advanced healthcare services in oncology, cardiology, and haematology.
He added that the Bank is also supporting the African Quality Assurance Centre in Ogun State, which aims to enhance the quality infrastructure needed for Nigeria’s agricultural and value-added goods to meet regional and international market standards. Similar projects are in development in Kaduna and Imo States.
In addition, Oramah addressed the role of Nigeria’s creative sector in providing jobs for youth and women. He noted that Afreximbank had recently opened a $200m facility to support the creative industry, helping Nigeria boost its exports of creative content across Africa and the world.
He also expressed his gratitude to President Bola Tinubu for his exceptional support and to the Nigerian government for their cooperation.
Prof Oramah, whose tenure at the Bank, is expiring this year, announced that Nigeria will be hosting the Afreximbank’s 32nd Annual Meetings in June this year and invited all stakeholders to attend.
In his keynote remark, Nigerian President Bola Tinubu, who was represented by Seator George Akume, the Secretary to the Government of the Federation, expressed the Government’s support for the centre, emphasising its role in advancing inter-African trade, fostering economic integration, and supporting Nigeria’s strategic goals.
He highlighted the focus on job creation, economic diversification, and empowering SMEs and women-led businesses through access to markets and finance, aligning with Nigeria’s vision for growth.
President Tinubu also reaffirmed Nigeria’s commitment to inclusive growth and digital transformation, praising the bank’s leadership in shaping Africa’s trade landscape.
GIK/APA