Nigeria Becomes Afreximbank’s Largest Beneficiary with $52 Billion Disbursement

Nigeria has emerged as the largest beneficiary of the African Export-Import Bank (Afreximbank) with a cumulative disbursement of approximately $52 billion, according to a recent statement made by Prof. Benedict Oramah, President of the bank. This announcement was made during the Afreximbank Annual Meetings 2025 Signing Ceremony in Abuja. Nigeria has not only attracted substantial funding from the bank but has also played a pivotal role in shaping the bank’s strategies, ensuring significant contributions to its development.

The bank’s financing has supported several transformative projects in Nigeria, including the African Quality Assurance Centre in Kaduna and the Africa Trade Centre in Abuja. Additionally, Afreximbank is funding the African Medical Centre of Excellence, a key initiative to enhance healthcare infrastructure in the country. These projects are part of Afreximbank’s broader efforts to foster economic transformation across Africa, particularly in reducing the continent’s reliance on commodity exports.

Oramah highlighted the role Afreximbank has played in bolstering Nigeria’s energy and industrial sectors, notably its investments in the Dangote Refinery and the Port Harcourt Refinery. These projects aim to establish the Gulf of Guinea as a major refining hub and reduce Africa’s dependence on petroleum imports. The bank is also setting up an Africa Energy Bank with an initial capital of $5 billion to strengthen energy security on the continent.

Afreximbank’s impact extends to Nigeria’s agricultural sector, where it has facilitated the country’s rise as Africa’s leading producer of fertilizers. In addition, the bank has been instrumental in supporting Nigeria’s creative industries, providing credit facilities and market access to promote cultural exports. The bank’s multifaceted support highlights its commitment to fostering sustainable growth in key sectors of the Nigerian economy.

Looking ahead, the upcoming 32nd Afreximbank Annual Meetings, set to take place in Abuja in June, will provide a platform to discuss Africa’s economic future and tackle challenges such as geopolitical tensions and global trade shifts. The event is expected to draw thousands of delegates from around the world, offering opportunities for new partnerships and initiatives to further drive Africa’s economic development. Oramah expressed confidence that the meetings would reinforce Nigeria’s critical role in advancing the continent’s growth and economic transformation.

SOURCE: THE SUN