The African Export-Import Bank (Afreximbank) has revealed that Nigeria has received a cumulative disbursement of approximately $52 billion, positioning the nation as the bank’s largest beneficiary across the African continent. This announcement was made during the Afreximbank Annual Meetings 2025 Signing Ceremony held in Abuja.
Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, emphasized Nigeria’s pivotal role in the bank’s operations. “Being the largest recipient of the bank’s trade and development finance, Nigeria has attracted a cumulative disbursement of about $52 billion from Afreximbank. Nigeria is the first beneficiary of a number of flagship transformative projects that the bank is piloting,” Oramah stated.
This financial injection includes support for various sectors critical to Nigeria’s economy, such as energy, health, industry, and infrastructure. Notably, the funds have facilitated significant projects like the African Medical Centre of Excellence in Abuja, aimed at positioning Nigeria as a hub for medical tourism, and the Africa Trade Centre, also in Abuja, which will bolster trade within the continent.
The $52 billion disbursement has been instrumental in bridging financing gaps left by the retreat of international banks from Africa, driving economic transformation, and reducing Nigeria’s dependence on commodity exports. Oramah highlighted the bank’s role in supporting Nigeria’s energy and industrial transformation, including investments in boosting refining capacity, such as the Dangote Refinery and the Port Harcourt Refinery, which are steps toward establishing the Gulf of Guinea as a major refining hub.
Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, expressed gratitude for the bank’s support, stating, “Afreximbank has approved tens of billions in facilities for Nigeria over the years, and of course, we are grateful for that.” The minister’s comments underscore the collaborative relationship between Nigeria and Afreximbank, which has not only provided financial resources but also strategic support in implementing the African Continental Free Trade Agreement (AfCFTA).
The disbursement has also played a key role in industrializing Africa, with Nigeria at the forefront of these efforts. Among the initiatives highlighted were the African Quality Assurance Centres, aimed at ensuring Nigerian goods meet global trade standards, and the development of the Africa Trade Centre, set to be inaugurated in April 2025.
Afreximbank’s interventions extend beyond just financial aid; they are part of a broader strategy to foster economic resilience, enhance industrial capabilities, and promote intra-African trade. This substantial financial commitment to Nigeria reflects both confidence in the country’s economic potential and a commitment to its development trajectory.
As Nigeria navigates through economic challenges, this significant financial support from Afreximbank is expected to catalyze further growth, create jobs, and improve living standards. However, with such a large influx of funds, there’s also a call for transparency, effective utilization, and strategic investment to ensure that these benefits translate into tangible improvements for the Nigerian populace.
The relationship between Nigeria and Afreximbank continues to grow, with both parties looking forward to further collaborations that will drive sustainable economic development across the African continent.
