Afrieximbank has so far disbursed over $52bn to Nigeria, says FG

Flagging off the bank’s 32nd Annual General Meeting (AGM) in Abuja, the Vice President, Kashim Shettima acknowledged that Nigeria is the highest shareholder and highest beneficiary of the bank.

Shettima who spoke through his Senior Special Adviser on Economy Affairs, Dr. Tope Fasua, listed a number of projects in Nigeria funded by Afreximbank.

“Afreximbank’s transformative footprint include, the African Trade Centre, commissioned here in Abuja, which now serves as a nucleus for policy innovation, trade facilitation and business intelligence; the African Medical Centre of Excellence, which opened just weeks ago—–providing world class oncology, cardiology and hematology services and reducing the over $1 billion spent annually on medical terms; African Quality Assurance Centres in Kaduna and Ogun State; strengthening the export readiness of Nigerian products; a $300 million export- manufacturing initiative, strategically located in Cross River, Enugu and Kano states to catalyse industrial clusters and the pivotal $3 billion intra-Africa petroleum trade facility to enhance Nigeria’s energy security and supporting domestic refining capacity. These are not mere projects, they are strategic investments in residence, for sovereignty and in shared prosperity”he said, while informing the over 6000 delegates in the hall about economic reforms undertaken by government to put the economy in the right direction.

“Our administration is pursuing one of the boldest economic reforms in Nigeria’s history because resilience is not passive. It must be planned, built and protected. We have unified the exchange rates, eliminated multiple effects windows to restore transparency and investor confidence. We have phased out fuel subsidies, saving billions of dollars in leakages and reinvesting in social protection and infrastructure. We have launched Compressed Natural Gas (CNG) converting over 150,000 vehicles and reducing fuel cost and emissions. We have accelerated strategic infrastructure, including the Lagos Calabar Coastal Highway and the Eastern Rail corridor to improve regional connectivity. We have transformed our oil sector, introducing real-time tracking of exports and enhancing revenue assurance through the petroleum cargo declaration scheme. And we have expanded access to trade finance and restructured support to small and medium enterprises (SMEs) through digitised platforms and African Continental Free Trade Area (AFCTA) aligned export development zones. These actions, are already yielding impact. The Gross Domestic Product (GDP) is expected to grow at between 4 to 4.5 per cent in 2025” Shettima said.

Earlier, the Central Bank of Nigeria (CBN) Governor, Mr Olayemi Cardoso had said that the theme of the conference: ‘Building the Future on Decades of Resilience’ couldn’t have come at a more auspicious time, adding that it speaks directly to the essence of the institution and the continent.

“It speaks directly to the essence of today. We gather to reflect on, and celebrate the journey of Afriexim bank. Over the past three decades, the bank has emerged as more than an average financial institution. It has become a trusted partner, a convener of ambition and a catalyst for change, shaping strategy, enabling execution and elevating African agencies across the globe”he said

Cardoso commended the bank on its positive trajectories, noting that, its achievements were both wide- ranging and deeply strategic.

“Trade finance leadership that has kept SMEs and exporters afloat through volatile cycles; swift crisis response mechanisms such as the Pandemic Trade Impact Mitigation Facility (PATIMFA) that stabilised economies in times of global retreat; continental innovations like the Pan-African Payment and Settlement System (PAPSS),

laying the foundation for Africa’s financial sovereignty; support for the creative and industrial economy through initiatives like Creative Africa Nexus (CANEX and

targeted manufacturing investments; infrastructure and energy financing that powers productivity and deepens regional

connectivity; healthcare and quality infrastructure efforts that remind us that resilient economies begin with resilient people and leadership that consistently projects Africa’s voice onto the global stage; shaping conversations on trade, finance, and development from an African perspective.

“In short, Afreximbank has filled strategic gaps, anticipated future needs, and consistently shown up for Africa in the moments that matter most. It has helped define what resilience looks like in practice”, Cardoso noted.

In his remarks, Afreximbank’s Vice President, Mr. Dennis Denya said the annual meetings have become pivotal in generating ideas, shaping policy, design and changing the narrative, while at the same time creating a platform for forging constructive partnerships and strategic alliances.