Afreximbank to develop $300 million export manufacturing tasks in Cross River, Imo, Enugu, and Kano
The African Export-Import {Bank} (Afreximbank) has introduced plans to develop a $300 million export manufacturing initiative throughout 4 Nigerian states—Cross River, Imo, Enugu, and Kano—as a part of its broader technique to stimulate non-oil exports and industrial progress within the nation.
The announcement was made by Afreximbank President, Prof. Benedict Oramah, through the commissioning of the Afreximbank African Commerce Centre (AATC) in Abuja on Thursday.
The challenge is being carried out by Come up Built-in Industrial Platform, an investee firm of the {bank}.
In keeping with Oramah, the initiative is a part of Afreximbank’s broader industrialisation drive geared toward enhancing regional export capability, creating jobs, and increasing Nigeria’s value-added manufacturing sector. The export zones are anticipated to function production and logistics hubs tailor-made to assist small and medium-sized enterprises (SMEs) and huge producers focusing on regional and international markets.
“This over $300 million challenge is being developed to advertise export manufacturing and related tasks are anticipated in Cross Rivers, Imo, Enugu and Kano States” Oramah mentioned, including that related particular {economic} zones are already in progress in Ogun State.
$50 Billion Invested in Nigeria in 10 Years
Oramah revealed that Afreximbank has disbursed over $50 billion into the Nigerian financial system over the previous decade, spanning sectors corresponding to power, infrastructure, healthcare, transport, manufacturing, and {financial} providers.
Of that quantity, $19 billion went particularly to Nigeria’s {financial} providers sector.
“This has helped deepen and broaden the sector and elevated their affect on the native financial system,” he famous.
Healthcare Transformation: $750 Million Medical Centre to Launch in June
Along with industrialisation efforts, Afreximbank is making strategic investments in healthcare. Oramah confirmed {that a} $750 million African Medical Centre of Excellence (AMCE), a 500-bed quaternary facility situated in Abuja, is ready to be commissioned in June.
The hospital will specialize in oncology, cardiology, and haematology, offering world-class therapy for Africans who would in any other case search care overseas.
Strengthening Export Readiness
To assist Nigeria’s export competitiveness, Oramah highlighted the latest operationalisation of the African High quality Assurance Centre (AQAC) in Ogun State. The power addresses high quality infrastructure gaps by offering testing and certification providers for agricultural and manufactured exports.
Related AQAC services are below improvement in Imo and Kaduna States, he added.
Nigeria to Host Africa Power {Bank}
In 2024, Nigeria was chosen to host the Africa Power {Bank}—a joint initiative between Afreximbank and the African Petroleum Producers’ Organisation (APPO). The {bank} is anticipated to handle financing constraints within the continent’s power sector and place Nigeria as a regional financing hub for oil, gasoline, and renewable power tasks.
“The Power {Bank} will place Nigeria because the continental hub for mobilising power financing,” Oramah famous.
Afreximbank’s interventions have additionally contributed to important enhancements in Nigeria’s refining and fertiliser capacities. In keeping with Oramah, oil refining capability has risen to 1.2 million barrels per day, whereas urea fertiliser production elevated from below 4 million tonnes in 2019 to 7.5 million tonnes yearly. He projected an additional rise to 11 million tonnes by 2027 as Dangote Petrochemical Firm expands its operations.
Funding in Artistic Financial system
The {bank} has additionally opened a $200 million devoted facility for Nigeria’s inventive sector in partnership with the Federal Ministry of Tradition and Artistic Business. The initiative helps credit score entry, capability constructing, and worldwide market publicity for Nigerian creatives.
“These tasks and interventions add to the numerous investments dedicated by Afreximbank since its inception some 32 years in the past,” Oramah said.
He recommended successive Nigerian governments for his or her assist through the years, which he mentioned had helped the {bank} efficiently execute its improvement programmes within the nation.
