Afreximbank Invests $16bn in Nigeria

The African Export-Import Bank (Afreximbank) has disbursed over $16 billion to execute various projects in Nigeria. President of the Bank, Dr. Benedict Oramah, told the media in Abuja, yesterday, that his organization is set to build a Medical Centre of Excellence in collaboration with the King’s College Hospital, London and the federal government, a move expected to stem foreign exchange outflow on medical tourism.

According to him, Nigeria is a very important beneficiary of the bank’s funding activities, being the second largest shareholder, after Egypt, the host country. He stated: “Afreximbank has disbursed over $16 billion for various projects in Nigeria. We were the first to support the Lagos Mass Transit Scheme; we were at the forefront of the Local Content drive; when the Nigerian government undertook the power sector reform, we supported the reform with $500 million which was given to different entities for that project.

“We funded acquisition of oil assets to the tune of $2-$2.5 billion in that area. Most banks in Nigeria have lines of credit from us. “At the peak of the forex challenges in the country, we provided $1.8 billion to Nigerian banks to be able to meet their forex obligations to their customers.” Oramah said the bank has big plans for Nigeria, especially in the industrialization drive, the tourism sector, agriculture, and electricity power sector. He said that the bank is in discussion with the federal government to establish two Industrial Parks and Export Promotion Zones with a view to creating opportunities for Small and Medium Enterprises (SMEs) to thrive in the country.

Source: Vanguard