Afreximbank’s substantial investment in Nigeria, totaling $50 billion over the past decade, has significantly bolstered key sectors, including energy, manufacturing, healthcare, transport, and financial services. A considerable portion of this investment, $19 billion, was directed towards the financial services sector, underscoring the bank’s commitment to fostering economic growth and diversification in Nigeria. This investment has been instrumental in expanding Nigeria’s non-oil sectors, reducing reliance on volatile oil revenues, and promoting sustainable economic development. The bank’s strategic focus on diversifying investments across various sectors underscores its commitment to achieving holistic economic growth and creating a more resilient economy in Nigeria.
The inauguration of the Afreximbank Africa Trade Centre (AATC) in Abuja marks a significant milestone in the bank’s pan-African strategy. This $120 million facility, completed within 41 months, serves as a hub for promoting intra-African trade and facilitating regional integration. The AATC offers a comprehensive suite of services, including a technology incubation hub, an SME incubation facility, and a Digital Africa Trade Gateway, designed to empower businesses, particularly SMEs, and foster innovation within the African Continental Free Trade Area (AfCFTA). The centre aims to enhance connectivity between Africa and the Caribbean, fostering stronger trade relationships and economic partnerships. This initiative is expected to significantly boost intra-African trade, facilitating market access for businesses and promoting economic growth across the continent.
The AATC Abuja represents the first in a network of trade centres planned across Africa. Future centres are slated for Harare, Zimbabwe (2025), Kampala, Uganda (2026), Cairo, Egypt, and Yaoundé, Cameroon. This network of trade centres aims to reshape Africa’s economic future by providing localized support for businesses, facilitating trade, and fostering regional economic integration. The strategic placement of these centres across the continent underscores Afreximbank’s commitment to ensuring broad-based economic development and promoting inclusive growth across Africa. These centers are expected to act as catalysts for economic activity, stimulating trade and investment within their respective regions.
Beyond the AATC, Afreximbank is engaged in several other impactful projects in Nigeria. The upcoming African Medical Centre of Excellence in Abuja, a $750 million partnership with King’s College Hospital London, will provide advanced healthcare services in oncology, cardiology, and haematology. This state-of-the-art facility will address critical healthcare needs and contribute significantly to improving healthcare outcomes in Nigeria and the region. Additionally, the bank’s support for the African Quality Assurance Centre in Ogun State, with similar projects planned in Kaduna and Imo States, will bolster Nigeria’s agricultural sector and enhance the quality of its exports, enabling Nigerian products to compete effectively in regional and international markets.
Afreximbank also recognizes the potential of Nigeria’s creative sector. A $200 million facility has been established to support this vibrant industry, fostering job creation, particularly for youth and women, and promoting the export of Nigerian creative content. This initiative aims to leverage the immense talent and creativity within Nigeria to diversify the economy, create employment opportunities, and showcase Nigerian culture on the global stage. The bank’s commitment to supporting the creative sector highlights its understanding of the sector’s potential to drive economic growth and cultural exchange.
The commissioning of the AATC Abuja was met with strong support from the Nigerian government. President Bola Tinubu, represented by the Secretary to the Government of the Federation, George Akume, emphasized the centre’s alignment with Nigeria’s strategic goals of job creation, economic diversification, and empowerment of SMEs and women-led businesses. The Minister of Trade and Investment, Dr. Jumoke Oduwole, highlighted the significance of the AATC in advancing inter-African trade and supporting the implementation of the AfCFTA. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, praised Afreximbank’s contributions to Nigeria’s development and its leadership in advancing trade and financial integration across the continent. The collective endorsement from high-ranking government officials underscores the importance of this initiative and its potential to transform Nigeria’s economic landscape.
