The African Export-Import Bank (Afreximbank) has solidified its commitment to Nigeria’s economic development with a substantial investment of $50 billion over the past decade. This funding has played a pivotal role in bolstering key sectors such as energy, manufacturing, healthcare, transport, and financial services, with a notable $19 billion directed towards the burgeoning financial services industry. The commissioning of the Afreximbank Africa Trade Centre (AATC) in Abuja marks a significant milestone in this partnership, representing a tangible manifestation of the bank’s dedication to fostering intra-African trade and regional integration. The AATC, a $120 million state-of-the-art facility, serves as a hub for connecting businesses across Africa and the Caribbean, facilitating collaboration and trade, and ultimately driving economic growth. This initiative forms a crucial part of Afreximbank’s broader strategy to establish a network of trade centers across the continent and the Caribbean, aiming to reshape Africa’s economic landscape and enhance its global competitiveness.
The AATC in Abuja offers a comprehensive suite of services designed to empower businesses and promote innovation. These include a technology incubation hub, nurturing the growth of tech startups; an SME incubation facility, providing support and resources for small and medium-sized enterprises; a Digital Africa Trade Gateway, facilitating online trade and connectivity; and conference and exhibition spaces, fostering networking and knowledge sharing. By providing these resources, the AATC aims to equip Nigerian businesses to actively participate in the African Continental Free Trade Area (AfCFTA), leveraging the opportunities presented by this continental market. The center is poised to become a catalyst for economic diversification, job creation, and enhanced trade relations, contributing significantly to Nigeria’s economic transformation.
Afreximbank’s commitment to Nigeria extends beyond the AATC, encompassing a range of strategic initiatives aimed at addressing critical development needs. The forthcoming launch of the African Medical Centre of Excellence in Abuja, a $750 million partnership with King’s College Hospital, London, will provide advanced healthcare services in specialized areas such as oncology, cardiology, and hematology. This state-of-the-art facility is poised to significantly enhance healthcare access and quality within Nigeria. Furthermore, Afreximbank is supporting the development of quality assurance centers in Ogun, Kaduna, and Imo states, focusing on improving quality infrastructure for agricultural and value-added goods to meet international market standards, thereby boosting Nigeria’s export potential. Recognizing the potential of Nigeria’s creative sector, Afreximbank has also established a $200 million facility to support the creative industry, fostering the growth of this vibrant sector and promoting the export of Nigerian creative content.
Afreximbank’s future plans include the expansion of its network of trade centers across Africa. Following the successful launch of the AATC in Abuja, the bank is set to open another center in Harare, Zimbabwe, in 2025, with further centers planned for Kampala, Uganda (2026), Cairo, Egypt, and Yaoundé, Cameroon. This strategic expansion underscores Afreximbank’s vision for a more integrated and interconnected Africa, where trade flourishes and economies thrive. The establishment of these trade centers is expected to create a ripple effect of positive economic impact, facilitating trade, promoting investment, and driving growth across the continent. By providing platforms for businesses to connect, collaborate, and trade, Afreximbank is actively shaping Africa’s economic future and strengthening its position on the global stage.
The inauguration of the AATC in Abuja has garnered strong support from the Nigerian government, which recognizes the center’s potential to advance inter-African trade, foster economic integration, and support Nigeria’s strategic development goals. President Bola Tinubu has expressed his commitment to leveraging the AATC to create jobs, diversify the economy, and empower SMEs, particularly those led by women, by enhancing their access to markets and finance. The government’s endorsement of the AATC aligns with its broader vision for inclusive growth and digital transformation, reinforcing Nigeria’s partnership with Afreximbank in driving economic progress. The government’s collaboration with Afreximbank signifies a shared commitment to leveraging trade as a catalyst for development and transforming Nigeria into a major player in the global economy.
Key government officials have lauded Afreximbank’s contributions to Nigeria’s economic development and expressed their support for the AATC and other initiatives. The Minister of Trade and Investment, Dr. Jumoke Oduwole, praised the AATC as a crucial step towards Africa taking greater control of its trade destiny and empowering youth, women-led businesses, and SMEs. The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, highlighted the strategic significance of the AATC in boosting Africa’s global trade position and commended Afreximbank’s leadership in promoting trade and financial integration across the continent, including initiatives such as the Pan-African Payment and Settlement System. These endorsements underscore the strong partnership between Afreximbank and the Nigerian government, reflecting a shared vision for a prosperous and integrated Africa. The collaboration between the bank and the government sets the stage for continued growth and development, driven by enhanced trade, investment, and innovation.
