The African Export-Import Bank (Afreximbank) has announced a massive $52 billion investment in Nigeria, reinforcing its commitment to the country’s economic development.
The bank also unveiled plans to establish a $5 billion Energy Bank aimed at boosting Nigeria’s energy sector and supporting sustainable energy initiatives.
Speaking at a recent event, Afreximbank President, Prof. Benedict Oramah, emphasized the institution’s long-standing partnership with Nigeria, stating that the country has been a key beneficiary of the bank’s financing initiatives.
“Being the largest recipient of the bank’s trade and development finance, Nigeria has attracted a cumulative disbursement of about $52 billion from Afreximbank. Nigeria is the first beneficiary of several flagship transformative projects that the bank is piloting.”
Oramah said. With the establishment of a $5 billion Energy Bank, funding gaps in Nigeria’s energy sector, ensuring a stable and sustainable power supply to support industrial and economic growth wi;; be addressed.
The proposed Energy Bank is expected to finance both renewable and conventional energy projects, improving access to electricity and reducing Nigeria’s dependence on imported fuel. The initiative aligns with Afreximbank’s broader strategy to enhance energy security across Africa, providing much-needed capital for infrastructure development.
Nigeria’s Minister of Finance, Wale Edun, commended Afreximbank’s commitment, noting that the investment would significantly contribute to the government’s economic transformation agenda. “This partnership is a game-changer for Nigeria’s energy and industrial sectors. The Energy Bank will provide critical funding to accelerate energy projects, attract investors, and create jobs,” he stated.
Industry experts believe that the Energy Bank could play a pivotal role in bridging Nigeria’s energy deficit, supporting the transition towards cleaner energy sources, and strengthening the country’s position as an energy hub in Africa.
With Afreximbank’s continued investment and the launch of the Energy Bank, Nigeria is set to witness a new phase of economic and industrial transformation, further cementing its role as a key player in Africa’s economic landscape.
