Afreximbank Unveils $300 Million Export Manufacturing Projects in Four Nigerian States

The African Export-Import Bank (Afreximbank) has announced a major $300 million investment to develop export manufacturing initiatives across four Nigerian states—Cross River, Imo, Enugu, and Kano. This strategic move aims to boost non-oil exports and drive industrial growth in Nigeria.

Boosting Industrialization and Export Capacity

Afreximbank President, Prof. Benedict Oramah, revealed the plans during the commissioning of the Afreximbank African Trade Centre (AATC) in Abuja. The project, implemented through Arise Integrated Industrial Platform, is part of the bank’s broader industrialization strategy to enhance regional export capacity, create jobs, and expand Nigeria’s manufacturing sector.

“This over $300 million project is being developed to promote export manufacturing, with similar initiatives expected in Cross River, Imo, Enugu, and Kano States,” Oramah stated. He also noted that special economic zones are already underway in Ogun State.

$50 Billion Invested in Nigeria Over the Past Decade

Oramah disclosed that Afreximbank has injected over $50 billion into Nigeria’s economy in the last ten years, spanning key sectors such as energy, infrastructure, healthcare, transport, manufacturing, and financial services. Notably, $19 billion was allocated to the financial services sector, strengthening its impact on the local economy.

Healthcare Transformation: $750 Million Medical Center Launching Soon

In addition to industrial projects, Afreximbank is making significant healthcare investments. A $750 million African Medical Centre of Excellence (AMCE), a 500-bed quaternary facility in Abuja, is set to open in June. The center will specialize in oncology, cardiology, and hematology, offering world-class treatment to reduce medical tourism.

Strengthening Nigeria’s Export Competitiveness

To enhance Nigeria’s export readiness, Oramah highlighted the operationalization of the African Quality Assurance Centre (AQAC) in Ogun State. The facility provides testing and certification services for agricultural and manufactured exports, with similar centers planned for Imo and Kaduna States.

Nigeria to Host Africa Energy Bank

Nigeria was selected in 2024 to host the Africa Energy Bank, a joint initiative between Afreximbank and the African Petroleum Producers’ Organisation (APPO). This development aims to address financing challenges in Africa’s energy sector and position Nigeria as a regional hub for oil, gas, and renewable energy investments.

“The Energy Bank will position Nigeria as the continental hub for mobilizing energy financing,” Oramah emphasized.

Expanding Refining and Fertilizer Production

Afreximbank’s interventions have also boosted Nigeria’s refining and fertilizer sectors. Oil refining capacity has risen to 1.2 million barrels per day, while urea fertilizer production surged from 4 million tonnes in 2019 to 7.5 million tonnes annually. Oramah projected further growth to 11 million tonnes by 2027 as Dangote Petrochemical Company expands.

$200 Million Investment in Nigeria’s Creative Sector

The bank has also launched a $200 million facility for Nigeria’s creative industry, partnering with the Federal Ministry of Culture and Creative Industry. The initiative supports credit access, capacity building, and global market exposure for Nigerian creatives.

“These projects underscore Afreximbank’s long-term commitment to Nigeria’s development,” Oramah concluded, praising successive Nigerian governments for their support.

Source: Nairametrics