Nigeria Joins Afreximbank’s Fund For African Export Development

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African Export–Import Bank, also referred to as Afreximbank, is a pan-African multilateral financial institution founded under the auspices of the African Development Bank. On October 1993, the bank held its first general meeting of its shareholders in Abuja. With its headquarters in Cairo, Egypt, Afreximbank provides financial services to African governments and private businesses in support of African and Caribbean trade. Afreximbank’s mandate is to finance and promote intra- and extra-African trade using three broad services which are credit, risk bearing, trade information and advisory services.

 

Nigeria has officially joined Afreximbank’s Fund for Export Development in Africa (FEDA), a platform aimed at boosting investment impact across the continent. With this move, Nigeria becomes the 16th nation to sign up for FEDA, indicating growing support for the fund among African countries.

 

This decision marks a significant step for Nigeria, showcasing its ongoing dedication to Afreximbank and FEDA’s goals, three decades after the establishment of Afreximbank in the country.

 

FEDA considers new memberships crucial for expanding its interventions, focusing on long-term capital provision to African economies, particularly in industrialisation, intra-African trade, and value-added exports. The signing of the Establishment Agreement is expected to lead to its ratification, strengthening FEDA’s role in Nigeria.

 

Professor Benedict Oramah, President of Afreximbank, expressed gratitude to Nigeria for signing the Establishment Agreement, highlighting the strengthened partnership between Afreximbank and Nigeria, which will lead to increased investments in sectors vital for Nigeria’s development.

 

Besides Nigeria, other countries that have joined FEDA include Rwanda, Mauritania, Guinea, Togo, South Sudan, Zimbabwe, Kenya, Chad, Republic of the Congo, Gabon, Sierra Leone, São Tomé and Príncipe, Equatorial Guinea, Ghana, and Egypt.

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