Afreximbank Invests $17bn in Nigeria

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Ndubuisi Francis in Abuja

The Africa Export-Import Bank (Afreximbank) disclosed yesterday that its investment in the Nigerian economy stands at over $17 billion .

Afreximbank President, Dr. Benedict Oranmah, who spoke at the ground-breaking ceremony of the Anglophone Regional Office, in Abuja, stated that the decision to invest in the Nigerian economy was in appreciation of the critical role the nation played in the bank’s formation, and the demonstration of a strong support by strengthening its capital base.

He said, “Approvals to various corporate organisations including indigenous oil firms and banks and government entities, are in excess of $17 billion.”

According to Oranmah, the Regional Office would strengthen closer and continuous relationship between the bank and Nigerian government entities and businesses.

In her address, the Minister of Finance, Mrs. Kemi Adeosun, said Nigeria invested an initial $50 million, becoming one of the largest shareholders of the Bank which helped to attract the interest of others in the equity participation of the Bank.

“Just like many other member countries of the Bank, Nigeria continues to support the Bank’s capital mobilisation by reinvesting its dividends in the Bank’s capital.

“Since inception, the bank has been very active in Nigeria. This is reflected by the institution’s consistent support to corporate and government entities through financing and advisory services, and significant financial and technical supports to Nigeria, with the country’s share of total loans averaging more than 40 per cent of the Bank’s aggregate,” Adeosun said.

The minister expressed optimism that the construction of the Regional Office complex would also create job opportunities for Nigerian youth, generate business opportunities for entrepreneurs to venture into the bank, and by extension, financial support to our private sectors.