Afreximbank announces $2.5bn investment in Nigeria to support infrastructure projects

The African Export-Import Bank (Afreximbank) says it will invest $2.5 billion in Nigeria to support critical infrastructure projects in the country.

Benedict Oramah, president of Afreximbank, announced this on Thursday when he led a delegation of the bank on a courtesy visit to Boss Mustapha, secretary to the government of the federation (SGF).

According to him, Afreximbank has done cumulative disbursements of about 20 billion dollars in Nigeria in the past five years.

“Today, we have the current transactions that on the implementation in Nigeria amount to $3.66 billion. We have another $2.5 billion in the pipeline,” NAN quoted him to have said.

He said Nigeria is important in terms of the share of membership of the bank, the pivotal role it plays, and also the extent of activities the bank undertakes in Nigeria.

“We decided that we should be coming periodically to brief the SGF that through him also, such briefing can be extended to the different agencies of government. So that as we implement our work, we will continue to receive the support we need,” Oramah added.

Oramah said another purpose was to brief SGF on other intervention programmes in establishing African Medical Centre of Excellence (AMCE) in Abuja and African Quality Assurance Centre (AQAC) in Ogun state.

He said the visit was to also brief the SGF about the bank’s plans to support Nigeria to manufacture vaccines, given the present COVID-19 pandemic in the country.

In his response, Mustapha expressed optimism that the credible infrastructural facilities Afreximbank had put in place would help address so many issues in Nigeria and stimulate the economy.

He assured the delegation of the federal government’s support in areas needed to boost its projects in the country.