Afreximbank to support Ogun infrastructural projects with $200m

The African Export-Import (Afrexim) Bank has announced plans to invest $200 million in infrastructure projects and initiatives in Ogun state.

Benedict Oramah, Afreximbank president, said this during a courtesy visit to Dapo Abiodun, governor of Ogun, on Monday.

The bank had commenced the construction of the Africa quality assurance centre (AQAC) in Ogun and it is expected to start operations in the second quarter of 2022.

Oramah said Afeximbank will collaborate with the state-owned Gateway Pharmaceuticals in the production of vaccines and other drugs.

He also said the bank will partner with Ogun in ensuring that the 250-bed Specialist Hospital in Abeokuta is completed.

“We are willing to dedicate an envelope of $200 million for projects and initiatives here in Ogun state; we will also be happy to see the hospital project,” the Afreximbank president said.

“We will be very pleased to look at this asset and see how we can partner with your government. I assure you that we will consider this in our plans to invest in the health sector.

“We are willing under the $200 million envelope that I mentioned, to provide technical assistance which can be grants. We will look at how we can support you to help you develop some ideas, by providing advisory services.

“We can also use our project preparation facility to help prepare projects. For example, this hospital we are talking about, we can use this facility to develop it.”

Oramah further said the bank will equally invest in the construction of border roads and bridges between Ogun and Benin Republic as well as the ongoing international cargo airport in the state.

In his remarks, Abiodun said: “The success of MSMEs is very fundamental to any industrial revolution. We are an industrial state, so we have been deliberate with our support for MSMEs to the extent that we are creating clusters for them.

“We look forward to seeing the Afreximbank create an MSMEs fund. Such fund will allow the MSMEs to have access to the funding they would need to meet their demands”.