The African Export-Import Bank (Afreximbank) has announced plans to develop a $300 million export manufacturing initiative across four Nigerian states—Cross River, Imo, Enugu, and Kano—as part of its broader strategy to stimulate non-oil exports and industrial growth in the country.
The announcement was made by Afreximbank President, Prof. Benedict Oramah, during the commissioning of the Afreximbank African Trade Centre (AATC) in Abuja on Thursday.
The project is being implemented through Arise Integrated Industrial Platform, an investee company of the bank.
According to Oramah, the initiative is part of Afreximbank’s broader industrialisation drive aimed at enhancing regional export capacity, creating jobs, and expanding Nigeria’s value-added manufacturing sector. The export zones are expected to serve as production and logistics hubs tailored to support small and medium-sized enterprises (SMEs) and large manufacturers targeting regional and global markets.
“This over $300 million project is being developed to promote export manufacturing and similar projects are expected in Cross Rivers, Imo, Enugu and Kano States” Oramah said, adding that similar special economic zones are already in progress in Ogun State.
$50 Billion Invested in Nigeria in 10 Years
Oramah revealed that Afreximbank has disbursed over $50 billion into the Nigerian economy over the past decade, spanning sectors such as energy, infrastructure, healthcare, transport, manufacturing, and financial services.
Of that amount, $19 billion went specifically to Nigeria’s financial services sector.
“This has helped deepen and expand the sector and elevated their impact on the local economy,” he noted.
Healthcare Transformation: $750 Million Medical Centre to Launch in June
In addition to industrialisation efforts, Afreximbank is making strategic investments in healthcare. Oramah confirmed that a $750 million African Medical Centre of Excellence (AMCE), a 500-bed quaternary facility located in Abuja, is set to be commissioned in June.
The hospital will specialise in oncology, cardiology, and haematology, providing world-class treatment for Africans who would otherwise seek care abroad.
Strengthening Export Readiness
To support Nigeria’s export competitiveness, Oramah highlighted the recent operationalisation of the African Quality Assurance Centre (AQAC) in Ogun State. The facility addresses quality infrastructure gaps by providing testing and certification services for agricultural and manufactured exports.
Similar AQAC facilities are under development in Imo and Kaduna States, he added.
Nigeria to Host Africa Energy Bank
In 2024, Nigeria was selected to host the Africa Energy Bank—a joint initiative between Afreximbank and the African Petroleum Producers’ Organisation (APPO). The bank is expected to address financing constraints in the continent’s energy sector and position Nigeria as a regional financing hub for oil, gas, and renewable energy projects.
“The Energy Bank will position Nigeria as the continental hub for mobilising energy financing,” Oramah noted.
Afreximbank’s interventions have also contributed to significant improvements in Nigeria’s refining and fertiliser capacities. According to Oramah, oil refining capacity has risen to 1.2 million barrels per day, while urea fertiliser production increased from under four million tonnes in 2019 to 7.5 million tonnes annually. He projected a further rise to 11 million tonnes by 2027 as Dangote Petrochemical Company expands its operations.
Investment in Creative Economy
The bank has also opened a $200 million dedicated facility for Nigeria’s creative sector in partnership with the Federal Ministry of Culture and Creative Industry. The initiative supports credit access, capacity building, and international market exposure for Nigerian creatives.
“These projects and interventions add to the significant investments committed by Afreximbank since its inception some 32 years ago,” Oramah stated.
He commended successive Nigerian governments for their support over the years, which he said had helped the bank successfully execute its development programmes in the country.
