The outgoing President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank), Prof. Benedict Oramah, has disclosed that the bank plans to recruit 250,000 workers following its groundbreaking textile facility development in Nigeria (by July), involving a $5 billion partnership.
He made this disclosure during his closing speech on Friday at the Afreximbank 32nd Annual Meetings, which was attended by Nairametrics.
He highlighted that while industrialisation remains a cornerstone of Africa’s economic transformation, the continental bank continues to prioritise and invest heavily in creating industrial infrastructure across Africa.
Update on Textile Industry Development
Oramah said, “The Bank and Arise IIP, jointly owned by the Bank, AFC, and Equitane—an equity fund—have invested in the development of Special Industrial Zones in Benin, Chad, Côte d’Ivoire, Gabon, Nigeria, Rwanda, Tanzania, and Togo, and are at various stages of developing others in Angola, DRC, Kenya, Malawi, and Zimbabwe.”
According to him, the goal is to create industrial estates in Africa.
- He added that the Bank’s investments since 2011 have aggregated to about $2 billion and are rapidly transforming the economic landscape of the beneficiary countries, boosting SME growth, job creation, and trade in value-added products.
- He said that in Nigeria, a Special Agro-Industrial Zone is being developed and will be opened later in the year.
- It will host agro-allied industries, as well as other light and heavy industries, pharmaceuticals, renewables, and logistics facilities, according to him.
“In July this year, we will break ground for the development of a large integrated textile facility that is expected to employ about 250,000 workers.
“This will be one of the largest textile facilities being developed under a $5 billion partnership entered into by Arise IIP, Afreximbank, and the Swiss textile equipment giant, Reitter, and supported by the Swiss Government,” he added.
- He stressed that the facility, which is a larger version of a similar facility in Benin Republic, would produce 350,000 tonnes of garments per year and save Nigeria about $4.7 billion in imports while reviving the entire Nigerian cotton industry.
Backstory
In June 2024, the federal government of Nigeria announced a $3.5 billion agreement with Afreximbank to enhance the textile industry and promote the use of Compressed Natural Gas (CNG) vehicles, among other initiatives.
The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, made this disclosure in a statement on X.
Uzoka-Anite stated that the deal was signed with the international financial institution during the 31st Afreximbank Annual Meeting in Nassau, The Bahamas.
She said that the agreement will help realize President Bola Ahmed Tinubu’s vision for a diversified and prosperous Nigerian economy.
