Nigeria to host 2025 Afreximbank Annual General Meetings

Nigeria, the most populous country in Africa, has solidified its position as a key recipient of trade and development finance from the African Export-Import Bank (Afreximbank). The President of Afreximbank, Benedict Oramah, announced that Nigeria has attracted a cumulative disbursement of about $52 billion from the bank, making it the largest beneficiary of Afreximbank's initiatives. This significant investment was highlighted during the host agreement signing ceremony for the 2025 Annual General Meetings of Afreximbank, underscoring Nigeria's integral role in the bank's operations. Oramah emphasized the critical role Nigeria plays in the bank's strategic initiatives and outlined upcoming projects that will further enhance the country's trade and healthcare sectors. A key milestone on the horizon is the opening of the Africa Trade Center in Abuja on April 10, 2025, which is poised to become a hub for commerce and innovation in the region. Additionally, Afreximbank is spearheading the establishment of the African Medical Centre of Excellence and the African Energy Bank in Nigeria, signaling a robust commitment to enhancing healthcare and energy infrastructure in the country. Oramah praised Nigeria's proactive stance towards collaborative projects and highlighted the transformative impact of Afreximbank's initiatives on the nation's economic landscape. Speaking on Nigeria's role as the first beneficiary of flagship projects, Oramah mentioned the development of the African Quality Assurance Centre in key Nigerian states, aimed at bolstering quality standards and facilitating inter-regional trade. The ongoing efforts to harmonize standards at the African Union level are complemented by the establishment of quality infrastructure in Nigeria, enabling the country to participate effectively in regional trade initiatives. The Africa Trade Center Abuja stands as a testament to Afreximbank's commitment to fostering trade and business growth in Nigeria. The state-of-the-art facility, set to open its doors in April 2025, will house various amenities including a hotel, conference center, and trade information hub, positioning Nigeria as a vibrant center of commerce in Africa. Another significant project spearheaded by Afreximbank is the African Medical Centre of Excellence, a 500-bed facility slated to open in Abuja in June 2025. With an estimated cost of $750 million, the medical center is poised to elevate Nigeria's healthcare sector and transform the country into a medical tourism destination. Collaborative partnerships with global institutions like King's College London will further enhance the medical center's capabilities in researching and addressing neglected diseases. The African Energy Bank, a joint initiative led by Afra Zimbabwe and the African Petroleum Producers' Organization, is set to be headquartered in Nigeria with an initial capital level of $5 billion. This strategic move underscores Nigeria's position as a key player in the energy sector and signals a significant investment in sustainable energy solutions for the region. With pledges from key stakeholders including Afra Zimbabwe and Nigeria, the African Energy Bank is poised to drive innovation and growth in the energy sector, further solidifying Nigeria's pivotal role in Africa's economic landscape.