Afreximbank Launches $2 Billion Financing Facility for Nigerian States

The African Export-Import Bank (Afreximbank) has unveiled a $2 billion financing facility for bankable projects across African states and local governments, with a focus on boosting economic growth in Nigeria. The announcement was made at the Calabar International Conference Centre during the bank’s annual meetings, according to Tribune Online. Afreximbank’s President, Benedict Oramah, stated that the facility would be available to state governments to fund infrastructure projects, as well as to attract foreign direct investment. Oramah added that the bank was keen to deepen its partnership with Nigerian states to promote development and sustainable growth. The facility will complement Afreximbank’s existing $500 million Nigerian Infrastructure Fund, which was launched in 2017. The new financing facility comes at a time when Nigeria is facing a significant infrastructure deficit, with inadequate road networks, power supply, and water resources affecting economic productivity and living standards. By providing financing for bankable projects, Afreximbank aims to help bridge the infrastructure gap and support Nigeria’s economic development.