Nigeria To Deepen Ties With Afreximbank To Achieve Africa’s Development Agenda
By Sunday Etuka, Abuja
The Vice President, Kashim Shettima, has expressed the readiness of the Federal Government of Nigeria to deepening partnership with the African Export-Import Bank (Afreximbank) to achieve the continent’s development agenda.
Senator Shettima stated this on Wednesday while declaring open the 32nd Afreximbank Annual Meetings (AAM2025), with the theme, “Building The Future on Decades of Resilience, holding in Abuja, Nigeria.
Speaking, Shettima said “Nigeria stands ready to lead, ready to collaborate and ready to deliver. We will continue to work hand-in-hand and with Afreximbank to deepen our partnership and to align more closely with African development agenda.”
The VP who was represented by the Special Adviser to the President on Economic Affairs, Dr. Tope Fasua, noted that as Africa faces the consequences of global fragmentation, commodity transition and climate disruption, the continent must go beyond resilience to renewal.
“That means, mobilizing blended finance to crowd in private capital for infrastructure and transition, that means deepening value chain, that means institutionalising digital trade system, such as PAPSS, that means strengthening financial institutions with new capital, governance framework and risk-sharing facilities. And also that means ensuring that transformation is inclusive, reaching our youths, our SMEs and our women entrepreneurs.
“The future is not something we wish for, it’s something we must build. Let’s us seize this moment at the 32nd meetings not just a commemoration, but as a commissioning of new ideas, new instruments and new coalitions for Africa’s next chapter,” he added.
He thanked the Afreximbank President, Prof. Benedict Oramah and the entire Afreximbank leadership for the unwavering commitment to Africa.
Speaking earlier, the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso underscored the importance of institutional resilience as a vital foundation for building strong and lasting African institutions.
He emphasised that resilience must be deliberately engineered through strategic foresight, crisis preparedness, sound governance, and stakeholder trust.
Mr. Cardoso described the gathering as a momentous occasion to celebrate Afreximbank’s 32nd anniversary and reflect on the Bank’s transformative journey over the past three decades.
He commended the President of Afreximbank, Prof Benedict Oramah, the Board of Directors, and the entire team for their unwavering commitment to reshaping Africa’s economic trajectory, noting that their work continues to inspire hope, confidence, and collective action across the continent.
He further lauded the Bank’s contribution to Africa’s public health efforts, particularly its US$2 billion financing arrangement for 400 million doses of COVID-19 vaccines in partnership with the African Union in 2021.
These interventions, according to him, underscore the Bank’s critical role as a dependable countercyclical actor and demonstrate the power of African-led solutions to African challenges.
Highlighting Nigeria’s partnership with Afreximbank, Cardoso described the country as both a founding member and the Bank’s largest single beneficiary.
He noted that Nigeria had received approximately US$52 billion in trade and project financing, reflecting the depth of its engagement with the institution.
The continental bank has significantly contributed to African development through its focus on financing and promoting intra-and extra-African trade, industralisation, and economic integration.
The bank provides various financial instruments and solutions to support these goals, including trade finance, project finance, and equity investments. This is in addition to the crucial role of supporting the African Continental Free Trade Area (AfCTA) through initiatives like the Pan-African Payment and Settlement System (PAPSS) and the AfCTA Adjustment Fund.
Afreximbank reported a st rong financial performance for the first quarter of 2025, posting strong Net income of $215 million, a 21% increase year-on-year from the $178 million in the prior period.
The Group’s total assets and contingent liabilities increased by 6.4%, reaching $42.7 billion as of 31 March 2025, up from the $40.1 billion at FY2024.
