Nigeria secures over $52bn support from Afreximbank — Tinubu
By Kunle Sanni –
President Bola Tinubu on Friday announced that Nigeria has secured over $52 billion in support from the African Export-Import Bank (Afreximbank), describing the partnership as a cornerstone of the country’s economic progress and a symbol of renewed confidence in Nigeria’s future.
Delivering his keynote address at the 32nd Afreximbank Annual Meetings in Abuja, the President highlighted that the funding has been channelled into critical sectors such as energy, agriculture, infrastructure, manufacturing, healthcare, and the creative industries.
“Nigeria has proudly benefited from over $52 billion in support,” Tinubu said. “Flagship projects such as the Dangote and BUA Refineries, the African Medical Centre of Excellence, and the Africa Quality Assurance Centre embody confidence in Nigeria’s future and Africa’s potential.”
He noted that these investments are not just financial but strategic, positioning Nigeria as a hub for industrial growth and regional trade.
Tinubu confirmed that Nigeria, in collaboration with Afreximbank, is establishing the Africa Energy Bank, which will be headquartered in Abuja with an initial capital base of $5 billion. The bank will finance Africa’s transition to cleaner and more sustainable energy, leveraging gas, renewables, and modern technologies.
The President also announced Nigeria’s formal adoption of the Pan-African Payment and Settlement System (PAPSS), which facilitates cross-border trade in local currencies, reducing dependence on foreign exchange.
He urged other African nations to embrace PAPSS, describing it as a major step towards financial independence and stability for African economies.
