Nigeria Commits to Africa’s Future, Showcases $52B AFREXIM Support

By Oluwakemi Kindness

The Federal Government of Nigeria on Wednesday declared its unwavering commitment to spearheading Africa’s development journey, pledging bold leadership, deeper collaboration, and decisive action to build a more resilient and prosperous continent.

This is according to Vice President, Kashim Shettima, who spoke at the 32nd Annual General Meeting of the Africa Export-Import Bank (AFREXIM Bank) held in Abuja, themed *“Building the Future on Decades of Resilience.”

Shettima who was represented by Special Adviser to the President on Economic Affairs, Tope Fasua, Shettima said Nigeria is ready to deepen its partnership with AFREXIM Bank and align more closely with the continent’s ambitious development agenda.

“We must go beyond resilience to renewal,” he said, calling for stronger regional value chains, accelerated digital trade systems, and inclusive transformation that empowers youth, women entrepreneurs, and SMEs. He emphasized the need to mobilize blended finance for infrastructure and green energy, and to strengthen institutions like AFREXIM Bank with fresh capital and robust governance.

Highlighting the bank’s impact in Nigeria, Fasua noted that AFREXIM Bank has disbursed over $52 billion to the country—more than to any other nation—supporting landmark projects that cut across healthcare, manufacturing, energy, and trade facilitation. These include the African Trade Center in Abuja, the new African Medical Center of Excellence, quality assurance centers in Kaduna and Ogun States, a $300 million export manufacturing initiative, and a $3 billion petroleum trade facility boosting Nigeria’s refining capacity.

According to him, the Tinubu-led administration is driving one of Nigeria’s most ambitious reform agendas to date, designed to strengthen economic fundamentals and spur inclusive growth.

“Our resilience is deliberate. We have unified the exchange rate, removed fuel subsidies, and rolled out a national CNG transition plan. We’re investing in infrastructure like the Lagos-Calabar Coastal Highway and the Eastern Rail Corridor, transforming our oil sector with real-time export tracking, and scaling support for SMEs through digital platforms,” he said.

With these reforms, Nigeria projects GDP growth of 4% to 4.5% in 2025, and aims to stabilize inflation around 7%.