Nigeria has officially signed the Establishment for Agreement for the Fund of the African Export-Import Bank (Afreximbank) after about three decades of it’s doing business in Nigeria.
Nigeria becomes the 16th country to sign such agreement.
The Fund for Export Development in Africa, (FEDA) serves as Afreximbank’s impact investment arm, established to offer equity, quasi-equity, and debt capital. Its primary aim is to bridge the substantial funding gap, especially in equity, essential for catalyzing transformation within Africa’s trade sector, amounting to billions of dollars.
The signing of the FEDA Establishment Agreement is anticipated to facilitate its ratification in the foreseeable future, further empowering FEDA’s initiatives in Nigeria and beyond.
Speaking on the development, the President and Chairman of the Board of the Afrexim bank and FEDA, Prof. Kenneth Oramah stated that the partnership will boost trade development across the continent.
He said,“We extend our sincere appreciation to the Federal Republic of Nigeria for the signing of the FEDA Establishment Agreement. This significant achievement further strengthens the already robust partnership between Afreximbank and Nigeria, one of the Bank’s foremost supporters. The partnership will enhance investments in sectors critical to the development journey of Nigeria.”
Countries that have also signed FEDA’s Establishment Agreement comprise Rwanda, Mauritania, Guinea, Togo, South Sudan, Zimbabwe, Kenya, Chad, the Republic of the Congo, Gabon, Sierra Leone, São Tomé and Príncipe, Equatorial Guinea, Ghana, and Egypt.
