From Isaac Anumihe and Adanna Nnamani, Abuja
Vice President, Kashim Shettima, has disclosed that the African Export-Import Bank (Afreximbank) has disbursed over $52 billion to Nigeria, a move that flaunts the country as both the bank’s largest shareholder and its most significant beneficiary.
Speaking at the opening ceremony of the bank’s 32nd Annual General Meeting (AGM) held in Abuja on Wednesday, Shettima, represented by his Senior Special Adviser on Economic Affairs, Dr. Tope Fasua, praised the strategic role Afreximbank plays in Nigeria’s development.
He highlighted several key projects across the country that have benefited from the bank’s interventions, describing them as far more than financial undertakings.
“Afreximbank’s transformative footprint includes the African Trade Centre, commissioned here in Abuja, which now serves as a nucleus for policy innovation, trade facilitation and business intelligence; the African Medical Centre of Excellence, which opened just weeks ago—providing world-class oncology, cardiology and hematology services and reducing the over $1 billion spent annually on medical tourism; African Quality Assurance Centres in Kaduna and Ogun State, strengthening the export readiness of Nigerian products; a $300 million export-manufacturing initiative, strategically located in Cross River, Enugu and Kano states to catalyse industrial clusters; and the pivotal $3 billion intra-Africa petroleum trade facility to enhance Nigeria’s energy security and support domestic refining capacity,” he said. “These are not mere projects, they are strategic investments—in resilience, for sovereignty and in shared prosperity.”
Addressing the over 6,000 delegates present at the gathering, Shettima used the platform to outline the bold economic reforms being implemented by the Nigerian government to reposition the economy and stimulate long-term growth. He emphasised the deliberate and strategic nature of these policies, noting that the goal is to build lasting resilience.
“Our administration is pursuing one of the boldest economic reforms in Nigeria’s history because resilience is not passive. It must be planned, built and protected. We have unified the exchange rates, eliminated multiple FX windows to restore transparency and investor confidence. We have phased out fuel subsidies, saving billions of dollars in leakages and reinvesting in social protection and infrastructure. We have launched Compressed Natural Gas (CNG), converting over 150,000 vehicles and reducing fuel cost and emissions. We have accelerated strategic infrastructure, including the Lagos-Calabar Coastal Highway and the Eastern Rail Corridor to improve regional connectivity.
We have transformed our oil sector, introducing real-time tracking of exports and enhancing revenue assurance through the petroleum cargo declaration scheme. And we have expanded access to trade finance and restructured support to small and medium enterprises (SMEs) through digitised platforms and African Continental Free Trade Area (AfCFTA)-aligned export development zones. These actions are already yielding impact. The Gross Domestic Product (GDP) is expected to grow at between 4 to 4.5 percent in 2025,” he stated.
In his remarks, the Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, said the conference theme, “Building the Future on Decades of Resilience,” was timely and deeply reflective of the institution’s legacy and its continued relevance to Africa’s economic evolution. He noted that Afreximbank’s trajectory over the past thirty years has elevated it beyond the traditional role of a financial institution.
“It speaks directly to the essence of today. We gather to reflect on, and celebrate the journey of Afreximbank. Over the past three decades, the bank has emerged as more than an average financial institution. It has become a trusted partner, a convener of ambition and a catalyst for change, shaping strategy, enabling execution and elevating African agencies across the globe,” Cardoso said.
The CBN governor commended Afreximbank for what he described as a far-reaching and deeply strategic record of achievement. According to him, the bank’s trade finance leadership has kept SMEs and exporters afloat through volatile cycles. He referenced the bank’s swift crisis response during the COVID-19 pandemic via the Pandemic Trade Impact Mitigation Facility (PATIMFA), as well as its championing of continental innovation through initiatives like the Pan-African Payment and Settlement System (PAPSS), which he described as laying the foundation for Africa’s financial sovereignty.
He also pointed to the bank’s support for the creative and industrial sectors through Creative Africa Nexus (CANEX), alongside targeted manufacturing investments, infrastructure financing, energy sector support, and its efforts in strengthening healthcare systems. All of these, he said, were clear examples of how Afreximbank continues to deepen regional connectivity and build resilience.
“Healthcare and quality infrastructure efforts remind us that resilient economies begin with resilient people and leadership that consistently projects Africa’s voice onto the global stage—shaping conversations on trade, finance, and development from an African perspective,” Cardoso said. “In short, Afreximbank has filled strategic gaps, anticipated future needs, and consistently shown up for Africa in the moments that matter most. It has helped define what resilience looks like in practice.”
Corroborating, Afreximbank’s Vice President, Mr. Denya Dennis, said the bank’s annual meetings have become a pivotal platform for shaping policy, generating ideas, and rewriting the narrative of African development. He added that the forum continues to create space for building constructive partnerships and forging strategic alliances essential for driving the continent’s growth agenda.
