Nigeria has recently become the 16th country to sign the establishment agreement for the Fund for Export Development in Africa (FEDA), a pivotal move that solidifies its collaboration with Afreximbank, a leading financial institution focused on promoting trade across the continent.
FEDA, a subsidiary of Afreximbank, aims to bridge the substantial funding gap in Africa’s trade sector by providing equity, quasi-equity, and debt capital. This initiative is particularly geared towards bolstering intra-African trade, fostering value-added exports, and advancing manufacturing capabilities.
Nigeria’s decision to join FEDA underscores the growing support for the fund among African nations. This move aligns with Afreximbank’s mission to stimulate industrialization, facilitate intra-African trade, and promote the development of value-added exports.
Commenting on this milestone, President of Afreximbank, Prof. Benedict Oramah, emphasised the significance of Nigeria’s partnership in enhancing investments in sectors vital to the country’s development trajectory. He expressed gratitude to Nigeria for its continued support, highlighting the strengthened collaboration between Afreximbank and the nation.
Notably, other countries that have acceded to FEDA’s establishment agreement include Rwanda, Mauritania, Guinea, Togo, South Sudan, Zimbabwe, Kenya, Chad, Republic of the Congo, Gabon, Sierra Leone, São Tomé and Príncipe, Equatorial Guinea, Ghana, and Egypt.
Afreximbank, a pan-African multilateral financial institution, has been at the forefront of driving economic growth by financing and promoting both intra and extra-African trade. With over 30 years of experience, the bank has consistently provided innovative financial solutions to support Africa’s trade transformation and accelerate industrialization. Additionally, Afreximbank has been a staunch advocate of the African Continental Free Trade Agreement (AfCFTA).
As of December 2023, Afreximbank’s total assets and guarantees exceeded $37.3 billion, with shareholder funds amounting to $6.1 billion. Over the period from 2016 to 2023, the bank disbursed more than $104 billion, demonstrating its commitment to advancing Africa’s economic agenda.
