Mkpoikana Udoma
Abuja — Nigeria is asserting itself as a regional trade and development finance hub, with over $52 billion in financing secured from the African Export-Import Bank, Afreximbank, according to the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun.
Speaking during a high-level session at the 32nd Annual Meetings of Afreximbank, held in Abuja, Edun said Nigeria is transitioning from participant to strategic leader in Africa’s economic integration and industrial growth agenda.
“We are not just participating in a summit. We are advancing a shared vision for Africa’s prosperity, with Nigeria playing a leading role in its delivery,” he told a gathering of delegates from across Africa and the diaspora.
The Minister outlined a raft of transformative Afreximbank-backed projects in Nigeria, including the Africa Trade Centre, the African Medical Centre of Excellence, and the proposed Africa Energy Bank, which will be headquartered in Abuja with an initial $5 billion capitalisation.
Edun also announced Nigeria’s formal adoption of the Pan-African Payment and Settlement System, PAPSS, a financial innovation that allows cross-border trade settlements in local currencies, significantly reducing dependence on foreign exchange.
“With PAPSS, Nigerian businesses can settle cross-border transactions in local currencies, reducing foreign exchange pressures and creating a more stable trade environment,” he stated.
This move is expected to bolster Nigeria’s non-oil exports and improve trade balance with fellow African nations under the African Continental Free Trade Area, AfCFTA.
In a rallying call to the Nigerian private sector, Edun urged businesses to take full advantage of Afreximbank’s suite of instruments such as the Fund for Export Development in Africa, Africa Quality Assurance Centre, and the Creative Africa Nexus.
“The enabling institutions are in place. The infrastructure is growing. Now is the moment for Nigeria’s entrepreneurs and investors to go bigger, bolder, and regional,” Edun said.
He praised the leadership of Afreximbank President, Prof. Benedict Oramah, for steering the bank toward innovative solutions that support inclusive and scalable trade financing across the continent.
Held under the theme “Owning Our Destiny: Economic Prosperity on the Platform of Global Africa”, the 32nd Annual Meetings convened leaders in government, finance, and industry to explore financing solutions and industrial policy coordination.
Nigeria’s robust engagement and hosting of this year’s meetings further positions the country at the centre of Africa’s economic renaissance.
