Nigeria becomes 16th country to sign Afrexim Bank trade development fund

Nigeria has officially signed the Establishment Agreement for the Fund for Export Development in Africa (FEDA), a significant investment platform overseen by the African Export-Import Bank (Afreximbank). This accession makes Nigeria the 16th country to join the Agreement, highlighting the increasing interest FEDA garners from nations across Africa.

This announcement arrives three decades after the inception of Afreximbank’s operations in Nigeria, signifying a significant milestone and Nigeria’s steadfast commitment to advancing the goals of both Afreximbank and FEDA.

The Fund for Export Development in Africa (FEDA), operates as Afreximbank’s arm for impact investment, providing equity, quasi-equity, and debt capital. Its core objective is to address the significant funding shortfall, particularly in equity, crucial for driving innovation in Africa’s trade sector, amounting to billions of dollars.

The signing of the FEDA Establishment Agreement is expected to pave the way for its formal ratification in the near future, enhancing FEDA’s initiatives in Nigeria and across the continent.

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 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.”

Additional signatories to FEDA’s Establishment Agreement include 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.