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Nigeria gets $52bn as Afrexinbank’s biggest beneficiary

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Nigeria has received approximately $52 billion in trade and development financing from the African Export-Import Bank (Afreximbank), making it the bank’s largest beneficiary across Africa.

The President and Chairman of the Board of Directors of Afreximbank, Prof. Benedict Oramah, disclosed this on Tuesday during the Afreximbank Annual Meetings 2025 Signing Ceremony in Abuja.

He noted Nigeria’s central role in the bank’s financing activities, stating that the country has been the first beneficiary of several flagship transformative projects led by Afreximbank.

Oramah acknowledged the Nigerian government’s consistent support, particularly in responding positively to capital calls and eliminating regulatory obstacles that could have hindered the bank’s operations. He noted that Nigeria’s contributions have ensured its strong voice in the bank’s affairs, allowing it to play a crucial role in shaping Afreximbank’s future.

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He further revealed that over the past decade, Afreximbank has disbursed no less than $140 billion across Africa. These interventions, he explained, have helped bridge financing gaps caused by the withdrawal of international banks from the continent, driving economic transformation and reducing Africa’s dependence on commodity exports.

Oramah pointed out Afreximbank’s key role in industrialising Africa, transforming several economies into major industrial hubs. He also noted the bank’s contributions to implementing the African Continental Free Trade Agreement (AfCFTA) by supporting the AfCFTA Secretariat and financing initiatives aimed at boosting intra-African trade.

Nigeria, he said, has been a major recipient of the bank’s investments in critical sectors. Among the key projects he highlighted was the African Quality Assurance Centre, designed to ensure Nigerian goods meet global trade standards. The first of such centres is already operational in Ogun state, with plans for additional facilities across the continent.

Another significant investment is the Africa Trade Centre in Abuja, scheduled for inauguration on April 10. The facility, located in the heart of the capital Abuja, consists of two towers featuring a hotel, conference centre, technology hub, exhibition space, and a trade information centre.

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Afreximbank has also contributed significantly to Nigeria’s healthcare sector, particularly with the establishment of the African Medical Centre of Excellence in Abuja, set to open on June 5. This centre is expected to serve as both a hospital and a research hub for neglected diseases affecting people of African descent, positioning Nigeria as a key destination for medical tourism.

In the energy sector, Oramah highlighted Afreximbank’s role in supporting Nigeria’s industrial transformation. The bank has made substantial investments to boost Nigeria’s refining capacity, backing projects such as the Dangote Refinery and the Port Harcourt Refinery. These investments align with a broader strategy to establish the Gulf of Guinea as a major refining hub and reduce Africa’s dependence on imported petroleum products.

As part of efforts to strengthen Africa’s energy security, Afreximbank is also supporting the establishment of an Africa Energy Bank in Abuja, with an initial capital of $5 billion, including a $1.25 billion commitment from Afreximbank itself.

Oramah further noted that the bank has played a crucial role in enhancing Nigeria’s fertiliser production, enabling the country to emerge as Africa’s leading producer with an annual output of 7.5 million metric tonnes.

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In addition to industrial and energy investments, Afreximbank has been actively supporting Nigeria’s creative industry through credit facilities, capacity-building initiatives, and market access programs aimed at expanding the country’s cultural exports.

Looking ahead, Oramah described the upcoming 32nd Afreximbank Annual Meetings, scheduled to take place in Abuja in June, as a landmark event. He explained that the meetings would.

Speaking earlier, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed that Nigeria has been selected to host the 32nd Annual Meetings of the African Export-Import Bank (Afreximbank) from June 23 to 27, 2025.

Edun described the opportunity as a testament to Afreximbank’s confidence in Nigeria under the leadership of President Bola Ahmed Tinubu. He highlighted Nigeria’s strong partnership with the bank, which has approved tens of billions of dollars in financial facilities for the country over the years.

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The minister praised Afreximbank’s role in driving economic growth and financial innovation across Africa. He commended its president, Prof. Benedict Oramah, for leading the bank with creativity and vision, noting that this would be his final AGM as chairman of the board after a decade of service.

He also acknowledged Afreximbank’s contributions to Nigeria’s economic development, citing key projects such as the African Quality Assurance Centre in Ogun State, which enhances product safety for exports, and the soon-to-open African Medical Centre of Excellence in Abuja, which aims to reduce medical tourism.

Edun welcomed the upcoming meetings, which are expected to attract around 5,000 delegates from across Africa and beyond. He expressed Nigeria’s readiness to provide a conducive environment for discussions that would shape the future of trade finance and economic integration on the continent.

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FG bars MDAs from awarding contracts without warrants

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Disturbed by the manner Ministries, Departments and Agencies of Government, MDAs flagrantly spend money without adequately aligning with Revised Bottom-Up-Cash Management Policy Framework, to this end, the Federal Government welded the big stick by barring MDAs from awarding contracts without warrants.

Ministry of Finance in a circular has ordered that due process must be followed or heavy sanctions awaits such government bodies.

In a circular signed by the Minister of Finance, Taiwo Oyedele in a sighted by this medium, it was expressly stated that :”The revision of this policy will further ensure that MDAs comply with statutory and regulatory provisions governing public financial management”.

In the memo it was also stated that “It should be noted that Accounting Officers who contravene this policy shall be personally liable for any resultant commitments, in accordance with the provisions of • Financial Regulation 310 (Personal Responsibility for Expenditure • Public Service Rules 030402 (Serious Misconduct • Fiscal Responsibility Act Section 48 (Offences and Penalties – Independent Corrupt Practices and Other Related Offences Act (ICPC Section 22 Sub-sections 4.

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Under the new framework, no MDA is permitted to issue letters of award, sign contracts or enter into financial obligations unless the corresponding Warrant or Authority to Incur Expenditure covering the full or committed portion of the contract sum has been duly released by the Honourable Minister of Finance and Coordinating Minister of the Economy to the Accountant General of the Federation.

The circular also makes it clear that budgetary allocations alone do not constitute legal authority to spend public funds.

According to the directive, “Estimates in the Appropriation Act or budgetary provisions do not confer automatic spending authority. Only duly released Warrants/AIE issued by the Honourable Minister of Finance and Coordinating Minister of the Economy in line with Financial Regulation 301 confer legal authority to incur expenditure.”

The policy cites Financial Regulation 415, Section 22 of the Fiscal Responsibility Act, 2007, Section 16(1)(b) of the Public Procurement Act, 2007 and relevant provisions of the Independent Corrupt Practices and Other Related Offences Act as the legal basis for the revised framework.

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Government said the new measures are designed to align financial commitments with actual funds availability, strengthen expenditure controls and halt the growing accumulation of unfunded contractual liabilities arising from contracts awarded without the necessary financial backing.

The circular also introduces changes to the cash management process by abolishing the requirement for MDAs to submit monthly cash needs before the issuance of Warrants. Instead, Warrants will be issued based on approved budget implementation priorities and available Capital Development Fund balances.

In addition, all MDAs are required to prepare quarterly cash plans in line with their ministerial priorities and procurement plans for submission to the Office of the Accountant General of the Federation to improve cash flow forecasting and budget execution.

The Federal Government warned that Accounting Officers who disregard the directive would bear personal responsibility for any commitments arising from contracts awarded in violation of the policy.

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It stated that such officers would be held liable in accordance with the Financial Regulations, the Public Service Rules, the Fiscal Responsibility Act and other applicable laws governing public financial management.

The directive takes immediate effect and supersedes all previous instructions inconsistent with the revised framework. It also provides that all 2026 capital projects across Federal Ministries, Departments and Agencies shall be implemented in accordance with the new policy.

The government directed all Accounting Officers, Directors and Heads of Finance and Accounts, as well as Internal Audit Departments and Units across MDAs and other arms of government, to ensure strict compliance with the circular.

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Posterity will judge you well for devt of FCT -First Lady Remi Tinubu

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…Commends Wike’s Green Transformation of Abuja, Urges States to Engage Youth in Environmental Protection

First Lady of Nigeria, Senator Oluremi Tinubu has commended the Minister of the Federal Capital Territory (FCT), Nyesom Wike, for transforming Abuja’s City Gate into a major recreational and environmental landmark.

She was speaking during a ceremony to honour the FCT Administration for its environmental efforts which she said is in line with the just concluded category of the ongoing Green Nigeria Challenge of the Renewed Hope Initiative.

Senator Oluremi Tinubu said she was impressed by the transformation of the City Gate, describing it as “unbelievable.”

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She stated that despite a ₦50 million prize set aside under the Green Challenge to encourage states to reclaim abandoned spaces and dumpsites, no state entered for that category of the competition.

“It was a ₦50 million prize money and they didn’t enter. This was supposed to get our youth involved,” she said.

The First Lady explained that the initiative was designed to encourage states to convert neglected public spaces into clean and attractive environments.

“The transformation reflects the vision behind the just concluded Community Category of the Challenge which was designed to encourage youth groups to transform degraded public spaces, including dumpsites and abandoned areas, into green parks, gardens and other eco-friendly spaces. Our goal is to compliment government’s effort in beautifying our environment and promoting healthier communities towards improving the quality of life of our people.”

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“The remodeled Abuja City Gate is an excellent example of what abandoned public areas can become: a transformed key national landmark that warmly welcomes all Nigerians and visitors to our nation’s capital.”

“When I saw what he did with the City Gate, my God, unbelievable, unbelievable. I want to thank him. He’s done very well.”

“This was to turn around abandoned spaces, dumpsites, and we see a lot of it around the states.”

Senator Oluremi Tinubu also appealed to Wives of State Governors to mobilise the youth to participate in environmental clubs and sustainability initiatives in schools and tertiary institutions.

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“I’m using this opportunity to appeal to our First Ladies: Get our young children into the environmental clubs and environmental societies for our youth in tertiary institutions.”

“I remember when I was in the College of Education, I was a member of the Youth Environmental Programme for West Africa. We travelled from Nigeria throughout West Africa by road. It was a memorable experience for us.”

According to the First Lady Senator Oluremi Tinubu, young people must be encouraged to contribute to national development through environmental stewardship.

“We have to engage our young people and make sure that they can help build. Everybody has something to contribute to this country. It’s a great country and that’s why we are doing all we can.”

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In his remarks, the FCT Minister, Nyesom Wike revealed that the First Lady personally inspired the transformation of Abuja’s City Gate.

“The First Lady has to be commended for the FCT keying into the Renewed Hope Green Initiative because she has always said we have to change our environment and create opportunities where people can gather and relax.”

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First Lady hails Wike’s green transformation of Abuja, urges states to engage youth in environmental protection(Photos)

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First Lady of Nigeria, Oluremi Tinubu, has praised the Minister of the Federal Capital Territory (FCT), Nyesom Wike, for transforming Abuja’s City Gate into a major recreational and environmental landmark, while calling on states to involve more young people in environmental protection initiatives.

Speaking during a ceremony to honour the FCT Administration for its environmental efforts under the Renewed Hope Green Initiative, Mrs Tinubu said she was impressed by the transformation of the City Gate, describing it as “unbelievable”.

She disclosed that despite a ₦50 million prize set aside under the Green Challenge to encourage states to reclaim abandoned spaces and dumpsites, no state entered the competition.

Commending Wike’s efforts, she said: “When I saw what he did with the City Gate, my God, unbelievable, unbelievable. I want to thank him. He’s done very well.”

Recalling her own experience as a student environmental activist, she said she belonged to the Youth Environmental Programme for West Africa while at the College of Education and travelled across several West African countries.

“I remember when I was in the College of Education, I was a member of the Youth Environmental Programme for West Africa. We travelled from Nigeria throughout West Africa by road. It was a memorable experience for us,” she said.

Responding, Wike revealed that the First Lady personally inspired the transformation of Abuja’s City Gate after repeatedly urging him to improve the aesthetics of the nation’s capital.

“The First Lady had to commend the FCT for keying into the Renewed Hope Green Initiative because she has always said we have to change our environment and create opportunities where people can gather and relax,” he said.

According to the minister, the idea originated from one of Mrs Tinubu’s observations after returning from foreign trips.

“She called on me to say, ‘Why do we travel out and we do not learn anything when we travel? Look at the way our city looks, look at the way city gates in other countries look. Why not do something to change it?’”

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Wike said the First Lady followed up the conversation two months later after noticing that no work had commenced.

“She called back and said, ‘I have passed there several times and it doesn’t appear that anything has changed.’ I told her something would be done.”

He explained that the FCT Administration subsequently engaged the original designers of the City Gate to develop a new concept that has since transformed the location into a vibrant public attraction.

“Today, by the grace of God, whenever you pass there, even at night, you see people gathered there. There is activity. That is what it is supposed to be,” he said.

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The minister disclosed that similar projects would be extended to other parts of Abuja, particularly the Life Camp area, where plans are under way to develop another green recreational centre.

“I’ve also told the First Lady that I want to replicate another one when you go to the Life Camp area. We have a green space where people come to relax, but it doesn’t look tidy or attractive. I’ve directed that it should be redesigned into another recreation centre where people can come and relax. That is what happens in other countries,” he said.

Wike described environmental sustainability as essential to national development, noting that no city could truly develop without clean and well-maintained green spaces.

“Nobody can talk about the development of any country or city where the environment is not clean. When you go to Europe, what attracts you is the beauty, the green environment and the clean surroundings. When you put green areas around developments, it looks natural. That is the way we are supposed to live.”

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He also expressed appreciation to the First Lady for recognising the FCT Administration’s efforts, saying her encouragement had motivated him to do more.

“Leadership is about learning. She drew our attention to areas that needed improvement, and instead of complaining, we acted. When leaders point out what needs to be done, the right response is to improve. That is exactly what we have done,” Wike said.

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