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Nigeria gets $52bn as Afrexinbank’s biggest beneficiary

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.
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.
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.
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.
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.
News
Anambra govt prohibits students from using phone in school

The Anambra State Government has placed a ban on the use of mobile phones by students in secondary schools across the state.
Chairman of Post Primary Schools Service Commission in the state, Prof Nkechi Ikediugwu, made the announcement at the Anambra Schools’ Cultural Day celebration on Friday in Awka.
Ikediugwu, according to a report by the News Agency of Nigeria, directed principals and teachers of secondary schools in the state to confiscate mobile phones brought to school by students.
She said the decision was aimed at curbing distractions and enhance academic performance.
Ikediugwu stated that there was the need to maintain discipline and focus in learning environments, noting that the increasing use of mobile phones by students during school hours had become a serious distraction to their studies.
“I am authorising principals and teachers to seize phones from students who come to school with them so that we can ensure that students concentrate on their academic work without the interference of phones.
“Governor Chukwuma Soludo’s administration is making significant investments in education to promote academic excellence and instill discipline among students,” she said.
She emphasised the beauty and uniqueness of Igbo traditions, describing them as valuable identity that should be cherished.
“Igbo culture extends beyond clothing and dancing, as the Igbos are also known for their honesty, truthfulness, hard work, respect for elders, and many other admirable qualities.
“It is important to continuously educate our students on the values and norms of Ndigbo, to preserve the rich heritage of the Igbo people,” she said.
News
EU pledges €820m to support Nigeria’s digital transformation initiatives

The European Union has reaffirmed its dedication to supporting Nigeria’s digital economy with an €820 million investment aimed at fostering innovation, developing digital infrastructure, and creating employment opportunities for young people.
At the Omniverse Summit in Lagos on Friday, the EU Ambassador to Nigeria and ECOWAS, Gautier Mignot, stressed the importance of digitalisation in driving economic growth.
He noted that the EU’s Global Gateway Strategy is focused on empowering Nigeria’s digital ecosystem through regulatory support, skills development, and strategic partnerships.
“The EU is keeping its commitment with the over €800 million digital package announced for Nigeria. We believe that the challenges facing humanity require collective action, and Nigeria, Africa, and Europe’s destinies are closely interlinked,” Mignot stated.
With this investment, the EU aims to strengthen Nigeria’s digital sector by enhancing governance infrastructure, supporting startups, and enabling young entrepreneurs to access new opportunities in the global digital economy.
The summit is organised in collaboration with various partners, including the European Union, GIZ’s Sustainable Economic Development Cluster (SEED) and Digital Transformation Centre Nigeria, the Centre for Black and African Arts and Civilization (CBAAC), the National Information Technology Development Agency (NITDA), and the Federal Ministry for Art, Culture, Tourism and Creative Economy, among others.
News
Court dismisses criminal charges against Lizzy Anjorin

Nollywood actress and businesswoman, Elizabeth Anjorin, better known as Lizzy Anjorin, has been discharged of all allegations in a case involving her and Saheed Mosadoluwa, aka Ibile, Harmony Gardens and Estate Development Limited in Ilorin, Kwara State.
The case filed as a direct criminal complaint was heard at the Upper Area Court I, Ilorin, Kwara State capital.
During the proceedings, the Attorney General stepped in, took over the case, and applied for its termination.
Presiding over the matter, Hon. Yunus Kayode ruled in favour of the Attorney General’s request, leading to the dismissal of the case.
The court’s ruling, issued on Wednesday, March 12, 2025, read, “Upon a direct criminal complaint made by Muazu Baba Yusuf, Esq., dated February 26, 2025, and after listening to A. M. Abdulraheem, Esq., for the complainant and Prof. O. Y. Abdulhamid, Esq., with I. M. Adedo, Esq., Taofeeq Olateju, Esq., and Abdullahi, Esq., for the defendant.
“Having listened to the submission from the complainant counsel and that of the defendant and particularly the application of the Attorney General to take up this case and pray for termination of the case, on this premise, the direct complaint dated February 24, 2025, and the cross-complaint dated March 11, 2025, are hereby terminated and the defendants are hereby discharged.”
The judgment was given at Ilorin under the seal of the court and the hand of the judge on Wednesday, March 12, 2025.
Reacting to the ruling in an interview on Friday, Lizzy Anjorin, who is the Chief Executive Officer, Califonia Paradise City, Ibeju Lekki, Lagos State, described the case as a cross-sue, adding that she and the complainant became defendants in the case before the ruling cleared her of all the criminal allegations.
She said, “The case bordered on a land dispute and it all happened in Lagos. But the complainant went ahead to file a criminal suit against me in Ilorin, Kwara State, to lock my enemy away in prison, and when I got there, I presented my evidence, cross-sued and both of us became defendants.
“I was summoned on Friday based on his case and I showed up, but we counter-sued him and on Tuesday, they sent his summon but he didn’t show up and when they wanted to continue with the case we filed against him, I withdrew it and left him for God.
“I am thankful to my fans, and most especially my lawyers for doing a good job. I also appreciate the judicial system in Ilorin. I appreciate the fact that they did a thorough investigation and also accepted my complaints and the evidence presented.
“The Kwara State Government, through its judiciary system, did not use their office and state to punish innocent people like me and for that, I am grateful. With all that people have been saying, my case proves that Ilorin is not how people paint it when it comes to their judiciary system.”
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