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Tag: Minister of Trade and Investment

  • Adesina reaffirms commitment to Africa’s development as his presidency of the African Development Bank nears end

    Adesina reaffirms commitment to Africa’s development as his presidency of the African Development Bank nears end

    …Adesina urged global financial institutions to partner more strategically with the African Development Bank and other multilateral development banks, to scale up capital flows to Africa

    Dr Akinwumi Adesina says his passion to mobilize global capital for Africa’s development will continue way beyond his presidency of the African Development Bank, which ends on 1st September 2025.

    In a keynote speech titled “Tilting Global Capital for Unlocking Investment Opportunities in Africa”, delivered at the Standard Chartered Africa Summit on July 31, in Lagos, Adesina said, “Together, let us tilt global capital to unlock Africa’s assets. As I step into a new future, you can be sure this will be my focus! For I will always have Africa in my heart and in my sight.”

    The Standard Chartered Africa Summit, with the theme, “Africa to the Globe: Innovation, Resilience, and Growth”, brought together corporate leaders, policymakers, investors and other stakeholders. Attendees included Standard Chartered’s Co-Heads of Corporate & Investment Banking, Sunil Kaushal and Roberto Hoornweg; Chief Executive Officer of Standard Chartered Bank Nigeria, Dalu Ajene; Nigeria’s Minister of Trade and Investment, Dr. Jumoke Oduwole; Africa’s richest man, Aliko Dangote; Hakeem Belo-Osagie, Chairman, FSDH Group and Senior Lecturer at Harvard Business School; and award-winning author, Chimamanda Adichie.

    Adesina kicked off by alluding to his signature optimism about Africa’s prospects. “When I was approached to consider delivering the keynote speech, I did not hesitate. How can someone known as ‘Africa’s Optimist in Chief’ not accept to speak on Africa!”, he said.

    Highlighting the African Development Bank’s focus on bold financial innovation in the last decade, Adesina declared, “The African Development Bank is not just waiting for more capital, we are innovating to do more with the capital we have. Through our balance sheet optimization initiatives, we are stretching every dollar of risk capital further. Our ambition is threefold: free up capital, crowd in investors and amplify development impact.”

    He outlined several ambitious and innovative financing solutions pioneered by the African Development Bank, supported by its AAA rating which it has maintained over the last decade:

    • Over $102 billion in low-cost financing to Africa since 2015
    • Capital raise from $93 billion in 2015 to $318 billion in 2024, the highest in the Bank’s sixty-year history
    • Spearheading, in partnership with the Inter-American Development, the rechanneling of the IMF’s Special Drawing Rights (SDRs) to multilateral development banks—a move that will of the rechanneled SDRs as hybrid capital, which can be leveraged by 4-8 times.
    • The Africa Investment Forum, launched by the Bank in collaboration with strategic partners, has mobilized over $225 billion in investment interest across infrastructure, energy, agribusiness, manufacturing and other critical sectors, since 2018
    • The biggest social bond issuance by multilateral development banks, amounting to $14 billion in the past eight years.
    • $10 billion of long-term global benchmark bonds issued in 2025 alone to finance projects across Africa
    • The first-ever synthetic securitization of a non-sovereign portfolio by a multilateral development bank, involving the transfer of mezzanine risk of a $1 billion portfolio of private sector loans.
    • The first-ever private sector hybrid capital transaction by a multilateral development bank, valued at $750 million—with over 275 investors participating with a book order of $5.1 billion, making it the largest ever book order achieved by the African Development Bank.
    • A Room to Run Sovereign offering that created an estimated $2 billion in new sovereign lending headroom
    • 16 partial credit and partial risk guarantees valued at close to $3 billion, mobilizing $ 5 billion for the continent
    • A $250 million partial credit guarantee that allowed Egypt to raise the first ever Panda Bond by an African country on the Chinese capital market, valued at $500 million.

    Adesina praised Standard Chartered Bank’s successful partnership with the African Development Bank’s successful partnership, which notably delivered a partial credit guarantee for Côte d’Ivoire in 2023 — a deal that won ‘Sovereign Syndicated Loan Deal of the Year’ at the 2025 Bonds, Loans & ESG Capital Markets Africa Awards in Cape Town, South Africa, in April.

    “The Standard Chartered Bank participated as the sole lender in the 2023 Cote d’Ivoire’s sustainable loan partial credit guarantee transaction. The African Development Bank was able to unlock €533 million from the Standard Chartered Bank in support of the country’s financing needs.”

    He also congratulated Standard Chartered on being named Best Transaction Bank at the Asset Triple A Treasurise Awards in Hong Kong. “Your record-breaking 127 accolades reflect an exceptionally strong track record of excellence in banking and finance, globally.”

    Adesina urged global financial institutions to partner more strategically with the African Development Bank and other multilateral development banks, to scale up capital flows to Africa.

    He called for greater use of risk mitigation and credit enhancement instruments, mainstreaming of best practices in Environmental, Social and Governance (ESG), and increased collaboration to scale up local currency financing solutions.

    Adesina’s delegation included the Bank Group’s Vice President for Private Sector, Infrastructure and Industrialization, Solomon Quaynor, and the Director General of the Nigeria Country Department, Dr. Abdul Kamara.

    The African Development Bank’s current active portfolio in Nigeria is the largest in the Bank. It is valued at $5.1 billion and comprises 52 operations, equally distributed between the public and private sectors, with 26 projects each. National operations account for 84% of the portfolio, while multinational operations constitute the balance of 16%.

    The Bank Group is set to establish a Youth Entrepreneurship Investment Bank in Nigeria, as part of a pan-African portfolio designed to create and finance entrepreneurship opportunities for young Africans.

    The Bank is also rolling out Phase 1 of its Special Agro-Industrial Processing Zones across 8 States, including the Federal Capital Territory. Construction has already begun in four States of Kaduna, Cross River, Oyo and Ogun. Phase 2, which will cover the remaining 28 States, is scheduled to take off from September 2025.  

  • Afreximbank commissions first-of-its-kind African Trade Centre in Abuja, Nigeria

    Afreximbank commissions first-of-its-kind African Trade Centre in Abuja, Nigeria

    …With the opening of the Abuja AATC, Afreximbank continues its mission to promote intra-African trade and investment opportunities, laying the groundwork for a more prosperous and integrated African economy

    Multilateral Bank, African Export-Import Bank (Afreximbank) has officially commissioned its first Afreximbank African Trade Centre (AATC) in Abuja, Nigeria, ushering in a transformative era for trade and investment in Africa.

    During the grand commissioning ceremony, speakers, including Hon. Dr. George Akume, Secretary to the Government of Federation, Nigeria representing H. E. Bola Ahmed Tinubu GCFR, President and Commander-in-Chief of the Armed Forces, The Federal Republic of Nigeria, highlighted the AATC’s strategic importance, its pivotal role in shaping Africa’s economic future and the significant impact it is poised to make on Africa’s trade and investment landscape.

    Speaking at the Ceremony, Dr. Akume stated, “Afreximbank African Trade Centre (AATC) is a landmark project that embodies our shared commitment to advancing Intra-African Trade, fostering economic integration and unlocking a vast potential of our continent. This occasion is a realisation of a bold vision for Africa’s economic future. AATC stands as a testament to the power of collaboration, resilience and forward-thinking leadership. It is more than a physical structure; it is the beginning of innovation, a hub for entrepreneurship and a catalyst for sustainable development.

    He added, “This centre will serve as a critical platform for trade facilitation, capacity building and investment promotion – key pillars of Africa’s economic transformation. Afreximbank’s role in shaping Africa’s trade landscape cannot be overstated because the institution has consistently demonstrated its commitment to breaking down barriers, bridging financing gaps and empowering African businesses to be competitive. All these have been accomplished through flagship projects such as the AfCFTA adjustment fund that is managed by Afreximbank’s subsidiary, Fund for Export Development in Africa (FEDA), PAPSS and other Trade Finance Programmes. The AATC located in Abuja represents yet another milestone in this journey and this aligns perfectly with Nigeria’s strategic priorities under the Federal Government’s eight-point agenda, particularly in the areas of job creation, economic diversification, and regional integration. As we commission this remarkable edifice today, let us renew our resolve to be the stronger, more interconnected and prosperous Africa.”

    Prof. Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, echoed this sentiment, remarking, “The Abuja AATC is the first of several AATCs being developed across Africa and the Caribbean. Some would be Afreximbank owned while others would be supported through a franchise-scheme. With these, we expect to create a sizeable network of AATCs that will act as the lighthouses to guide the interconnections and flow of trade and investments within continental Africa and between Africa and Caribbean regions. This AATC Abuja has been a 41-month journey, one built on hope and determination. Like the other AATCs, the Abuja AATC would serve a multi-purpose goal; it will serve as a platform for fostering deeper regional and continental integration and house Afreximbank’s permanent regional office, bringing a three-decade-old aspiration to fruition. This AATC will also offer a technology incubation hub, an SME incubation facility, a Digital Africa Trade Gateway, a conference and exhibition facility and a business hotel.”

    Prof. Orama thanked the Federal Government of Nigeria for its support noting that the relationship between the Bank and Nigeria has been truly mutually beneficial and most cordial. “Over the last three decades, successive governments have accorded unflinching support to Afreximbank, responding most positively to capital calls, creating a congenial environment for its smooth operations while providing the Bank significant domestic policy support that helped to execute many of the development programmes in Nigeria.” He said.

    With the opening of the Abuja AATC, Afreximbank continues its mission to promote intra-African trade and investment opportunities, laying the groundwork for a more prosperous and integrated African economy.

    Over 500 distinguished guests attended the commissioning ceremony, notably, Hon. William F. Duguid, J.P. Senior Minister, Prime Minister’s Office, Republic of Barbados, Hon. Sylvester Grisby, Minister of State for Presidential Affairs, Liberia, Hon. Adebayo Olawale Edun, Minister of Finance and Coordinating Minister of the Economy, Nigeria and his counterpart, Hon. Dr. Jumoke Oduwole MFR, Minister of Trade and Investment, Federal Ministry of Trade and Investment, Nigeria as well as Nigeria’s former Vice President Hon. Namadi Sambo. Hon. Bockaire Kalokoh, Deputy Minister of Finance of Sierra Leone and Hon. Sheilla Chikomo, Deputy Minister Foreign Affairs and International Trade, Zimbabwe represented their respective countries. The event was also well attended by business leaders led by billionaire entrepreneur Mr. Aliko Dangote, Founder and Chief Executive of the Dangote Group, Mr Tony Elumelu, Chairman of Transcorp Group, policymakers, pan-African CEOs, and entrepreneurs.

    Their presence showcased a shared vision and determination to enhance trade across Africa, as they pledged to work together to leverage the AATC for the continent’s economic transformation.

    The Abuja AATC comprises two interconnected nine-storey towers. One tower features world-class commercial A-grade office spaces, a trade and exhibition centre, a conference centre, a technology and SME incubator, a Digital Trade Gateway and a trade information services hub. The adjoining tower boasts a 148-room business hotel, seminar and meeting rooms, a wellness centre, a restaurant and other ancillary facilities. These features are designed to provide a comprehensive ecosystem for trade and business activities, catering to the diverse needs of African businesses. It will also host office spaces for local and international financial institutions and policy organisations, ensuring a complete support system for trade and business activities.

    The AATC building is expected to achieve gold – and potentially platinum – Leadership in Energy and Environmental Design (LEED) certification by the United States Green Building Council (USGBC), a globally recognised standard for sustainable building design and construction. This certification will make the Abuja AATC one of the few certified buildings in Nigeria and West Africa, underscoring its commitment to environmental sustainability.

    The global architect Messrs SVA International developed a multifaceted global design, drawing inspiration from the concept of a bazaar, which reflects the vibrant feature of daily life in many African cities. Construction of the USD120 million project commenced in November 2021 on a prime piece of land measuring 5,856 square meters and achieved completion in 41 months.

    The Abuja Afreximbank African Trade Centre (Abuja AATC) is the first of seven planned AATCs across Africa, including Kampala, Uganda, Harare, Zimbabwe, Cairo, Egypt, Yaoundé, Cameroon, Tunis, Tunisia, and Kigali, Rwanda. In addition, Afreximbank recently broke ground in Bridgetown, Barbados, to construct the first AATC outside of Africa. Through franchising and licensing arrangements, the Bank intends to partner with relevant institutions and economic development organizations to establish non-Bank owned ATCs in the rest of Global Africa. These AATCs will serve to link buyers, sellers, suppliers, service providers, enterprises, governments, chambers of commerce, financial institutions, economic development organisations and the general African and global trade and investment community.