Nigeria joins Afreximbank’s Fund for Export Development in Africa (FEDA) agreement
Nigeria has officially signed the establishment agreement for the Fund for Export Development in Africa (FEDA), marking a significant step towards bolstering trade and investment opportunities across the continent. The move positions Nigeria as the 16th nation to accede to the agreement, underscoring its commitment to advancing economic development in Africa.
The decision to join FEDA aligns with Nigeria’s longstanding support for the African Export-Import Bank (Afreximbank) and its strategic initiatives. With Afreximbank’s establishment in Nigeria serving as a pivotal milestone, the country reaffirms its dedication to fostering collaboration and investment in key sectors.
FEDA, as a development impact investment platform, views new memberships as essential for expanding its reach and impact across African economies. By providing long-term capital, FEDA aims to drive industrialization, promote intra-African trade, and enhance value-added exports, thereby contributing to sustainable economic growth.
The signing of the FEDA Establishment Agreement sets the stage for its ratification in the near future, paving the way for enhanced interventions and initiatives in Nigeria. This development signals a deeper partnership between Afreximbank and Nigeria, highlighting the country’s pivotal role as one of the bank’s staunchest supporters.
Prof. Benedict Oramah, President of Afreximbank and Chairman of both Afreximbank and FEDA, expressed gratitude to the Federal Republic of Nigeria for its commitment to the agreement. He emphasized that the strengthened partnership between Afreximbank and Nigeria will drive investments in critical sectors essential for Nigeria’s development journey.
Nigeria’s accession to the FEDA agreement aligns with the broader efforts of African nations to foster economic cooperation and integration. By joining 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 in acceding to the agreement, Nigeria underscores its dedication to advancing Africa’s economic agenda.
In conclusion, Nigeria’s decision to join FEDA reflects its commitment to leveraging strategic partnerships and initiatives to drive sustainable economic development across the continent. By working collaboratively with Afreximbank and other member states, Nigeria aims to unlock new opportunities and drive inclusive growth that benefits all Africans.
