Nigeria boosts African trade development: Signs Afreximbank’s FEDA agreement
Nigeria has taken a significant step towards enhancing African trade development by signing the Establishment Agreement of the Fund for Export Development in Africa (FEDA), a subsidiary of the African Export-Import Bank (Afreximbank). This latest development underscores Nigeria’s commitment to fostering economic growth and cooperation within the continent.
According to Vincent Musumba, Manager of Media Relations at Afreximbank, Nigeria’s accession to the Establishment Agreement marks a milestone in the Fund’s mission to support African economies. Nigeria’s decision to join FEDA reflects its recognition of the crucial role the Fund plays in promoting industrialization, intra-African trade, and value-added exports across the continent.
Musumba highlighted that Nigeria’s signing of the FEDA Establishment Agreement is a testament to the country’s longstanding partnership with Afreximbank. The agreement is expected to facilitate increased interventions by FEDA in Nigeria, addressing critical funding gaps and supporting the nation’s development objectives.
Prof. Benedict Oramah, President of Afreximbank and Chairman of both Afreximbank and FEDA Boards, expressed appreciation for Nigeria’s commitment to the Agreement. He emphasized the importance of the partnership between Afreximbank and Nigeria in driving investments in key sectors vital to Nigeria’s development journey.
FEDA serves as Afreximbank’s impact investment arm, dedicated to providing equity, quasi-equity, and debt capital to bridge the funding gap required to transform Africa’s trade sector. By signing the Establishment Agreement, Nigeria joins a growing list of countries that have embraced FEDA’s mission, including Rwanda, Mauritania, Guinea, Togo, South Sudan, and Zimbabwe.
The expansion of FEDA’s membership underscores the collective effort of African nations to promote economic growth, foster regional integration, and unlock the continent’s trade potential. With Nigeria’s participation, FEDA is poised to play an even more significant role in driving sustainable development across Africa.
As FEDA continues to attract new members and expand its reach, it reinforces Afreximbank’s commitment to supporting African economies and facilitating inclusive growth. The signing of the Establishment Agreement marks a pivotal moment in Africa’s journey towards economic transformation and underscores the continent’s determination to harness its vast resources for the benefit of all its citizens.
