Nigeria Joins Ghana, Egypt To Become 16th Country To Sign Afrexim Bank Trade Development Fund

The Fund for Export Development in Africa (FEDA), a significant investment vehicle run by the African Export-Import Bank (Afreximbank), has officially been established with Nigeria’s signature. Nigeria’s entrance marks the continent’s 16th country to join the Agreement, demonstrating the increasing interest African nations have in FEDA.

This news, which comes thirty years after Afreximbank began operating in Nigeria, is significant and demonstrates Nigeria’s ongoing commitment to supporting the goals of both FEDA and Afreximbank.

Afreximbank’s impact investing division, the Fund for Export Development in Africa (FEDA), was founded to provide loan, quasi-equity, and equity funding. Its main goal is to close the billion-dollar financing gap, particularly in equity, which is necessary to ignite change in Africa’s trade industry.

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The signing of the FEDA Establishment Agreement is anticipated to facilitate its ratification in the foreseeable future, further empowering FEDA’s initiatives in Nigeria and beyond.

Speaking on the development, the President and Chairman of the Board of the Afrexim bank and FEDA, Prof. Kenneth Oramah stated that the partnership will boost trade development across the continent.

He said, “We extend our sincere appreciation to the Federal Republic of Nigeria for the signing of the FEDA Establishment Agreement. This significant achievement further strengthens the already robust partnership between Afreximbank and Nigeria, one of the Bank’s foremost supporters. The partnership will enhance investments in sectors critical to the development journey of Nigeria.”

Countries that have also signed FEDA’s Establishment Agreement comprise 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.