Afreximbank Unveils $300m Industrial Drive in Nigeria, Eyes Shift from Oil-Dependency with Broader Non-Oil Export Strategy

In what signals a major pivot towards non-oil economic diversification, the African Export-Import Bank (Afreximbank) has announced a sweeping $300 million export manufacturing project targeting four Nigerian states—Cross River, Imo, Enugu, and Kano.

The initiative, which will be implemented through Arise Integrated Industrial Platform, one of the bank’s investee companies, is designed to lay the groundwork for Nigeria’s emergence as a regional hub for export-oriented manufacturing.

The plan was unveiled by Afreximbank President Prof. Benedict Oramah during the commissioning of the Afreximbank African Trade Centre (AATC) in Abuja on Thursday. Framed as part of the bank’s wider continental industrialization and trade facilitation agenda, the initiative marks a bold shift in Nigeria’s development priorities—away from crude exports and towards value-added production.

“This over $300 million project is being developed to promote export manufacturing,” Oramah told the audience, noting that similar special economic zones have already taken root in Ogun State.

By deploying these special zones, Afreximbank intends to transform the selected regions into high-impact industrial corridors that can absorb thousands of jobs, support small and medium-sized enterprises (SMEs), and serve regional and international supply chains. It’s a strategy long overdue for Nigeria, which has struggled for decades with poor manufacturing output and a crippling overreliance on oil receipts.

Oramah revealed that the bank has injected more than $50 billion into Nigeria’s economy over the past decade. These investments span energy, infrastructure, healthcare, manufacturing, transport, and financial services. The sheer volume of the figure underlines Afreximbank’s long-standing footprint in Africa’s most populous nation.

Of that amount, $19 billion has flowed into the financial services sector alone—a move he says has helped deepen credit markets and improve financial sector contributions to GDP.

Yet despite this robust capital injection, Nigeria’s non-oil sector remains sluggish, plagued by inadequate infrastructure, inconsistent policies, and an unfriendly investment climate. Manufacturing still contributes less than 10% to the country’s GDP, raising questions about the effectiveness of past investments and the urgent need for stronger coordination between finance, policy, and industry.

Healthcare Investment

Beyond industry, Afreximbank is also turning its development lens toward healthcare. Oramah confirmed that a $750 million African Medical Centre of Excellence (AMCE) will be commissioned in June. The 500-bed quaternary facility in Abuja will specialize in oncology, cardiology, and hematology—diseases that send thousands of Nigerians abroad annually in search of advanced care.

If successful, the AMCE could reduce Nigeria’s medical tourism costs, which according to the Ministry of Health, drain over $1 billion from the economy every year.

“This is about offering world-class medical treatment right here in Africa,” Oramah said.

Quality Infrastructure to Unlock Exports

In a bid to make Nigerian goods globally competitive, Afreximbank is scaling up quality assurance. Oramah said the African Quality Assurance Centre (AQAC) in Ogun State is already operational, offering export testing and certification for agro-products and manufactured goods. Similar centers are underway in Imo and Kaduna States.

These interventions could plug the quality control gaps that often see Nigerian exports rejected in Europe and North America—a loss of both revenue and reputation.

Nigeria to Host Africa Energy Bank

Among the other significant developments is Nigeria’s selection as the host country for the Africa Energy Bank, a joint initiative by Afreximbank and the African Petroleum Producers’ Organization (APPO). The energy-focused lender is expected to address chronic underfinancing in Africa’s oil, gas, and renewable energy sectors.

Oramah believes the bank will position Nigeria as the continent’s hub for energy finance, a strategic move, especially at a time when international funding for fossil fuel projects is shrinking due to climate change pressures.

“The Energy Bank will position Nigeria as the continental hub for mobilizing energy financing,” he said.

Refining, Fertilizer Boosts, and the Dangote Effect

Oramah credited Afreximbank’s interventions with helping ramp up Nigeria’s refining capacity to 1.2 million barrels per day and raising urea fertilizer production from under four million tons in 2019 to 7.5 million tons annually. He projected that output could rise to 11 million tons by 2027 as the Dangote Petrochemical Company continues to scale operations.

The bank has also helped finance other major industrial assets, including logistics and transportation infrastructure surrounding the Lekki corridor, where Dangote’s refinery is based.

Creative Sector Gets Dedicated Credit Line

Afreximbank is also stepping into Nigeria’s booming cultural economy. In collaboration with the Federal Ministry of Culture and Creative Industry, the bank has launched a $200 million credit facility dedicated to the country’s creatives.

The fund is aimed at unlocking access to finance, promoting global visibility, and building capacity in sectors like film, music, and digital arts—areas where Nigeria already has significant soft power.

“This is a recognition of the power of the creative economy as a serious contributor to GDP,” Oramah said.