Nigeria has become the 16th nation to accede to the Establishment Agreement for the Fund for Export Development in Africa (FEDA), the development impact investment platform of the African Export-Import Bank (Afreximbank).
This move highlights Nigeria’s sustained commitment to supporting Afreximbank and FEDA’s missions, three decades after Afreximbank’s establishment in Nigeria. New memberships are crucial for broadening FEDA’s interventions and its goal of delivering long-term capital to African economies, focusing on industrialization, intra-African trade, and value-added exports.
Benedict Oramah, President of Afreximbank and Chairman of the Boards of both Afreximbank and FEDA, expressed gratitude to the Federal Republic of Nigeria for signing the FEDA Establishment Agreement. “This significant achievement further strengthens the already robust partnership between Afreximbank and Nigeria, one of the bank’s foremost supporters,” he said. “The partnership will enhance investments in sectors critical to Nigeria’s development journey.”
The signing of the FEDA Establishment Agreement is expected to pave the way for the ratification of the agreement, which will bolster FEDA’s interventions in Nigeria. Other nations that have acceded to FEDA’s Establishment Agreement include 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.