Nigeria now signatory to Fund for Export Development in Africa

The Federal Republic of Nigeria recently became a signatory to the Establishment Agreement for the Fund for Export Development in Africa (FEDA), an investment platform under the African Export-Import Bank (Afreximbank). Nigeria’s accession to the Agreement makes it the 16th nation to do so, highlighting the growing support FEDA is receiving from African countries.

This development comes thirty years after Afreximbank was established in Nigeria, showcasing the country’s unwavering dedication to Afreximbank and FEDA’s objectives. FEDA considers new memberships crucial for expanding its interventions and its goal of providing long-term capital to African economies, particularly focusing on industrialization, intra-African trade, and value-added exports. The signing of the FEDA Establishment Agreement is anticipated to facilitate the Agreement’s ratification in the near future, further strengthening FEDA’s activities in Nigeria.

Professor Benedict Oramah, President of Afreximbank and Chairman of both Afreximbank and FEDA Boards, expressed gratitude to the Federal Republic of Nigeria for signing the FEDA Establishment Agreement. This milestone reinforces the strong partnership between Afreximbank and Nigeria, a key supporter of the Bank. The collaboration is expected to boost investments in sectors crucial for Nigeria’s development.

In addition to Nigeria, other countries that have signed the FEDA Establishment Agreement include Rwanda, Mauritania, Guinea, Togo, South Sudan, Zimbabwe, Kenya, Chad, Republic of the Congo, Gabon, Sierra Leone, São Tomé and Príncipe, Equatorial Guinea, Ghana, and Egypt.