The African Export-Import Bank has officially opened its first Afreximbank African Trade Centre in Abuja, Nigeria, providing a boost for trade and investment in Africa.
The new trade centre was opened in Abuja on Thursday at a ceremony, which had in attendance President Bola Tinubu, who was represented by the Secretary to the Government of the Federation, Dr George Akume.
The Abuja Afreximbank African Trade Centre (Abuja AATC) is the first of seven planned AATCs across Africa, including Kampala, Uganda; Harare, Zimbabwe; Cairo, Egypt; Yaoundé, Cameroon; Tunis, Tunisia; and Kigali, Rwanda. In addition, Afreximbank recently broke ground in Bridgetown, Barbados, to construct the first AATC outside of Africa. Through franchising and licensing arrangements, the bank intends to partner with relevant institutions and economic development organisations to establish non-bank-owned ATCs in the rest of global Africa. These AATCs will serve to link buyers, sellers, suppliers, service providers, enterprises, governments, chambers of commerce, financial institutions, economic development organisations and the general African and global trade and investment community.
Speaking at the ceremony, Akume said, “Afreximbank African Trade Centre is a landmark project that embodies our shared commitment to advancing intra-African trade, fostering economic integration and unlocking the vast potential of our continent. This occasion is a realisation of a bold vision for Africa’s economic future. AATC stands as a testament to the power of collaboration, resilience and forward-thinking leadership. It is more than a physical structure; it is the beginning of innovation, a hub for entrepreneurship and a catalyst for sustainable development.
“This centre will serve as a critical platform for trade facilitation, capacity building and investment promotion – key pillars of Africa’s economic transformation. Afreximbank’s role in shaping Africa’s trade landscape cannot be overstated because the institution has consistently demonstrated its commitment to breaking down barriers, bridging financing gaps and empowering African businesses to be competitive. All these have been accomplished through flagship projects such as the AfCFTA adjustment fund that is managed by Afreximbank’s subsidiary, Fund for Export Development in Africa, PAPSS and other Trade Finance Programmes. The AATC located in Abuja represents yet another milestone in this journey, and this aligns perfectly with Nigeria’s strategic priorities under the Federal Government’s eight-point agenda, particularly in the areas of job creation, economic diversification, and regional integration. As we commission this remarkable edifice today, let us renew our resolve to be the stronger, more interconnected and prosperous Africa.”
President and Chairman of the Board of Directors of Afreximbank, Prof. Benedict Oramah, expressed similar sentiments, saying, “The Abuja AATC is the first of several AATCs being developed across Africa and the Caribbean. Some would be Afreximbank, while others would be supported through a franchise scheme. With these, we expect to create a sizeable network of AATCs that will act as the lighthouses to guide the interconnections and flow of trade and investments within continental Africa and between Africa and the Caribbean regions.
“This AATC Abuja has been a 41-month journey, one built on hope and determination. Like the other AATCs, the Abuja AATC would serve a multi-purpose goal; it will serve as a platform for fostering deeper regional and continental integration and house Afreximbank’s permanent regional office, bringing a three-decade-old aspiration to fruition. This AATC will also offer a technology incubation hub, an SME incubation facility, a Digital Africa Trade Gateway, a conference and exhibition facility and a business hotel.”
Oramah acknowledged the Federal Government of Nigeria for its support, noting that the relationship between the bank and Nigeria has been truly mutually beneficial and most cordial.
“Over the last three decades, successive governments have accorded unflinching support to Afreximbank, responding most positively to capital calls, creating a congenial environment for its smooth operations while providing the bank significant domestic policy support that helped to execute many of the development programmes in Nigeria,” he stated.
The Abuja AATC comprises two interconnected nine-storey towers. One tower features world-class commercial A-grade office spaces, a trade and exhibition centre, a conference centre, a technology and SME incubator, a digital trade gateway and a trade information services hub. The adjoining tower boasts a 148-room business hotel, seminar and meeting rooms, a wellness centre, a restaurant and other ancillary facilities. These features are designed to provide a comprehensive ecosystem for trade and business activities, catering for the diverse needs of African businesses. It will also host office spaces for local and international financial institutions and policy organisations, ensuring a complete support system for trade and business activities.
Also present were Senior Minister, Prime Minister’s Office, Republic of Barbados, William F. Duguid; Minister of State for Presidential Affairs, Liberia, Sylvester Grisby; Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Minister of Trade and Investment, Federal Ministry of Trade and Investment, Dr Jumoke Oduwole; Nigeria’s former Vice President, Namadi Sambo; Deputy Minister of Finance of Sierra Leone, Bockaire Kalokoh; and Deputy Minister of Foreign Affairs and International Trade, Zimbabwe, Sheilla Chikomo.
The event was also well attended by business leaders led by billionaire entrepreneur Mr Aliko Dangote, Founder and Chief Executive of the Dangote Group; Mr Tony Elumelu, Chairman of Transcorp Group; policymakers; pan-African CEOs; and entrepreneurs.