The outgoing President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank), Prof. Benedict Oramah, has disclosed that the bank plans to recruit 250,000 workers following its groundbreaking textile facility development in Nigeria (by July), involving a $5 billion partnership.
He made this disclosure during his closing speech on Friday at the Afreximbank 32nd Annual Meetings, which was attended by Naijaonpoint.
He highlighted that while industrialisation remains a cornerstone of Africa’s economic transformation, the continental bank continues to prioritise and invest heavily in creating industrial infrastructure across Africa.
Oramah said, “The Bank and Arise IIP, jointly owned by the Bank, AFC, and Equitane—an equity fund—have invested in the development of Special Industrial Zones in Benin, Chad, Côte d’Ivoire, Gabon, Nigeria, Rwanda, Tanzania, and Togo, and are at various stages of developing others in Angola, DRC, Kenya, Malawi, and Zimbabwe.”
According to him, the goal is to create industrial estates in Africa.
“In July this year, we will break ground for the development of a large integrated textile facility that is expected to employ about 250,000 workers.
“This will be one of the largest textile facilities being developed under a $5 billion partnership entered into by Arise IIP, Afreximbank, and the Swiss textile equipment giant, Reitter, and supported by the Swiss Government,” he added.
In June 2024, the federal government of Nigeria announced a $3.5 billion agreement with Afreximbank to enhance the textile industry and promote the use of Compressed Natural Gas (CNG) vehicles, among other initiatives.
The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, made this disclosure in a statement on X.
Uzoka-Anite stated that the deal was signed with the international financial institution during the 31st Afreximbank Annual Meeting in Nassau, The Bahamas.
She said that the agreement will help realize President Bola Ahmed Tinubu’s vision for a diversified and prosperous Nigerian economy.