In a significant move towards bolstering African export development, Nigeria has officially become a member of the Fund for Export Development in Africa (FEDA). This marks a pivotal moment as Nigeria becomes the 16th nation to accede to the Establishment Agreement of FEDA, the development impact investment platform operated by the African Export-Import Bank (Afreximbank).
The decision underscores the growing support for FEDA among African nations, highlighting its increasing relevance in the region’s economic landscape. Nigeria’s accession to the Agreement follows three decades since the establishment of Afreximbank in the country, showcasing Nigeria’s enduring commitment to advancing Afreximbank and FEDA’s shared goals.
FEDA, which focuses on delivering long-term capital to African economies with an emphasis on industrialization, intra-African trade, and value-added exports, views new memberships as crucial to expanding its interventions. The signing of the FEDA Establishment Agreement by Nigeria is expected to pave the way for its ratification, further empowering FEDA’s initiatives within the country.
President of Afreximbank and Chairman of both Afreximbank and FEDA’s Boards, Professor Benedict Oramah, expressed gratitude for Nigeria’s commitment, stating, “We extend our sincere appreciation to the Federal Republic of Nigeria for the signing of the FEDA Establishment Agreement. This significant achievement further strengthens the already robust partnership between Afreximbank and Nigeria, one of the Bank’s foremost supporters.”
Nigeria joins a list of other nations that have acceded to FEDA’s Establishment Agreement, including 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. This collective effort signifies a united front in driving economic growth and development across Africa.