Afreximbank To Build U$5 Bn Textile Hub In Nigeria

The African Export-Import Bank (Afreximbank) will begin construction of a U$ 5 billion integrated textile industrial facility in Nigeria this July, in partnership with Arise IIP and Swiss textile machinery firm Rieter, supported by the Swiss government. The move is part of a continent-wide industrialisation strategy, outgoing President Benedict Oramah announced at the bank’s 32nd annual meeting in Abuja.

The project aims to revive Nigeria’s dormant cotton industry, reduce annual textile import bills by up to US$ 4.7 billion, and create around 250,000 jobs. Oramah called the facility one of the largest of its kind in Africa, reinforcing Afreximbank’s focus on industrialisation as the foundation of Africa’s economic transformation.

This announcement marks a key highlight in Oramah’s final address as President, after a decade-long tenure that saw the bank’s assets and guarantees grow from US$ 5 billion to US$ 43.5 billion, with projections to exceed US$ 250 billion in the next decade.

Under Oramah’s leadership since 2015, Afreximbank disbursed over US$ 155 billion in trade and development finance including US$ 120 billion since 2020, while net income surged nearly eightfold to US$ 1 billion in 2024. Major interventions during his term include US$ 4 billion support for the Dangote Refinery, US$ 2.9 billion for Tanzania’s Rufiji Hydropower Dam, and US$ 750 million that helped Ghana secure IMF aid.

Emphasising “African best practice” over imported models, Oramah urged leaders to pursue self-reliant policies tailored to the continent’s unique needs: “Africa’s underdevelopment stems from following policies designed elsewhere. Our success lies in creating our own path.”