The African Export-Import Bank (Afreximbank) has invested $83 billion in Nigeria since its establishment, with a substantial portion of the funding directed to projects in Lagos, as the city prepares to host the next Intra-African Trade Fair.
This was disclosed on Monday at the Invest Lagos 3.0 Summit, where government officials, investors and development partners gathered to discuss opportunities for trade, industrialisation and infrastructure development under the African Continental Free Trade Area (AfCFTA).
Speaking at the summit, the Executive Vice-President of Afreximbank, Kanayo Awani, represented by the bank’s Director of Trade Facilitation and Investment Promotion, Dr Gainmore Zanamwe, said the institution remains committed to supporting investments that drive economic growth and industrial transformation across Africa.
Awani noted that Lagos had earned a strategic position as a gateway to African markets and said the bank fully supported the state’s efforts to host the next edition of the Intra-African Trade Fair.
He explained that Afreximbank has continued to invest in industrial parks and special economic zones across the continent to reduce barriers to investment by providing critical infrastructure such as roads, electricity and transportation networks.
According to him, similar projects in countries including Benin and Gabon have enhanced local production and created employment opportunities.
“Lagos is in that position of a gateway to Africa,” he said.
Awani also highlighted the bank’s support for the Dangote Refinery as an example of how large-scale investments can stimulate industrial development and economic growth.
Also speaking at the summit, the Secretary-General of the African Continental Free Trade Area, Wamkele Mene, described Lagos as a strategic centre for commerce and industrialisation on the continent.
“Lagos is indeed the gateway to the African market,” he said.
Mene revealed that 50 African countries are currently implementing the AfCFTA agreement and noted that intra-African trade has grown to $230 billion.
He added that Africa has become Nigeria’s largest export market, demonstrating the benefits of regional economic integration.
The AfCFTA chief further confirmed that Lagos would host the next Intra-African Trade Fair, which is expected to attract significant trade and investment transactions from across the continent.
The Secretary-General of the Commonwealth, Shirley Botchwey, said Lagos continues to attract investors because of its economic dynamism, talent pool and growth potential.
She described the state as a major commercial and logistics hub that showcases Africa’s economic opportunities and urged stakeholders to convert investment opportunities into jobs, infrastructure development and inclusive growth.
“Lagos is not simply a city of potential. It is a city of proof,” she said.
Meanwhile, the Minister of Aviation and Aerospace Development, Festus Keyamo, said Lagos remains Nigeria’s leading aviation hub, accounting for about 67 per cent of international passenger traffic into the country.
Keyamo disclosed that the Federal Government is investing $500 million to upgrade the Murtala Muhammed International Airport and plans to extend a rail line to the facility in partnership with the Lagos State Government.
He said the state’s strategic location gives it a competitive advantage as a link between Africa, Europe, the Middle East and South America.
“Lagos is just ready for the next big step,” he said.
Participants at the summit reiterated the need to strengthen Lagos’ position as a destination for investment, trade and industrial growth, while leveraging opportunities created by continental economic integration.
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