KIGALI, Rwanda, May 3, 2024 – The Federal Republic of Nigeria has officially acceded to the Establishment Agreement for the Fund for Export Development in Africa (FEDA), the development impact investment platform of the African Export-Import Bank (Afreximbank). This move makes Nigeria the 16th nation to do so, highlighting the growing support FEDA enjoys among African nations.
This announcement comes three decades after Afreximbank’s establishment in Nigeria, a significant milestone that underscores Nigeria’s ongoing commitment to supporting the missions of both Afreximbank and FEDA. FEDA views new memberships as crucial to expanding its scope of interventions and its mission of providing long-term capital to African economies, with a focus on industrialization, intra-African trade, and value-added exports.
The signing of the FEDA Establishment Agreement is expected to pave the way for the ratification of the Agreement in due course, which will, in turn, enhance FEDA’s interventions in Nigeria.
Professor Benedict Oramah, President of Afreximbank and Chairman of the Boards of both Afreximbank and FEDA, commented on this development. “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. The partnership will enhance investments in sectors critical to the development journey of Nigeria.”
Other countries that have acceded to FEDA’s Establishment Agreement include 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 growing list of members underscores the increasing backing the Fund enjoys among African nations.
