Federal Republic of Nigeria has officially joined the Fund for Export Development in Africa (FEDA), becoming the 16th nation to endorse the Establishment Agreement of this influential development and investment platform operated by the African Export-Import Bank (Afreximbank).
This strategic accession is a testament to Nigeria’s robust support for FEDA, marking a significant step in the country’s three-decade-long partnership with Afreximbank. The move is set to enhance FEDA’s mission to inject long-term capital into African economies, focusing on industrialization, boosting intra-African trade, and promoting value-added exports.
The signing ceremony, which heralds a new era of intensified cooperation, is expected to accelerate the ratification process of the Agreement, thereby expanding FEDA’s capacity to implement transformative projects within Nigeria.
Professor Benedict Oramah, President of Afreximbank and Chairman of FEDA, lauded Nigeria’s commitment, stating, “Nigeria’s accession to the FEDA Establishment Agreement fortifies an already solid alliance with Afreximbank, paving the way for increased developmental investments in pivotal sectors of the Nigerian economy.”
Nigeria’s engagement with FEDA aligns with the growing endorsement from other African nations, 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, all of which have ratified the Establishment Agreement, signaling a united front in Africa’s economic ascent.
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