With a strategic objective of assisting in refining half of Africa’s daily production of 5 million barrels of crude oil, the African Export-Import Bank (Afreximbank) 2023 committed a total of $18 billion to various projects around Africa.
Afreximbank’s president, Benedict Oramah, characterised the previous year as remarkable for the bank and its activities across Africa.
According to a BusinessDay report, the bank boosted its payouts by 8.7%, from $16.6 billion to $18 billion, despite persistent macroeconomic difficulties.
At the ongoing 2024 Afreximbank annual meetings, which include the Africaribbean trade and investment forum, in Nassau, The Bahamas, Oramah announced that at the end of 2023, the bank’s entire assets and guarantees had increased to $37.2 billion.
He said:
He also emphasised the contributions made by group organisations such as Afrexim Shore and the Fund for Export Development in Africa, which started to raise the bank’s earnings significantly.
Oramah highlighted the bank’s significant achievements and impact in 2023. Beyond impressive financial figures, Oramah emphasised the transformative projects and lives positively affected by the bank’s initiatives.
He said:
The bank also supported one of the biggest urea fertiliser facilities in the world, which produces 3 million tons of fertiliser annually with plans to increase to 6 million tons, and a petrochemical factory that produces approximately one million tons of polypropylene annually.
The Dangote project received support as part of a larger plan that also included providing $1.3 billion to renovate the Port Harcourt refinery in Nigeria and construct a new refinery in Cabinda, Angola.
Oramah reiterated the bank’s goal:
TimesNow.com.ng reported that Aliko Dangote, a leading entrepreneur and richest man in Africa, is preparing to start his next big project: a steel manufacturing company.
Dangote revealed his new goal on Wednesday, June 12, in Nassau, The Bahamas, during the Afreximbank Annual Meetings (AAN) and Afri-Caribbean Trade & Investment Forum.
Dangote’s new steel company is expected to boost Nigeria’s steel production capacity significantly, reducing the country’s reliance on imports.
Source: TimesNow.com.ng
