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Nigeria has officially joined the Fund for Export Development in Africa (FEDA), becoming the 16th nation to accede to the Establishment Agreement of FEDA, the development impact investment platform operated by the African Export-Import Bank (Afreximbank).
This move highlights the growing support for FEDA among African nations and underscores its increasing relevance in the region’s economic landscape.
Nigeria’s accession to the Agreement follows three decades since the establishment of Afreximbank in the country, demonstrating Nigeria’s enduring commitment to advancing Afreximbank and FEDA’s shared goals.
FEDA focuses on delivering long-term capital to African economies with an emphasis on industrialization, intra-African trade, and value-added exports.
The signing of the FEDA Establishment Agreement by Nigeria is expected to pave the way for its ratification, empowering FEDA’s initiatives within the country.
President of Afreximbank and Chairman of both Afreximbank and FEDA’s Boards, Professor Benedict Oramah, expressed gratitude for Nigeria’s commitment, highlighting the strengthened partnership between Afreximbank and Nigeria.
Nigeria’s accession to FEDA’s Establishment Agreement joins a list of other nations, including Rwanda, Mauritania, Guinea, Togo, South Sudan, Zimbabwe, Kenya, Chad, Republic of the Congo, Gabon, Sierra Leone, São Tomé and Príncipe, Equatorial
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