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Nigeria signs the Afreximbank Fund for African Export Development together with other signatories.
Nigeria has joined the African Export-Import Bank's (Afreximbank) development impact investment platform, the Fund for Export Development in Africa (FEDA) Establishment Agreement.
This statement is made thirty years after Afreximbank was founded in Nigeria, a significant accomplishment that audaciously shows Nigeria's ongoing dedication to advancing the goals of FEDA and Afreximbank. In order to fulfill its objective of providing long-term finance to African economies—with an emphasis on industrialization, intra-African commerce, and value-added exports—FEDA views gaining new members as essential to expanding the scope of its operations. It is anticipated that the FEDA Establishment Agreement's signature will open the door for the Agreement's eventual ratification. Thus, FEDA's interventions in Nigeria will be strengthened.
We would like to express our profound gratitude to the Federal Republic of Nigeria for signing the FEDA Establishment Agreement, stated Benedict Oramah, President of Afreximbank and Chairman of the Boards of Both Afreximbank and FEDA. This noteworthy accomplishment enhances the existing strong cooperation between Afreximbank and Nigeria, one of the Bank's main backers. The collaboration would increase funding in areas vital to Nigeria's development path.
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 are among the other nations that have ratified FEDA's Establishment Agreement.
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