Afreximbank invests $83 billion in Nigeria, positions Lagos as Africa's trade gateway

Business, Markets & Finance

LAGOS, Nigeria (Agency Report) — The African Export-Import Bank (Afreximbank) has invested approximately $83 billion in Nigeria since its establishment, with a significant portion of the funding channelled into projects in Lagos, as the state strengthens its position as a leading hub for trade, investment, and industrialisation in Africa.

The disclosure was made at the Invest Lagos 3.0 Summit held in Lagos, where government officials, investors, development finance institutions, and business leaders explored opportunities for economic growth under the African Continental Free Trade Area (AfCFTA).

Speaking at the summit, the Executive Vice-President of Afreximbank, Kanayo Awani, said the bank remains committed to supporting investments that drive industrialisation and economic transformation across the continent.

Awani, who was represented by Dr Gainmore Zanamwe, Director of Trade Facilitation and Investment Promotion at Afreximbank, said Lagos has emerged as a strategic gateway to African markets.

According to her, the bank’s decision to support initiatives aimed at expanding trade and investment opportunities in Lagos was straightforward given the state’s economic importance.

“We did not need to think twice,” she said.

Awani noted that Afreximbank has invested heavily in industrial parks and special economic zones across Africa to reduce barriers to investment through the provision of critical infrastructure, including roads, power, and transport networks.

She cited projects in Benin Republic and Gabon as examples of how targeted industrial investments can boost local value addition, stimulate manufacturing, and create employment opportunities.

“Lagos is in that position of a gateway to Africa,” she said.

The Afreximbank executive also highlighted the bank’s support for the Dangote Refinery project, describing it as a demonstration of the transformative impact of investment-led industrial development.

A major highlight of the summit was the announcement that Lagos will host the next Intra-African Trade Fair (IATF), one of the continent’s largest trade and investment events.

The Secretary-General of AfCFTA, Wamkele Mene, described Lagos as a critical centre for commerce and industrialisation on the continent.

“Lagos is indeed the gateway to the African market,” Mene said.

He disclosed that 50 African countries are currently implementing the AfCFTA framework, while intra-African trade has grown to approximately $230 billion.

According to him, Nigeria now exports more goods to African markets than to any other region of the world, reflecting the growing benefits of continental economic integration.

Mene said the forthcoming trade fair is expected to attract major investment commitments and commercial transactions from across Africa and beyond.

Also speaking at the summit, Commonwealth Secretary-General Shirley Botchwey said global investors increasingly prioritise markets that offer stability, talent, trust, and long-term growth prospects.

“That is why Lagos matters,” she said.

Botchwey described Lagos as a commercial powerhouse, logistics hub, and cultural centre that exemplifies Africa’s economic potential.

She urged governments and businesses to convert emerging opportunities into jobs, infrastructure development, innovation, and inclusive economic growth.

“Lagos is not simply a city of potential. It is a city of proof,” she added.

Meanwhile, the Minister of Aviation and Aerospace Development, Festus Keyamo, said Lagos remains Nigeria’s foremost aviation gateway, accounting for about 67 per cent of international passenger traffic into the country.

According to him, the state’s strategic location positions it as a natural aviation hub connecting Africa with Europe, the Middle East, and South America.

Keyamo disclosed that the Federal Government is investing $500 million in the modernisation of the Murtala Muhammed International Airport, Lagos.

He also revealed plans to extend a rail line to the airport in collaboration with the Lagos State Government to improve connectivity and ease passenger movement.

“Lagos is just ready for the next big step,” the minister said.

Stakeholders at the summit agreed that Lagos remains central to Nigeria’s economic future and is well-positioned to deepen regional trade, attract global capital, and strengthen its role as one of Africa’s leading business and investment destinations.