In a landmark move set to reshape Africa’s textile landscape, the African Export-Import Bank (Afreximbank) has announced the construction of a $5 billion integrated textile industrial facility in Nigeria, with ground-breaking scheduled for July 2025. The announcement was made by outgoing Afreximbank President Prof. Benedict Oramah during his final address at the bank’s 32nd Annual Meetings held in Abuja.
The massive project—developed in partnership with Arise IIP and Swiss textile machinery leader Rieter, and supported by the Swiss Government—is expected to revive Nigeria’s struggling cotton and textile industry, reduce textile imports by up to $4.7 billion annually, and generate over 250,000 jobs.
“This will be one of the largest textile facilities on the continent and a symbol of our commitment to Africa’s industrial transformation,” Oramah said.
Strategic Vision: From Trade Finance to Industrial Powerhouse
The textile hub marks a turning point in Afreximbank’s evolving role—from trade financier to a key architect of Africa’s industrial self-reliance. Under Oramah’s leadership since 2015, Afreximbank has channelled over $155 billion into trade and development finance, with $120 billion disbursed since 2020 alone.
Currently holding $43.5 billion in assets and guarantees, Oramah projected that the bank’s balance sheet could reach $250 billion within a decade, positioning it as a truly continental institution.
“Africa must control its own capital if it wants to escape poverty and underdevelopment,” he stated.
Institutional Legacy: Building the Future of Global Africa
- Oramah’s tenure saw Afreximbank spearhead several major initiatives:
- Dangote Refinery: $4 billion in financing
- Rufiji Hydropower Dam (Tanzania): $2.9 billion
- Ghana IMF Support: $750 million bridge loan
- COVID-19 Vaccine Facility: $2 billion enabling the purchase of 400 million doses
- PAPSS: Pan-African Payment and Settlement System, now in 16 countries
- Africa Trade Centres and the African Medical Centre of Excellence in Abuja
- FEDA: Development equity arm now active in 13 countries
- Africa-Caribbean Linkages: 12 CARICOM countries joined Afreximbank; $1.6B facility for Suriname; $1B fund for Guyana’s local content
Nigeria at the Forefront
The upcoming textile industrial park will be built in Nigeria, a country already hosting an Africa Quality Assurance Centre in Ogun State. The initiative aligns with Nigeria’s ambitions to boost manufacturing, create jobs, and become a textile export hub within the African Continental Free Trade Area (AfCFTA).
It also complements the bank’s broader vision to reduce Africa’s dependence on imported finished goods, a model Oramah described as “inherited and ineffective.”
“We believe in African best practice, not imported blueprints,” Oramah stressed.
Looking Ahead
As Prof. Oramah prepares to hand over leadership after a decade of transformation, he urged continued support for Afreximbank’s mission:
“Africa must remain your passion and priority. We must not rest until the dignity of all Africans is restored.”
With bold moves like the Nigeria textile hub, Afreximbank is laying the foundation for an industrialised, self-reliant, and interconnected Africa—powered by capital, expertise, and confidence from within.
