Afreximbank invests $83bn in Nigeria, positions Lagos for growth

African Export–Import Bank (Afreximbank) has committed $ 83 billion to Nigeria since its inception, with a significant share invested in Lagos, as the city has secured hosting rights for the next Intra-African Trade Fair.

The Executive Vice-President, Afreximbank, Kanayo Awani, made this known on Monday at the Invest Lagos 3.0 Summit, where stakeholders projected Lagos as Africa’s gateway for trade, investment and industrial growth.

The summit has the theme,  “Lagos Business Gateway to Africa”, brought together government leaders, investors and development partners to explore opportunities in infrastructure financing, industrialisation and regional trade under the African Continental Free Trade Area (AfCFTA).

Awani, represented by Dr Gainmore Zanamwe, Director, Trade, Facilitation and Investment promotion, Afreximbank, said the next Intra-African Trade Fair is expected to attract major trade and investment deals across the continent.

Awani said the bank remained committed to investments that support industrialisation and economic transformation across Africa.

He  reiterated Afreximbank’s decision to support the initiative, adding, “we did not need to think twice.” He said the bank developed industrial parks and special economic zones to reduce investment barriers through the provision of roads, power and transport infrastructure.

According to him, projects in Benin and Gabon have shown how industrial investments can boost local value addition and create jobs.

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

Awani also highlighted Afreximbank’s support for the Dangote Refinery, saying it reflects the impact of investment-led industrial development.

AfCFTA Secretary-General, Wamkele Mene, said Lagos occupies a strategic position in African commerce and industrialisation.

“Lagos is indeed the gateway to the African market,” Mene said. He noted that 50 African countries were already implementing the AfCFTA and that intra-African trade had reached 230 billion dollars.

According to him, Nigeria now counts Africa as its largest export destination, a development he said underscores the benefits of continental economic integration.

Mene announced that Lagos would host the next Intra-African Trade Fair, expected to attract major trade and investment transactions. Commonwealth Secretary-General, Shirley Botchwey, said investors increasingly seek markets that offer trust, talent, stability and long-term growth.

“That is why Lagos matters,” she said. Botchwey said Lagos serves as a commercial engine, logistics hub and cultural powerhouse that reflects Africa’s economic potential.

She urged governments and businesses to translate opportunities into jobs, infrastructure, innovation and inclusive growth. “Lagos is not simply a city of potential. It is a city of proof,” she said.

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

He said the state’s location provides a natural advantage as an aviation hub linking Africa with Europe, the Middle East and South America.

Keyamo disclosed that the Federal Government was investing 500 million dollars to modernise the Murtala Muhammed International Airport and planned to extend a rail line to the airport in partnership with the Lagos State Government.

“Lagos is just ready for the next big step,” he said. The summit reinforced Lagos’ drive to attract global capital, deepen regional trade and expand its role as a leading business and investment destination on the continent.