The African Export-Import Bank (Afreximbank) is poised to revolutionize Nigeria’s industrial landscape with the development of a massive textile facility expected to employ 250,000 workers, as part of a $5 billion partnership initiative.
This ground-breaking announcement was made by Prof. Benedict Oramah, outgoing President and Chairman of the Board of Directors at Afreximbank, during his closing remarks at the Bank’s 32nd Annual Meetings.
Industrialization at the Heart of Africa’s Economic Growth
Prof. Oramah emphasized that industrialization remains a critical pillar in Africa’s economic transformation. Afreximbank, in partnership with Arise Integrated Industrial Platforms (Arise IIP)—co-owned by the Bank, Africa Finance Corporation (AFC), and equity fund Equitane—has made significant investments in Special Industrial Zones across Benin, Chad, Côte d’Ivoire, Gabon, Nigeria, Rwanda, Tanzania, and Togo, with more developments underway in Angola, DRC, Kenya, Malawi, and Zimbabwe.
Since 2011, Afreximbank’s total investments in these zones have reached $2 billion, boosting local industries, SMEs, job creation, and trade in value-added goods.
Nigeria’s Major Textile Hub Unveiling in July
A key highlight of Prof. Oramah’s speech was the unveiling of an integrated textile mega facility in Nigeria, set to break ground in July 2025. This facility is being developed in collaboration with Arise IIP, Swiss textile equipment manufacturer Reitter, and with support from the Swiss Government.
The project mirrors a similar but smaller-scale model in Benin Republic and is projected to produce 350,000 tonnes of garments annually. It will not only revive Nigeria’s cotton and textile industry but also save the country an estimated $4.7 billion annually in textile imports.
Special Agro-Industrial Zone Underway
In addition to the textile hub, Nigeria is also set to welcome a Special Agro-Industrial Zone later this year. This zone will host agro-allied industries, pharmaceuticals, renewable energy firms, light and heavy manufacturers, and logistics companies—contributing significantly to national economic diversification and industrial growth.
The Bigger Picture: Economic Diversification and Job Creation
This initiative follows the Nigerian government’s $3.5 billion agreement with Afreximbank in June 2024. Announced by the Minister of Industry, Trade and Investment, Doris Uzoka-Anite, the deal supports multiple sectors including textile production and the promotion of Compressed Natural Gas (CNG) vehicles.
Minister Uzoka-Anite noted that the agreement is a bold step towards realizing President Bola Ahmed Tinubu’s vision for a more diversified and resilient Nigerian economy.
Credit: Nairametrics
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