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Nigeria has officially joined the Fund for Export Development in Africa (FEDA), becoming the 16th nation to accede to the Establishment Agreement of FEDA, operated by the African Export-Import Bank (Afreximbank).
This decision reflects the increasing support for FEDA among African nations, emphasizing its growing significance in the region's economic landscape.
Nigeria's accession to the Agreement comes three decades after establishing Afreximbank, demonstrating Nigeria's enduring dedication to advancing Afreximbank and FEDA's common objectives.
FEDA, which aims to provide long-term capital to African economies focusing on industrialization, intra-African trade, and value-added exports, considers new memberships vital for expanding its interventions. Nigeria's signing of the FEDA Establishment Agreement is expected to facilitate its ratification, further strengthening FEDA's initiatives within the country.
Professor Benedict Oramah, President of Afreximbank and Chairman of both Afreximbank and FEDA's Boards, expressed appreciation for Nigeria's commitment, stating, "We sincerely thank the Federal Republic of Nigeria for signing the FEDA Establishment Agreement. This significant accomplishment further enhances the already strong partnership between Afreximbank and Nigeria, one of the Bank's leading supporters."
Nigeria now joins a group of other nations that have acceded to FEDA's Establishment Agreement, including 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. This collaborative effort signifies a unified approach to driving economic growth and development across Africa.
