Afreximbank will launch the construction of a $5 billion textile hub in Nigeria this July, aiming to revive the local cotton industry, reduce annual textile imports by $4.7 billion, and generate 250,000 jobs. The project, backed by Arise IIP, the Swiss government, and Swiss textile equipment manufacturer Rieter, highlights outgoing President Benedict Oramah’s decade-long legacy of large-scale industrialization. The move is part of the bank’s strategy to foster Africa’s self-reliance and reduce foreign dependence. Under Oramah’s leadership, Afreximbank’s assets soared from $5 billion to $43.5 billion. The bank mobilized over $155 billion to support transformative African projects, such as the Dangote Refinery and Tanzania’s Rufiji Hydropower Dam.
BusinessDay
