Afreximbank signs Memorandum of Understanding with the Bank of Industry to promote trade and investment flows in Nigeria

Categories: Press Releases

Abidjan, Cote d’Ivoire 5 November 2022 – African Export-Import Bank (Afreximbank) is pleased to announce that it has signed a Memorandum of Understanding with the Bank of Industry (BOI) for the establishment of a Joint Project Preparation Facility (JPPF) that will provide early-stage project preparatory financing and technical support services to public and private sector entities operating in Nigeria. Under the MoU signed on 3rd November 2022, Afreximbank and BOI will mobilize resources to unlock investments into sectors such as energy, transport and logistics, ICT, special economic zones. industrial parks, solid minerals and services (healthcare, hospitality and tourism, and the creative economy).

The MoU, which was signed by Mrs. Oluranti Doherty, Director – Export Development, Afreximbank and Mr. Olukayode A. Pitan, Managing Director and Chief Executive Officer of BOI is intended to de-risk projects and attract critical private sector investments that will stimulate industrialization and spur value-added exports in the country. The JPPF constitutes a direct response to complement Nigeria’s initiatives to address the twin challenges of the COVID-19 pandemic and existing macro-economic challenges associated with the country’s dependence on crude oil revenues, which account for 50% of consolidated government revenues, 30% of banking sector credit and 90% of export earnings.

Mrs. Kanayo Awani, Executive Vice President -Intra-African Trade, Afreximbank, commented:

“We are quite pleased by this opportunity to, once again, partner with BOI in proffering a solution to one of the major challenges that have impeded the flow of investments that will boost Nigeria’s industrial development and export-oriented sectors. I am particularly pleased that Afreximbank and BOI are boldly venturing upstream to help investors develop well-structured projects that meet market standards. This intervention is timely as the JPPF will play a catalytic role in accelerating the diversification of the Nigerian economy by ensuring a steady flow of bankable projects in priority tradable sectors in a timely manner. In addition to enhancing bankability, the JPPF will, on a case-by-case basis, undertake feasibility studies to assess the viability of accessing markets in the sub-region, thereby promoting intra-African trade under the AfCFTA.”

Mr. Olukayode A. Pitan, Managing Director and Chief Executive Officer of BOI, commented:

“In line with our commitment to driving Nigeria’s industrial transformation, we are delighted to commence this partnership which stands to achieve significant sustainable economic development in Nigeria.

Through this Memorandum of Understanding, we will harmonize efforts with Afreximbank for the promotion of trade and investment flows; undertake business development activities; and share project preparation pipelines in sectors of mutual interest. We will also be better-positioned to provide technical, financial and legal services that will culminate in the supply of bankable projects, while promoting and raising awareness of project preparation activities in Nigeria and Africa at large.

Our participation in the JPPF will therefore unlock development impacts such as quality jobs, FX generation and savings, and technology transfer.”


About Afreximbank

African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade. Afreximbank deploys innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialization and intra-regional trade, thereby boosting economic expansion in Africa. The Bank has a rich history of intervening in support of African countries in times of crisis. Through the Pandemic Trade Impact Mitigation Facility (PATIMFA) launched in April 2020, Afreximbank has disbursed more than US$6.5 billion in 2020 to help member countries manage the adverse impact of financial, economic, and health shocks caused by the COVID-19 pandemic. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has completed the development of a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Afreximbank is working with the AU and the AfCFTA Secretariat to develop an Adjustment Facility to support countries in effectively participating in the AfCFTA. At the end of 2020, the Bank’s total assets and guarantees stood at US$21.5 billion, and its shareholder funds amounted to US$3.4 billion. Afreximbank disbursed more than US$42 billion between 2016 and 2020. The Bank has ratings assigned by GCR (international scale) (A-), Moody’s (Baa1) and Fitch (BBB). The Bank is headquartered in Cairo, Egypt.

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Media Contact: Mr. Amadou Labba Sall

About Bank of Industry: The Bank of Industry (BOI) is Nigeria’s foremost and oldest Development Finance Institution and has been in operation for over 60 years: initially incorporated in 1959 as Investment Company of Nigeria (ICON), it became BOI in 2001.BOI’s mission is to transform Nigeria’s industrial sector by providing financial and advisory support services to enterprises. BOI promotes financial inclusion through long-term financing and counter-cyclical loans diversified across industries such as agro-processing, gender businesses and renewable energy, among others. As BOI is not a deposit money Bank, it has to frequently engage in capital raising activities to sustain its capacity to continue supporting its customers across key sectors and segments of the Nigerian economy. 

BOI has raised a total of $5 bn from the international financial market in the last five years. This includes the just-concluded landmark 1bn guaranteed Senior loan facility in August 2022. In the last 6 years, the Bank has disbursed over $3.6bn to over 4.2mn enterprises which has facilitated the creation of over 9mn direct and indirect jobs, thereby advancing sustainable development. BOI holds a National Long-Term Rating of ‘AAA (nga)’ and Long-Term Issuer Default Rating of ‘B’ with a stable outlook from Fitch Ratings; and an ‘’ national scale issuer rating and a ‘B3’corporate family rating (CFR) from Moody’s.

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