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Afreximbank Makes Nigeria Permanent Regional Office

President Bola Tinubu, represented by the Secretary to the Government of the Federation, Dr. George Akume, highlighted the AATC’s strategic importance, its pivotal role in shaping Africa’s economic future, and its potential impact on the continent’s trade and investment landscape.

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The African Export-Import Bank (Afreximbank) says its goal to make Nigeria permanent regional office, has been achieved with its just commissioned $120 million Afreximbank African Trade Centre (AATC) in Abuja.

The President and Chairman of the Board of Directors of Afreximbank, Prof. Benedict Oramah, said , noting that the project, which began in November 2021 in Abuja, has brought a three-decade-old aspiration to fruition.

“This project marks the first of seven planned Afreximbank African Trade Centres (AATCs) across Africa, including Kampala, Uganda, Harare, Zimbabwe, Cairo, Egypt, Yaoundé, Cameroon, Tunis, Tunisia, and Kigali, Rwanda,” he said.

He emphasized that the project’s an initiative that aims to accelerate intra-African trade, deepen regional integration and foster economic transformation across the continent with a potential to advance the country’s ambition of emerging as the regional hub.

He added , this AATC in Abuja has been a 41 -month journey—one built on hope and determination. Like the other centres, it will serve a multi-purpose function: as a hub for fostering deeper regional and continental integration.

Oramah expressed gratitude to the Federal Government for its unwavering support, describing the bank’s relationship with Nigeria as mutually beneficial and cordial.

“Over the last three decades, successive governments have extended unflinching support to Afreximbank—responding positively to capital calls, providing an enabling environment for smooth operations, and offering strong domestic policy support that helped implement numerous development programmes in Nigeria.

“With these, we expect to create a sizable network of AATCs that will serve as lighthouses guiding the interconnections and flow of trade and investment within continental Africa and between Africa and the Caribbean,” he added.

At the commissioning of the centre, the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, praised Afreximbank for its strategic foresight, describing the Abuja AATC as a “vital infrastructure” for the successful implementation of the AfCFTA.

She noted that as Nigeria positions itself as a key player in Africa’s economic landscape, the AATC is expected to catalyze investment, local entrepreneurship, and export promotion.

President Bola Tinubu, represented by the Secretary to the Government of the Federation, Dr. George Akume, highlighted the AATC’s strategic importance, its pivotal role in shaping Africa’s economic future, and its potential impact on the continent’s trade and investment landscape.

Meanwhile, the Abuja AATC comprises two interconnected nine-storey towers.

One tower features world-class commercial A-grade office spaces, a trade and exhibition centre, a conference centre, a technology and SME incubator, a Digital Trade Gateway and a trade information services hub.

The adjoining tower boasts a 148-room business hotel, seminar and meeting rooms, a wellness centre, a restaurant and other ancillary facilities.

These features are designed to provide a comprehensive ecosystem for trade and business activities, catering to the diverse needs of African businesses.

It also host office spaces for local and international financial institutions and policy organisations, ensuring a complete support system for trade and business activities.

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PENGASSAN – Dangote Rift: A needless attack on private enterprise

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The Director-General, Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, has described the rift between Dangote Refinery and Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) as unfortunate, and a needless attack on private enterprise.

He noted that the strike had far-reaching implications on residents and businesses, as factories suffered cuts in production schedules, with a hike in transportation fare.

Fielding questions from reporters at MAN House, yesterday, while announcing the association’s coming Annual General Meeting (AGM), he revealed that imported products, which were not suffering disruption, were likely to fill the gap and if the rift rears its head again, it would affect daily workers and people in the logistics value chain that rely on the products made in those factories.

Meanwhile, PENGASSAN has said it decided to suspend its two-day strike to protect the jobs of its members in Dangote Refinery.The President, Festus Osifo, explained that the union was unsatisfied with the posting of about 800 sacked staff to Dangote’s subsidiaries to prevent job loss.

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FG Spends $2.86bn on External Debts Servicing – CBN

By August 2025, debt service climbed to $302.3m, which was $22.35m or 8 per cent higher than the $279.95m of August 2024.

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The Federal Government spent a total of $2.86 billion to service external debt in the first eight months of 2025.

This was disclosed in the international payment data from the Central Bank of Nigeria.

The figure shows that external debts accounted for 69.1 percent of the country’s total foreign payments of $4.14 billion in the period.

In the same eight-month stretch of 2024, debt service stood at $3.06 billion, representing 70.7 percent of total foreign payments of $4.33 billion.

The figures show that while the absolute value of debt service fell by $198m between 2024 and 2025.

The share of debt in overall foreign payments has remained persistently high, with about seven out of every ten dollars leaving the country used to meet debt obligations.

The monthly breakdown highlights the volatility of Nigeria’s repayment schedule:

In January 2025, $540.67m was spent compared with $560.52m in January 2024, a fall of $19.85m or 3.5 per cent.

February 2025 recorded $276.73m, slightly below the $283.22m in February 2024, down by $6.49m or 2.3 per cent.March 2025 surged to $632.36m against $276.17m in March 2024, an increase of $356.19m or 129 per cent.

In April 2025, payments reached $557.79m, which was $342.59m or 159 per cent higher than the $215.20m of April 2024.

May 2025 stood at $230.92m, sharply lower than the $854.37m in May 2024, a drop of $623.45m or 73 per cent.

June 2025 rose to $143.39m compared with $50.82m in June 2024, a rise of $92.57m or 182 per cent.

July 2025 fell to $179.95m, down by $362.55m or 66.8 per cent from $542.5m in July 2024.

By August 2025, debt service climbed to $302.3m, which was $22.35m or 8 per cent higher than the $279.95m of August 2024.

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ECOWAS Bank okays $308.63m for Nigeria, Guinea

The bank gave the approval during its 93rd Ordinary Session convened at the it’s headquarters in Lomé, the Togolese capital.

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ECOWAS Bank for Investment and Development (EBID), has approved $308.631 million for the implementation of various projects in Taraba State, Nigeria, and a $40 million credit line for Vista Bank, Guinea, to bolster trade-related activities, including import-export operations and commercial value chains.

The bank gave the approval during its 93rd Ordinary Session convened at the it’s headquarters in Lomé, the Togolese capital.

President and Chairman of Board of Directors of the bank, Dr. George Agyekum Donkor, said the newly approved financing would advance strategic public and private sector initiatives, aligned with EBID’s mandate to promote sustainable development throughout the Economic Community of West African States by strengthening regional integration and fostering economic diversification.

The approved facilities include the $98.18 for a 50 MW Solar Photovoltaic Power Plant in Taraba State, Nigeria, , which will augment the supply of reliable, clean electricity to spur inclusive economic development, alleviate energy poverty, and improve environmental sustainability.

Anticipated benefits include direct electricity access for roughly 390,000 individuals, enhanced power reliability for at least 200 public institutions, the creation of 400 direct jobs during construction, and approximately 50 permanent operational roles.

The bank noted that an estimated 1,200–1,500 indirect jobs were expected to emerge across supply chains, maintenance services,and small businesses.

Another facility is the $79.219 million modern rice processing complex and 10,000-hectare irrigated rice production unit also in Taraba State.

Also included is the $91.232 million facility for Taraba State Industrial Park, an initiative conceived to accelerate local industrialisation and economic diversification through the establishment of a modern, integrated industrial ecosystem.

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