Afreximbank to recruit 250,000 staff for proposed $5 billion Textile Facility in Nigeria

The outgoing President and Chairman of the Board of Administrators of the African Export-Import Bank (Afreximbank), Prof. Benedict Oramah, has disclosed that the bank plans to recruit 250,000 staff following its groundbreaking textile facility improvement in Nigeria (by July), involving a $5 billion partnership.

He made this disclosure throughout his closing speech on Friday on the Afreximbank thirty second Annual Conferences, which was attended by Nairametrics.

He highlighted that whereas industrialisation stays a cornerstone of Africa’s financial transformation, the continental bank continues to prioritise and make investments closely in creating industrial infrastructure throughout Africa.

Replace on Textile Trade Improvement  

Oramah mentioned, “The Bank and Come up IIP, collectively owned by the Bank, AFC, and Equitane—an fairness fund—have invested within the improvement of Particular Industrial Zones in Benin, Chad, Côte d’Ivoire, Gabon, Nigeria, Rwanda, Tanzania, and Togo, and are at varied phases of growing others in Angola, DRC, Kenya, Malawi, and Zimbabwe.” 

In line with him, the purpose is to create industrial estates in Africa.

•  He added that the Bank’s investments since 2011 have aggregated to about $2 billion and are quickly reworking the financial panorama of the beneficiary nations, boosting SME progress, job creation, and commerce in value-added merchandise.
• He mentioned that in Nigeria, a Particular Agro-Industrial Zone is being developed and might be opened later within the yr.
• It’ll host agro-allied industries, in addition to different gentle and heavy industries, prescription drugs, renewables, and logistics services, in accordance with him.

“In July this yr, we’ll break floor for the event of a giant built-in textile facility that’s anticipated to make use of about 250,000 staff. 

“This might be one of many largest textile services being developed beneath a $5 billion partnership entered into by Come up IIP, Afreximbank, and the Swiss textile gear big, Reitter, and supported by the Swiss Authorities,” he added.

• He burdened that the ability, which is a bigger model of the same facility in Benin Republic, would produce 350,000 tonnes of clothes per yr and save Nigeria about $4.7 billion in imports whereas reviving the complete Nigerian cotton business.

Backstory 

In June 2024, the federal authorities of Nigeria introduced a $3.5 billion settlement with Afreximbank to reinforce the textile business and promote using Compressed Pure Fuel (CNG) autos, amongst different initiatives.

The Minister of Trade, Commerce and Funding, Doris Uzoka-Anite, made this disclosure in a press release on X.

Uzoka-Anite said that the deal was signed with the worldwide monetary establishment in the course of the thirty first Afreximbank Annual Assembly in Nassau, The Bahamas.

She mentioned that the settlement will assist understand President Bola Ahmed Tinubu’s imaginative and prescient for a diversified and affluent Nigerian economic system.