President Bola Tinubu has inaugurated the Afreximbank African Trade Centre (AATC) in Abuja, calling for more commitment to build a stronger, more interconnected and prosperous Africa.
The President, represented by Sen. George Akume, secretary to the government of the Federation, said that to achieve this, new trade corridors need to be unlocked.
He added that Africa must also reduce its dependence on imports and empower SMEs and women-led businesses through access to markets and finance.
Tinubu said that digital technology must also be harnessed to streamline cross-border trade and reduce inefficiencies.
“The AATC located in Abuja represents another milestone in this journey, and this aligns perfectly with Nigerians’ strategic priorities under the Federal Government’s 8-point agenda.
“This is particularly in the areas of job creation, economic diversification and regional integration.”
He said that in recognising the potential for growth and trade, the impact of Afreximbank interventions continued to be felt across the continent in the following areas.
“Over 20 billion dollars in trade finance facilities have been disbursed to facilitate intra African Trade and the bank plans to double that amount by 2026.
“Support for industrial parks and special economic zones which are boosting manufacturing and export capacity.
“Also, the AfCFTA Secretariat partnership with Afreximbank will operationalise the world’s largest free trade area connecting 1.3 billion people with a combined GDP of 3.4 trillion Dollars.”
Tinubu gave his assurance that the Federal Government would support initiatives that drive inclusive growth, digital transformation and sustainable industrialisation.
Prof. Benedict Oramah, president and chairman, board of directors, Afreximbank, said the Abuja AATC was the first of several AATCs being developed across Africa and the Caribbean.
Oramah said some of the AATCs would be Afreximbank-owned, while others would be supported through a franchise scheme.
“With these, we expect to create a sizable network of AATCs that will act as the lighthouses to guide the interconnections and flow of trade and investments within continental Africa and between Africa and Caribbean regions.
“This particular AATC Abuja has been a 41-month journey, one built on hope and determination. Like the other AATCs, the Abuja AATC would serve a multi-purpose goal.
“It will serve as a platform for fostering deeper regional and continental integration and house Afreximbank’s permanent regional office, bringing a three-decade-old aspiration to fruition.”
He said the Abuja AATC would also offer a technology incubation hub, an SME incubation facility, a digital Africa trade gateway, a conference and exhibition facility and a business hotel.
“It also represents a unique offering as it would be connected to all other AATCs across Africa, in Barbados and at Afreximbank Africa Global Gateway in New York, digitally.
“That would make it possible for Afreximbank to procure a top global trainer to train exporters, SMEs, tech experts, etcetera, simultaneously.”
Oramah said it would also make it possible for African and Caribbean businesses to view exhibitions ongoing in other trade centres.
“If any Nigerian business wants to link up with other businesses in other parts of Africa and the Caribbean, this will be the hub to enable that.
“This facility, therefore, provides a platform for turbocharging engagements of Nigerian businesses in the AfCFTA.”
He said AATC Harare was expected to be opened in August, while AATC Kampala would be opened in 2026, saying that in a few months,” we would break ground for AATC Cairo and AATC Yaoundé and others”.
Dr Jumoke Oduwole, Minister of Industry, Trade and Investment, said the centre was not just for Afreximbank or policymakers, but for African youths who were hungry for knowledge and innovation.
“It is for our women-owned businesses, building legacies with limited access, our SMEs, trying to move from survival to scale, our exporters, daring to compete globally.”
Oduwole said there was a need for the continent to recommit to building a future where Africa was not just a participant in global trade but a leader and a powerhouse.
The News Agency of Nigeria (NAN) reports that the Abuja AATC is a two modern, elegant, inter-connected nine-storey towers, located on 4th Avenue, Central Business District.
