…As Lagos Gets Nod To Host Intra-African Trade Fair
African Export–Import Bank (Afreximbank) has committed $83 billion to Nigeria since it commenced operations, with a large chunk of the investments deployed to Lagos, the Executive Vice-President of the merchandize trade lender, Kanayo Awani, has disclosed.
The banker made this disclosure on Monday at the Invest Lagos 3.0 Summit, where stakeholders identified Lagos as Africa’s gateway for trade, investment and industrial growth even as the city secured hosting rights for the next Intra-African Trade Fair.
The summit with the theme “Lagos Business Gateway to Africa”, featured government leaders, investors and development partners, who elaborately discussed opportunities in infrastructure financing, industrialisation and regional trade under the African Continental Free Trade Area (AfCFTA).
- Advertisement -
The Afreximbank President, who was represented by the bank’s Director, Trade, Facilitation and Investment Promotion, Dr. Gainmore Zanamwe, said the next Intra-African Trade Fair would attract major trade and investment deals across the continent.
Assuring that the bank remains committed to investments that support industrialisation and economic transformation across Africa, Awani said Afreximbank’s decision to support the initiative was logical as the board and management did not to think twice about it.
He explained that the bank developed industrial parks and special economic zones to reduce investment barriers through the provision of roads, power and transport infrastructure, adding that projects in Benin and Gabon have shown how industrial investments can boost local value addition and create jobs.
Awani, who maintained that “Lagos is in that position of a gateway to Africa”, also highlighted Afreximbank’s support for the Dangote Refinery as reflecting the impact of investment-led industrial development.
Speaking at the forum, AfCFTA Secretary-General, Wamkele Mene, said Lagos occupied a strategic position in African commerce and industrialization hub and indeed the gateway to the African market, hence its choice for the next Intra-African Trade Fair trade fair.
The trade expert noted that 50 African countries were already implementing the AfCFTA and that intra-African trade had reached $230 billion, adding that Nigeria now regards Africa as its largest export destination, thereby underscoring the benefits of continental economic integration.
Similarly, the Commonwealth Secretary-General, Shirley Botchwey, said investors were increasingly seeking markets that offer trust, talent, stability and long-term growth, adding that “that is why Lagos matters.”
Describing Lagos as a commercial engine, logistics hub and cultural powerhouse that reflects Africa’s economic potential, Botchway advised governments and businesses in the continent to translate opportunities into jobs, infrastructure, innovation and inclusive growth.
She stressed: “Lagos is not simply a city of potential. It is a city of proof.”
In his keynote address, Nigeria’s Minister of Aviation and Aerospace Development, Barrister Festus Keyamo, maintained that Lagos remained Nigeria’s primary aviation gateway, accounting for 67% of international passenger traffic into the country.
According to him, Lagos State’s location provides a natural advantage as an aviation hub linking Africa with Europe, the Middle East and South America.
This is even as the minister disclosed that the Federal Government was investing $500 million to modernise the Murtala Muhammed International Airport (MMIA) Lagos as well as planning, in partnership with the Lagos State Government, to extend a rail line to the airport.
