Afreximbank is set to launch a major textile project in Nigeria, which will create 250,000 jobs and transform the country’s garment industry. The announcement came from Prof. Benedict Oramah, the outgoing President and Chairman of the Board of Directors of the African Export-Import Bank, during the 32nd Annual Meetings of the bank on Friday.
Oramah revealed that the bank will begin construction on a large integrated textile facility in Nigeria by July. This development is part of a $5 billion partnership between Afreximbank, Arise Integrated Industrial Platforms (IIP), and the Swiss textile equipment manufacturer Reitter, with additional support from the Swiss Government.
“In July this year, we will break ground for the development of a large integrated textile facility that is expected to employ about 250,000 workers,” Oramah said. He described the project as one of the biggest in the region and a key move to support Africa’s industrialisation and job creation efforts.
The facility is expected to produce 350,000 tonnes of garments annually, helping Nigeria reduce textile imports by $4.7 billion. The project will also play a significant role in reviving the country’s cotton industry, which has struggled in recent years.
Oramah explained, “This will be one of the largest textile facilities being developed under a $5 billion partnership entered into by Arise IIP, Afreximbank, and the Swiss textile equipment giant, Reitter, and supported by the Swiss Government.”
The bank has been heavily investing in industrial infrastructure across Africa through Arise IIP, a platform jointly owned by Afreximbank, Africa Finance Corporation (AFC), and Equitane, a private equity fund. Oramah noted that Special Industrial Zones have already been developed in Benin, Chad, Côte d’Ivoire, Gabon, Nigeria, Rwanda, Tanzania, and Togo, with new projects underway in Angola, Kenya, Malawi, DRC, and Zimbabwe.
Since 2011, Afreximbank has invested around $2 billion into industrial projects, supporting economic diversification, SME growth, and trade in value-added goods. In Nigeria, a Special Agro-Industrial Zone is also being developed to host agro-allied, pharmaceutical, renewable energy, and logistics industries.
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Oramah emphasized that the new textile facility in Nigeria is a larger version of the one in Benin Republic and a major step toward reducing dependency on imports while expanding local production.