Access Bank Plc has forged a significant partnership with the African Export-Import Bank (Afreximbank) to provide substantial financial backing for pivotal trade-enabling projects in Lagos State, with a commitment of $1.352 billion.
The signing ceremony, held at the Afro-Caribbean Trade and Investment Forum in Georgetown, Guyana, witnessed the presence of key dignitaries. They include the Executive Governor of Lagos State, Babajide Sanwo-Olu, and the Group CEO of Access Holdings Plc, Herbert Wigwe. Also present was the President and Chairman of the Board of Directors of Afreximbank, Benedict Oramah, among other notable figures.
Notable Projects Within This Significant $1.352 Billion Partnership In Lagos.
Notable projects within this partnership include the Fourth Mainland Bridge and the second phase of the Blue Line Rail. Also included are the Omu Creek Project, Lekki-Epe International Airport, and the Lagos Food Systems and Logistics Hub in Epe. This collaborative effort encompasses a range of legacy projects that are set to transform Lagos State.
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Herbert Wigwe, CEO of Access Holdings Plc, commented on the agreement. He stated, “This landmark agreement underscores our commitment to fostering economic growth in Lagos. With a broader view to enhance the continent’s trade potential.”
Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, added to Herbert. He stated, “The significant partnership for supporting pivotal projects in Lagos is part of our strategy for the African Sub-Sovereign Governments Network. This network represents another ingenious strategic initiative aimed at establishing a robust intra-continental trade investment development frontier. It is through supporting and strengthening trade and investment initiatives at such deeper levels of governance that Africa can fully unlock the potential value of its much-vaunted 1.3 billion population as a compelling common market for goods and services under AfCFTA.”
As part of its broader mission to facilitate intra-African trade and investment, Afreximbank is collaborating with the AfCFTA Secretariat and the African Union to establish a US$10 billion Adjustment Fund. This significant partnership for pivotal projects in Lagos aims to support countries. Specifically, the countries effectively participating in the African Continental Free Trade Area (AfCFTA). As of the end of 2022, Afreximbank’s total assets and guarantees amounted to over $31 billion, with shareholder funds totaling $5.2 billion.
