Quick Summary:
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Afreximbank plans to recruit 250,000 workers as it prepares to launch a $5 billion integrated textile facility in Nigeria by July 2025.
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The project is part of a partnership involving Arise IIP, Afreximbank, Swiss textile firm Reitter, and backed by the Swiss government.
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The facility will produce 350,000 tonnes of garments yearly, saving Nigeria an estimated $4.7 billion in textile imports and reviving the local cotton industry.
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Afreximbank has invested $2 billion since 2011 in industrial zones across Africa to boost SME growth, job creation, and value-added trade.
The outgoing President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank), Prof. Benedict Oramah, has revealed that the bank will recruit 250,000 workers as part of a new $5 billion textile development in Nigeria.
Oramah made this announcement during his closing remarks at the Afreximbank 32nd Annual Meetings held on Friday, attended by Nairametrics.
Textile Project to Launch in July
According to Oramah, the groundbreaking for the large-scale textile facility will take place in July 2025. The project is part of a partnership between Arise IIP, Afreximbank, and Swiss textile giant Reitter, with additional support from the Swiss Government.
“This will be one of the largest textile facilities in Africa,” he stated, “and it is expected to employ about 250,000 workers.”
Boosting Africa’s Industrialisation Drive
Highlighting the bank’s commitment to economic transformation, Oramah said industrialisation remains a key focus for Afreximbank. He noted that the bank, alongside Arise IIP, AFC, and Equitane, has been investing in Special Industrial Zones across Africa.
Countries already benefitting from this initiative include:
- Benin
- Chad
- Côte d’Ivoire
- Gabon
- Nigeria
- Rwanda
- Tanzania
- Togo
Additional zones are in development in Angola, DRC, Kenya, Malawi, and Zimbabwe.
$2 Billion Already Invested in Industrial Zones
Since 2011, Afreximbank has invested about $2 billion in industrial infrastructure across the continent. These investments are helping to stimulate SME growth, create jobs, and enhance trade in value-added products.
In Nigeria, a Special Agro-Industrial Zone is already underway and will be launched later in the year. The zone will include agro-allied industries, pharmaceuticals, renewables, and logistics hubs.
Reviving Nigeria’s Cotton Industry
Oramah emphasized that the upcoming textile facility in Nigeria will produce an estimated 350,000 tonnes of garments annually, significantly reducing the country’s textile imports and reviving the cotton industry.
He added that the facility is modeled after a similar successful venture in Benin Republic and is projected to save Nigeria approximately $4.7 billion in textile imports.