Afreximbank to set up $5-bn textile industrial facility in Nigeria

02 Jul '25

1 min read

Afreximbank to set up $5-bn textile industrial facility in Nigeria

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The African Export-Import Bank will begin constructing a $5-billion integrated textile industrial facility in Nigeria this month.
The facility, to be developed under a partnership between Afreximbank, Dubai-based Arise Integrated Industrial Platforms and Swiss textile equipment manufacturer Reiter, is expected to revive Nigeria's cotton industry and create up to 250,000 jobs.

The African Export-Import Bank (Afreximbank) will begin constructing a $5-billion integrated textile industrial facility in Nigeria this month as part of its continent-wide industrialisation strategy, its outgoing president Benedict Oramah recently announced at the bank’s 32nd annual meeting in Abuja.

The facility, to be developed under a partnership between Afreximbank, Dubai-based Arise Integrated Industrial Platforms and Swiss textile equipment manufacturer Reiter, is expected to revive Nigeria’s cotton industry, save the country up to $4.7 billion annually in textile imports and create up to 250,000 jobs, a domestic media outlet reported.

This landmark project underscores Afreximbank’s deepening focus on industrialisation, which Oramah described as the “cornerstone of Africa’s economic transformation.”

Fibre2Fashion News Desk (DS)

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