The African Export-Import Bank (Afreximbank) has announced plans to recruit 250,000 workers for the $5 billion textile factory in Nigeria. The outgoing Board President of the bank, Professor Benedict Oramah, made the disclosure at 32nd annual general meeting, noting that the bank will focus on infrastructure development across Africa.
While giving updates on the new textile factory, Oramah noted that “The Bank and Arise IIP, jointly owned by the Bank, AFC, and Equitane—an equity fund—have invested in the development of Special Industrial Zones in Benin, Chad, Côte d’Ivoire, Gabon, Nigeria, Rwanda, Tanzania, and Togo, and are at various stages of developing others in Angola, DRC, Kenya, Malawi, and Zimbabwe.”
Also, he noted that the facility, which is a bigger version of the factory in Benin Republic, would produce 350,000 tonnes of garments per year, giving Nigeria about $4.7 billion in imports while rejigging the country’s cotton industry.
In addition, Oramah emphasised that the bank’s objective is to create employment opportunities by building industrial hubs across Africa. He mentioned that the Bank’s investments since 2011 have totaled approximately $2 billion and are swiftly altering the economic environment of the recipient nations, enhancing the growth of SMEs, creating jobs, and promoting trade in value-added goods.
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He stated that in Nigeria, a Special Agro-Industrial Zone is currently under development and is set to be inaugurated later this year.
According to him, it will accommodate agro-allied industries, along with various light and heavy industries, pharmaceuticals, renewable energy sectors, and logistics facilities.
