AFC ready to partner manufacturing sector in developing infrastructure, others in Nigeria
The Africa Finance Corporation (AFC) has expressed its readiness to partner with the Nigeria’s manufacturing sector by playing advisory role as well as in the development of infrastructure.
The President & CEO of the Africa Finance Corporation, (AFC) Mr. Samaila Zubairu made this known during the at the Manufacturers Association of Nigeria (MAN) 4th Odutola Annual Lecture, noting that AFC sees itself as a solution provider and not a bank.
Zubairu, the distinguished guest speaker, represented by Shameh Shamonda, Executive Director, AFC highlighted that the corporation has invested in power, natural resources, heavy industries, telecom and technology, transport and logistics and across the capital structure project development, equity debt and off-balance sheet and sovereign lending.
He cited some case study of projects that were being undertaken by AFC to include: Infinity power holding; Djibouti wind farm and Zambia Lobito rail project.
He stressed that Nigeria economic output remains resilient in the face of headwinds, but softer growth is projected going forward.
According to the AFC executive the country is facing forex pressure due to high import dependence and low investment inflow.
He affirmed that despite challenges, the manufacturing sector shows ample room for growth.
He also cautioned that it does not make sense to be importing from Europe when the country has neighbouring countries, they can be trading with under the African Continental Free Trade Area (AfCFTA) that is in place now.
Shamonda also the role of AFC in shaping the Nigeria’s manufacturing sector when he cited the AIIPS development plan in Ogun State; Strategic partnership with SMDP in Nigeria; BUA Lafiagi Sugar Refinery; Mainstream Energy Solution; Kainji Expansion, Dangote Refinery investing in the construction and others.
He declared that AFC is very keen to look at any infrastructure and ready to give advise and partner with the manufacturing sector in Nigeria whenever they approach the corporation.
The Africa Finance Corporation (AFC), he said has achieved remarkable milestones, including doubling AFC’s membership to 42 nations, tripling investments to $13.2 billion, and overseeing the continent’s largest renewable energy acquisition.
He noted that AFC’s total assets have grown from $4.1 billion to $12.3 billion, and total comprehensive income has risen to $327 million, despite challenges such as COVID-19 and the Russia-Ukraine conflict.
He announced that under Zubairu’s leadership, the AFC has earned numerous accolades, including Local Impact Champion at the 2023 Africa CEO Forum Awards, Equity Deal of the Year for the Infinity Energy Equity Investment and Lekela Power Acquisition at the African Banker Awards, and DFI of the Year for Europe & Africa at the Infrastructure Journal Global Awards. He was also honored as African CEO of the Year at the Asia One Magazine Awards for his visionary leadership.
