Access Bank, Afreximbank Seal Deal to Support Projects in Lagos State with $1.352bn

Access Bank Plc has entered into an agreement with the African Export-Import Bank (Afreximbank) to support and finance key trade-enabling projects in Lagos State to the tune of $1.352 billion.

Some of the legacy projects highlighted in the collaboration include the Fourth Mainland Bridge, the second phase of the Blue Line Rail, the Omu Creek Project, Lekki-Epe International Airport, and the Lagos Food Systems and Logistics Hub in Epe.

A statement from the bank yesterday, explained that the signing ceremony, which took place on the sidelines of the ongoing 2023 AfriCaribbean Trade and Investment Forum in Georgetown, Guyana, had in attendance key delegates including the Executive Governor of Lagos State, Babajide Sanwo-Olu; Group Chief Executive Officer of Access Holdings Plc, Herbert Wigwe, and President and Chairman of the Board of Directors, Afreximbank, Benedict Oramah, among others.

Commenting on the agreement, Wigwe said: “This landmark agreement underscores our commitment to fostering economic growth in Lagos, with a broader view to increase the continent’s trade potential. “Through our strategic collaboration with Afreximbank, we are poised to drive more inter-African and intra-African trade and investment, creating a brighter future for all.

“In addition to supporting infrastructure, we will also be aiming to improve the levels of food sufficiency in Lagos as well as upscaling the volume of the State’s Internally Generated Revenue (IGR) in order to spur the growth in its GDP and achieve widescale economic resilience.

“Across the Access Group, we will continue to make deliberate effort towards championing sustainable initiatives that will change the global narrative about Africa and Africans.”

On his part, Oramah said, “Afreximbank’s partnership with Access Bank to support Lagos State in executing these critical projects is part of our strategy for the African Sub-Sovereign Governments Network.

“The Network serves as yet another ingenious strategic initiative aimed at firmly establishing an intra-continental trade investment development frontier as it is only through supporting and strengthening trade and investment initiatives at such deeper levels of citizen administration, that Africa be able to fully realise the potential value of its much vaunted 1.3 billion population as a captivating common market for goods and services under AfCFTA.”

Working with the AfCFTA Secretariat and the AU, Afreximbank is setting up a US$10 billion Adjustment Fund to support countries to effectively participate in the AfCFTA. At the end of 2022, Afreximbank’s total assets and guarantees stood at over $31 billion, and its shareholder funds amounted to $5.2 billion.