FG Woos Afreximbank, Oando to Strengthen Economic Reforms, Energy, Trade Sectors

*Nigeria, other African countries rated high in global maritime transport

Ndubuisi Francis in Abuja

The federal government has begun consultations with Afreximbank and the Oando Group, in a bid to deepen financial collaboration, support the current economic reforms and strengthen Nigeria’s energy and trade sectors.

In pursuit of these objectives, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, met with Afreximbank’s President, Benedict Oramah on the sidelines of the ongoing IMF/World Bank Annual Meetings in Washington D.C, United States of America.

During the meeting which also witnessed the presence of Oando Group’s President, Mr. Wale Tinubu, the minister highlighted the Nigerian government’s commitment to driving economic growth through strategic partnerships.

According to a statement by the Director, Information and Public Relations, Ministry of Finance, Mohammed Manga, the minister applauded Afreximbank’s pivotal role in Nigeria, particularly through initiatives like the $3 billion crude oil repayment loan with the NNPC, which has been critical in stabilising the economy and supporting fiscal reforms.

Edun stated that “the collaboration with Afreximbank is essential to our broader economic agenda,” explaining the importance of securing financial support for key sectors such as energy, infrastructure, and trade.

In his remarks, the Afreximbank’s President, Prof. Benedict Oramah, reaffirmed his bank’s commitment to Nigeria’s economic progress, while Wale Tinubu of Oando Group stressed the need for continued investment to bolster the oil and gas sector, a key revenue generator for the country.

Meanwhile, Nigeria and many African countries were adjudged to have performed well in the global maritime transport sector, according to the just-released Review of Maritime Transport 2024.

The report, published by the United Nations Trade and Development (UNCTAD) revealed that although Nigeria African countries bear the brunt of the Red Sea shipping crisis, they are making strides in port and vessel performance, trade facilitation and the clean energy transition.
Between the first half of 2018 and the first half of 2023, port calls by container ships rose by 20 per cent in Africa, while tanker calls grew by 38 per cent — both record-breaking increases for the continent.

The report explained that on vessel registration, Liberia in 2022 became the world’s largest ship register in terms of deadweight tonnage, surpassing Panama which had been in the lead for three decades.

The African nation continued to top the list in 2023, posting a 17.3 per cent share of global fleet compared to Panama’s 16.1 per cent.
Other African top performers included Cameroon at 27th place in terms of deadweight tonnage and vessel number, while Nigeria ranked 33rd, after expanding 16.2 per cent in registered deadweight.

More broadly, South-South waterways connecting Sub-Saharan Africa to other parts of the developing world, logged the highest increase (9 per cent) in its volume of globalised container trade in 2023.

The report noted that Africa is seizing opportunities in renewable energy supply chain, adding that the global transition to renewable energy sources also holds promise for Africa.

It stated that some African countries were already tapping into green hydrogen to meet their energy needs, while others look to become port hubs for green hydrogen production, storage and transport.

The African Hydrogen Partnership had identified Djibouti, Egypt, Ethiopia, Ghana, Kenya, Mauritania, Morocco, Nigeria, Tanzania, Rwanda and South Africa as potential landing zones or hubs for storing and distributing green hydrogen the report added.