African Export-Import Bank (Afreximbank) will collaborate with the Ogun State government to finance a fabric processing zone, supporting the transformation of raw materials into finished goods.

Speaking at his swearing-in ceremony, Afreximbank’s new President, George Elombi, emphasized that his administration will end the export of raw commodities and focus on domestic processing across Africa. He highlighted that such initiatives will drive industrialization and job creation.

Elombi revealed plans to create a high-impact financing window specifically for projects that process raw minerals into semi-finished or finished goods. The bank will also establish a strategic minerals development program covering the entire value chain, from extraction to manufacturing.

He noted that less than 20% of investments typically go to mineral extraction, while over 80% is spent on supporting infrastructure. Addressing Africa’s trade bottlenecks, Elombi outlined Afreximbank’s commitment to modernizing seaports, building highways and railways, establishing logistics hubs, and constructing transmission lines to connect power-surplus countries with those in need.

Priority will be given to infrastructure that links production centers to markets, aiming to unlock trade potential and reduce business costs.