Afreximbank to recruit 250,000 workers in Nigeria

Afreximbank plans to recruit 250,000 workers in Nigeria with the development of a large integrated textile facility.

Outgoing President and Chairman of the Board of Directors, Prof. Benedict Oramah, disclosed this during his closing speech on Friday at the Afreximbank 32nd Annual Meetings.

The project, expected to break ground in July, is part of a $5 billion partnership with Arise IIP and Swiss textile equipment giant Reitter.

The facility will produce 350,000 tonnes of garments per year and save Nigeria $4.7 billion in imports.

The project is expected to create 250,000 jobs and boost the Nigerian cotton industry.

Afreximbank’s investments since 2011 have aggregated to about $2 billion, transforming the economic landscape of beneficiary countries.
A Special Agro-Industrial Zone is being developed in Nigeria and will be opened later in the year.

The goal is to create industrial estates in Africa, boosting SME growth, job creation, and trade in value-added products.

The partnership with Arise IIP and Reitter aims to drive economic transformation and reduce dependence on commodity exports.

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