Over 100,000 Nigerians Benefit From Credit Scheme as Tinubu Highlights $52 Billion Support from Afreximbank

President Bola Tinubu announced that over 100,000 Nigerians have accessed the national consumer credit scheme, with an additional 400,000 set to benefit soon. Speaking at the 32nd Annual Meetings of Afreximbank in Abuja, Tinubu highlighted major strides in economic reform, infrastructure, healthcare, education, and digital inclusion.
He also honoured Afreximbank President Prof. Benedict Oramah with the national title of Grand Commander of the Order of the Niger (GCON), praising his decade-long leadership and transformative contributions to Africa's development.
Tinubu revealed that Nigeria has received over $52 billion in Afreximbank support, funding key sectors like energy, healthcare, agriculture, and manufacturing. Flagship projects include the Dangote and BUA refineries, the Africa Medical Centre of Excellence, and the upcoming $3.5 billion Bakassi Deep Seaport.
He also announced the launch of the Africa Energy Bank in Abuja, with $5 billion in capital to support Africa’s energy transition, and outlined Nigeria’s plan to become the continent’s fertiliser hub, producing 7.5 million tonnes annually.
On reforms, Tinubu cited the removal of fuel subsidies, exchange rate unification, and tax reforms as necessary moves for stability. He noted that GDP grew by 3.4% in 2024, oil output rebounded, inflation eased, and debt servicing fell to below 65% of revenue.
Urging stronger intra-African trade and adoption of the Pan-African Payment and Settlement System (PAPSS), Tinubu called for deeper integration between governments and private sectors to accelerate regional growth and empower youth and entrepreneurs.
Former African leaders and top government officials attended the event, where Prof. Oramah projected Afreximbank's growth to $250 billion in the next decade, following strong reinvestment and institutional trust.