The African Finance Corporation (AFC) is intensifying its efforts to revive Nigeria’s textile industry, aiming to transform the sector and create substantial employment opportunities.
AFC’s president, Samaila Zubairu said this at the AfreximBank Annual General Meeting, held on Wednesday in Abuja.
The AFC president said the corporation initially partnered with ARISE Integrated Industrial Platforms (ARISE IIP) as lenders before becoming equity partners.
The AFC boss said the corporation is seeking to deepen collaboration to drive industrial growth across Africa, with particular focus on Nigeria.
“We are finding ways to strengthen that partnership and to do more across the continent, especially here in Nigeria, where we have a new ambition of trying to transform the textile sector in the country,” the AFC leader stated.
He emphasised the corporation’s ambition to leave a stronger economic legacy for future generations.
The AFC boss said, “Again, we are focused on how to create more jobs because we believe jobs are the most important parameters of success for growing economies. So, the more jobs we can create together, the better a future we can leave for the next generation.
“This partnership extends beyond collaboration. It demonstrates a shared mission to realize the Africa we want.”
Zubairu noted that the AFC, alongside AfreximBank and other partners, is building the Kano-Maradi rail line, the African Medical Center of Excellence, strengthening regional integration and activating the promise of the AFCTA.
He said, “More importantly, we are focused on one of the most important things that would turn around our future and prosperity on the continent.
“We are together building transformational projects that will move and transform Africa’s commodities and produce the finished and processed goods for use within the continent and outside the continent.
The AFC president appealed to governments and private sector players to support African multilateral institution in their efforts to develop the region.
He said, “I call on all of you to work with African financial institutions to ensure that we remain resilient and that we work together to strengthen African financial institutions and not join the fray in attempts to weaken African multilateral financial institutions.
“And we do that by really respecting the laws of our respective countries, where we have already empowered these institutions with the amenities and privileges that are required for them to continue to de-risk opportunities in their domestic territories and to mobilize capital at scale for development within the continent.
“Africa’s propriety demands that we invest in our own resilience. This we rely on through our institutions, and we must act with urgency and unity in shaping our economic destiny. This is the purpose of AMFI.”
According to him, Africa has over $405bn in pensions, mainly in South Africa, Nigeria, Morocco, Egypt, Kenya, and several other countries.
Also, he noted that the continent has over $314bn in insurance assets and over $150bn with the sovereign wealth funds.