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AFC-backed projects in Nigeria drive $10 billion forex gains

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Justice Nwafor

Justice Nwafor is an award-winning journalist covering finance, energy, climate, and economic development across the region.
  • 13 AFC-backed projects in Nigeria are expected to generate over $10bn in FX savings
  • Investments span oil refining, cement, agriculture, telecoms, and rail, with significant contributions to GDP

 

LAGOS, NIGERIA – Africa Finance Corporation (AFC) says 13 projects it has supported in Nigeria are projected to have generated more than $10 billion in foreign exchange savings through import substitution, while directly employing over 250,000 people.

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