Jean-Arsène Yerima, Regional Chief Operating Officer for Francophone West Africa at Afreximbank, sets out the bank’s strategy to fast-track industrialization across the continent. He details the role of industrial zones, public-private partnerships, skills development, and targeted financing for export-oriented SMEs.

Ecofin Agency: Mr. Yerima, Africa is rich in raw materials, yet the long-standing pattern of exporting commodities and importing finished goods persists. Beyond political rhetoric, what concrete financial or structural mechanisms are in place today that could realistically break this cycle, given that past efforts have fallen short?

Jean-Arsène Yerima:   Under its sixth strategic plan, IMPACT 2026: Extending the Frontiers, which focuses on expanding and diversifying intra-African trade, industrialisation and export promotion, Afreximbank is delivering financing and structural programmes to support the development of industrial zones and strengthen the continent’s industrial base.

Through its Intra-Africa Champions and Engineering, Procurement and Construction programmes, Afreximbank supports established African firms in expanding into other markets across the continent

These initiatives aim to position Africa as an industrial hub capable of adding value to its raw materials and increasing export revenues from higher-value products.

Through this strategy, Afreximbank is strengthening production capacity in agriculture and natural resources, building processing value chains based on the comparative advantages of each economic region, and investing in the infrastructure needed to facilitate both intra-African and international trade. This includes industrial parks and special economic zones, transport and digital infrastructure such as roads, railways, airports and internet connectivity, as well as quality assurance systems to raise production standards.

The strategy also includes skills development and knowledge transfer. Through its Intra-Africa Champions and Engineering, Procurement and Construction programmes, Afreximbank supports established African firms in expanding into other markets across the continent, thereby strengthening local expertise.

Ecofin Agency: For many years, African governments have tried to attract industry mainly through tax incentives or low-cost land, with mixed results. You appear to advocate for a different public–private partnership model, one built around risk-sharing. How does this approach differ from the traditional arrangement in which the state acts as landlord and the private sector as tenant?

Jean-Arsène Yerima:  Following a review of trade flows across the continent, Afreximbank identified several structural weaknesses that directly constrain the expansion of intra-African trade. These include the lack of harmonised trade information and practices, a limited industrial base capable of processing the continent’s resources, inadequate trade-supporting infrastructure such as transport networks, energy, logistics and customs capacity, as well as barriers to market entry.

Historically, governments also assumed excessive responsibility for the development of industrial projects, often at the expense of their core social mandates, and in many cases lacked the technical capacity to manage these projects effectively.

The public–private partnership model promoted by Afreximbank is built on a clear delineation of responsibilities, ensuring that each party operates within its area of expertise.

The public–private partnership model promoted by Afreximbank is built on a clear delineation of responsibilities, ensuring that each party operates within its area of expertise. Beyond risk-sharing, the bank also plays a role in structuring Public-Private Partnership (PPP) financing through measures such as expanding upstream production capacity in agriculture and natural resources to supply industrial zones; supporting the development of industrial parks led by African operators to strengthen skills transfer and capacity-building; ensuring appropriate distribution channels and market access for goods produced in these zones; facilitating the harmonisation of customs regulations to ease trade flows; and investing in skills development.

Ecofin Agency: Your institution closely monitors developments in West Africa, particularly in Benin, including the GDIZ. What concrete lessons does this project offer in terms of speed of execution and its impact on the trade balance, compared with more traditional industrial projects the region has seen?

Jean-Arsène Yerima: The Glo-Djigbé Industrial Zone (GDIZ) is a market-oriented public-private partnership that has enabled the Government of Benin to implement an innovative partnership model based on an equitable contribution from each party.

At the sovereign level, the government created an enabling environment, allocated the land required for the project and secured the necessary approvals. On the industrial and technical side, ARISE IIP contributed its expertise in the development and management of industrial zones, while Afreximbank structured and financed the project, including through long-term structured financing and equity participation via its dedicated subsidiary, the Fund for Export Development in Africa (FEDA).

This market-driven PPP has provided Benin with internationally standardised infrastructure under an integrated management model that secures commercial outlets, without placing non-sovereign operational obligations on the state.

In addition, Afreximbank supports exports from the zone through dedicated trade finance solutions that enable companies operating there to access international markets.

The economic impact is reflected in higher export revenues from value-added products, increased fiscal revenues and job creation. To date, more than 12,000 jobs have been created, with projections reaching up to 60,000 by 2030. In addition, Afreximbank supports exports from the zone through dedicated trade finance solutions that enable companies operating there to access international markets.

Ecofin Agency: One of the main constraints on Africa’s industrialisation remains the infrastructure deficit and market fragmentation, which make production costs less competitive than in Asia. How does the creation of integrated industrial ecosystems, such as special economic zones, help overcome these logistical and energy constraints?

Jean-Arsène Yerima:  Through our industrial zone development initiative, implemented with our industrialisation partner, ARISE IIP and several African governments, Afreximbank is already addressing part of these structural constraints. The objective is to help the continent better leverage its agricultural, natural and mineral resources while reducing reliance on imported finished goods.

Afreximbank and its partners also advocate for the harmonisation of customs legislation, the development of trade-related skills under the African Continental Free Trade Area, and the alignment of African trade standards with World Trade Organization rules. These initiatives are intended to narrow Africa’s industrialisation gap relative to other regions.

In parallel, the bank supports the development of enabling infrastructure and trade-support solutions, including quality control centres and cross-border guarantee mechanisms. Examples include the African Quality Assurance Centre, developed in partnership with Bureau Veritas in Nigeria and expected to expand to other countries, as well as cross-border guarantee schemes in East Africa.

 Afreximbank provides a wide range of financing solutions for infrastructure and energy projects, which are critical to both intra-African and international trade

More broadly, Afreximbank provides a wide range of financing solutions for infrastructure and energy projects, which are critical to both intra-African and international trade. These include project preparation facilities to bring major infrastructure projects to bankability, direct financing, syndications, risk-sharing instruments, advisory services, and financing for electric mobility through its subsidiary, the Fund for Export Development in Africa.

Ecofin Agency: Industrialisation is not just about factories; it is also about people and skills. How can these zones avoid becoming isolated enclaves and instead drive real skills transfer and local capacity-building?

Jean-Arsène Yerima:  Afreximbank has identified skills gap as a key constraint on industrialisation and export development in Africa. In response, the bank has launched a range of initiatives aimed at transferring expertise to local operators, upgrading existing capabilities and developing new skills.

Its Engineering, Procurement and Construction and Intra-Africa Champions programmes are concrete examples of this approach. Through these initiatives, the bank identifies capable African firms and supports their expansion into new markets, helping them create greater value while strengthening host markets. This includes improving infrastructure quality, training subcontractors and building local capacity.

Ecofin Agency:  With your investment portfolio in these projects now amounting to several billion dollars, what does this say about the viability of this model for international private investors who still consider Africa a high-risk market?

Jean-Arsène Yerima:  Beyond structuring PPP financing, Afreximbank works upstream to accelerate project preparation and bring projects to bankability. In partnership with other African development finance institutions, the bank promotes a Project Preparation Facility that helps high-value projects complete feasibility studies and secure implementation financing.

Afreximbank supports export-oriented Small and Medium Enterprises (SMEs) through credit lines, export pre-financing and factoring solutions to improve access to finance. This financial support is complemented by capacity-building initiatives, including training programmes on export standards and compliance requirements.

By structuring feasibility study costs so they can be repaid through the project’s eventual financing, the facility reduces the upfront burden on governments and expands the pipeline of viable PPP projects across the continent.

At the same time, Afreximbank supports export-oriented Small and Medium Enterprises (SMEs) through credit lines, export pre-financing and factoring solutions to improve access to finance. This financial support is complemented by capacity-building initiatives, including training programmes on export standards and compliance requirements.

The bank also promotes intra-African trade through dedicated platforms, notably the biennial Intra-African Trade Fair, which connects African SMEs to regional and international markets and facilitates commercial partnerships.

Interview by Idriss Linge