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Fri, Mar

Afreximbank To Promote Nigeria’s Intra-African Trade

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The African Export-Import Bank (Afreximbank) has inaugurated a one Billion Dollars Nigeria-Africa Trade and Investment Promotion Programme (NATIPP) to promote and expand trade and investments between Nigeria and the rest of African country.

 

While inaugurated the programme as part of the agreement made by the bank, the Nigerian Export Promotion Council (NEPC) and the Nigerian Export-Import Bank (NEXIM), Prof. Benedict Oramah,  Afreximbank’s President stressed the importance of the loan in boosting Nigeria's economy.

According to him, the Memorandum of Understanding (MoU) was signed between Afreximbank and the Nigerian Ministry of Industry, Trade and Investment who jointly developed the industrial park and special economic zones in Nigeria worth 1.235 billion dollars. The MoU was signed during the ongoing inaugural Intra-African Trade Fair (IATF) in Cairo and was witnessed by Nigerian Vice President Yemi Osinbajo.

According to Oramah,  Afreximbank will work with NEPC and NEXIM to identify, prepare and appraise trade transactions and projects in the country.

He added that the organizations would explore co-financing and risk-sharing opportunities, as well as share knowledge with particular emphasis on intra-African trade matters through technical cooperation, staff exchange, research, and other joint events. The programme which commences on 13th December 2018 is expected to span till 17th December 2018 and may attract about 70,000 participants across the globe.

According to Oramah, the programmes by the bank are being implemented in pursuance to Afreximbank’s Strategy, Impact 2021: Africa Transformed, which prioritizes intra-African trade, industrialization, and export manufacturing.

In the same vein, the Intra-African Trade Fair (IATF) attract transactions worth about 25 Billion Dollars with about 1,100 registered exhibitors from over 42 countries.

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