Afreximbank restates commitment to AfCFTA implementation

The Regional Chief Operating Officer of the African Export-Import Bank (Afreximbank), Eric Monchu Intong, has reiterated the bank’s commitment to the full implementation of the African Continental Free Trade Area [AfCFTA] as it remains the guaranteed strategy for the continent to propel economic recovery.

Intong, who is also the bank’s Chief Operating Officer, Anglophone West Africa, disclosed that given the commitment, Afreximbank recently launched a $1 billion adjustment facility as mandated by the African Union to enable States and the private sector to adapt to new trading environment established under the AfCFTA.

He stated this yesterday, in his remarks at the five-day  ITC/Afreximbank/NEPC project b972 National Workshop in Abuja.

According to him, we expect the development of regional value chains and local manufacturing capacities in pharmaceuticals and medical equipment, automotive sector, among others.

He stressed that the AfCFTA is projected to usher in a new era with the potential to catalyse intra-African trade that will witness the greater exchange of value-added products which would significantly contribute to accelerating Africa’s development and structural transformation.

In a keynote address, the Executive Director of the Nigerian Export Promotion Council (NEPC) Olusegun Awolowo, said that the objective of the workshop is to enhance skills and transfer knowledge required and to expose Nigerian exporting companies to the AfCFTA.

According to him, a total of 203 participants benefitted from the ”Developing your African Market” course/module, 198 benefitted from the ”Intra-African trade” course, and 98 benefitted from the ”Market Access conditions’ course respectively.