Afreximbank inaugurates $1bn programme to promote Nigeria’s Intra-African Trade

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 Africa.

Prof. Benedict Oramah, Afreximbank’s President said this in a statement on Friday in Abuja.

Oramah inaugurated the programme as part of agreement made by the bank, the Nigerian Export Promotion Council (NEPC) and the Nigerian Export-Import Bank (NEXIM).

Afreximbank also signed a Memorandum of Understanding (MoU) with the Nigerian Ministry of Industry, Trade and Investment to jointly develop industrial parks and special economic zones in Nigeria worth 1.235 billion dollars.

The signing which took place during the Nigeria Day at the ongoing inaugural Intra-African Trade Fair (IATF) in Cairo, 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 said the organisations 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 joint events.

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

The News Agency of Nigeria (NAN) reports that the IATF, which opened on Tuesday, is organised by Afreximbank, in collaboration with the African Union, and hosted by the Government of Egypt.

It will end on Dec. 17 and is expected to attract about 70,000 visitors.

Transactions worth about 25 billion dollars are expected to be concluded at the IATF which has almost 1,100 registered exhibitors from 42 countries.