The African Export-Import Bank (Afreximbank) said weekend it has approved $17 billion financing for Nigerian entities between its commencement of operations in 1994 and last December.
Dr. Benedict Oramah, President of the bank, stated this when he led an Afreximbank delegation on a visit to President Muhammadu Buhari in Abuja.
Oramah said the bank’s facilities had made major impact on critical sectors of the Nigerian economy and that the bank had loans outstanding of about $3.5 billion in Nigeria as at December 31, 2017.
He identified the sectors benefiting from the bank’s facilities to include financial institutions, transport, hospitality, manufacturing, agro-allied, oil and gas, power, and telecommunications.
The President said, ‘‘Afreximbank’s support to Nigeria had included provision of liquidity and trade finance lines of more than $800 million during the banking consolidation when many international banks cut credit lines to the country and the provision of $1.8 billion to support the economy during the recent oil price shock in 2015-2016.
‘‘The bank’s current initiatives in Nigeria include the development of testing and inspection centres across the country, in collaboration with the Standards Organization of Nigeria, SON; establishment of a Centre of Excellence for Tertiary Healthcare/Medical Park; and potential participation in the Nigeria SEZ Investment Company Ltd being promoted by the government.
”They also include support for industrial projects through loans to strategic banks; arrangement and disbursal of $750 million to the Bank of Industry in June; provision of trade and letter of credit lines to all Nigerian banks, in close coordination with Central Bank of Nigeria, in order to ensure access to trade finance; and development of an Afreximbank Africa Trade Centre in Abuja.
‘‘The bank is willing to work with the government to arrange financing of up to $1 billion to support the government’s investments in trade enabling infrastructure.’’
He invited President Buhari and the federal government to attend the Afreximbank Annual Meetings scheduled to take place in Abuja from July 11-14.
Dr. Oramah also informed President Buhari that Afreximbank was organising the Intra-African Trade Fair in Cairo from December 11 to 17 to promote trade among African countries.
He said, ”The trade fair’s being promoted in collaboration with the African Union and the Egyptian government and will be the continent’s single largest trade fair and the first of its kind.
‘‘ It will feature a seven-day trade show where Nigerian businesses could join others to showcase their capital goods and service offerings to a large market, including private sector and government institutions from up to 55 African countries.’’
Responding, President Buhari thanked Dr. Oramah for the visit and commended Afreximbank for its support to the Nigerian economy as well as its work in promoting African trade.
He urged the bank to provide more support to Nigeria’s agriculture sector as a way of boosting jobs and facilitating trade.
