Nigeria, AFREXIM Bank sign $1bn facility for export promotion programme

December 15, 2018
The Federal Government and African Export-Import Bank (AFREXIM) has signed a $1 billion facility
export promotion programme, to Target an acceleration of Nigeria’s non-oil export within Africa. The facility comes  with a total projection of $25 billion inflow within a short period of time.At the signing of the Memorandum of Understanding (MoU) at the ongoing Intra-African trade fair in Cairo, Egypt on Thursday, December 13, 2018, the Vice President of Nigeria, Prof. Yemi Osinbajo said ‘I think we will arrive at a very successful establishment of the  African Common Market, because I think it is good for African trade”.

Osinbajo stated that “the inter-State trade in Africa is 10%, while 90% is done with countries outside Africa. There is no reason why we should not increase the inter-State trade on this continent. This is why  this First intra African trade fair  is an extra special event. It is the beginning of the coming to pass of one of Africa’s favorite dreams, Increasing Intra  African trade, trade between and among ourselves in pragmatic and sustainable ways”.

He reaffirmed that for the Continent to progress economically, “and for us to live our dreams and the hopes and aspirations of our   founding fathers    we must commend and thank  the African Union,  and Afrexim Bank  for organizing , and  the Government and people of Egypt for hosting this s trade fair and the excellent facilities that have been placed at our disposal”.

“Therefore, it is with great pride that we celebrate the dreams of Sir Abubakar Tafawa Balewa and all of the fathers of our continent as we take part in the first ever intra-African Trade fair.

“Nigeria places a high premium on the economic integration of the Continent and recognizes trade as a veritable tool ‘towards the Africa we all want’: an industrialized, prosperous and peaceful Africa where we generate enough opportunities to accommodate the growing numbers of our peoples.