Nigeria To Get AFREXIM Bank’s 9 Trillion Naira Grant
Cairo based international lender, African Export-Import Bank, Afreximbank has been having its 2018 annual meeting in Abuja over the past week.
During the meeting, series of loan disbursements and partnerships were announced.
Part of the loan scheme still in the pipeline is the plans by the bank to support Nigeria and a number of other African countries with $25 billion, about 9 trillion naira within the next three years.
Afreximbank’s president, Dr Benedict Oranma, disclosed this during an interview with newsmen on the sidelines of Abuja meeting.
He said following the move by the continent to implement the African Continent Free Trade Agreement, the bank would invest more in order to promote trade and investment on the continent and support more businesses to grow.
The African Continent Free Trade Agreement is expected to increase intra-African trade by 52.3% from the current 19%.
Already, 44 out of the 55 African countries had endorsed the agreement which would enable them to form a $3 trillion naira continental free-trade zone, encompassing 1.2 billion people.
The CFTA identifies seven priority action clusters for its implementation. They are trade policy, trade facilitation, productive capacity, trade-related infrastructure, trade finance, trade information, and factor market integration.
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