$1.35 Billion endorsed by Access Bank Plc with the African Export-Import Bank to finance Trade projects in Lagos State
By Abdul Rahman Bangura-
NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone- A modicum of the legacy projects accentuated in the alliance comprises the Fourth Mainland Bridge, the second phase of the Blue Line Rail, the Omu Creek Project, Lekki-Epe International Airport, and the Lagos Food Systems and Logistics Hub in Epe.
The signing ceremony, which was carried on the sidelines of the ongoing 2023 Afri-Caribbean Trade and Investment Forum in Georgetown, Guyana, had in attendance key diplomats comprising the Executive Governor of Lagos State, Babajide Sanwo-Olu; Group Chief Executive Officer of Access Holdings Plc, Herbert Wigwe, and President and Chairman of the Board of Directors, Afreximbank, Benedict Oramah, amongst others, a statement from the bank disclosed.
Wigwe said: “This landmark agreement underscores our commitment to fostering economic growth in Lagos, with a broader view to increase the Mainland’s trade potential. “Through our strategic collaboration with Afreximbank, we are poised to drive more inter-African and intra-African trade and investment, creating a brighter future for all.
“In addition to supporting infrastructure, we will also be aiming to improve the levels of food sufficiency in Lagos as well as upscaling the volume of the State’s Internally Generated Revenue (IGR) to spur the growth in its GDP and achieve wide-scale economic resilience.
“Across the Access Group, we will continue to make delivery rate effort towards championing sustainable initiatives that will change the global narrative about Africa and Africans.”
Oramah said, “Afreximbank’s partnership with Access Bank to support Lagos State in executing these critical projects is part of our strategy for the African Sub-Sovereign Governments Network.
“The Network serves as yet another ingenious strategic initiative aimed at firmly establishing an Intra-continental trade investment development frontier as it is only through efforts supporting and strengthening trade and investment initiatives at such deeper levels of citizen administration, that Africa be able to fully realize the potential value of its much-vaunted 1.3 billion population as a captivating common market for goods and services under AfCFTA.”
Working with the AfCFTA Secretariat and the AU, Afreximbank is setting up a $10 billion Adjustment Fund to support countries to virtually participate in the AfCFTA. At the end of 2022, Afreximbank’s full assets and guarantees were placed at over $31 billion, and its shareholder funds amounted to $5.2 billion.
For New Africa Business News (NABN) Abdul Rahman Bangura Reports, Africa Correspondent