Afreximbank set aside $500 million, Nigerian Manufacturers

By Abdul Rahman Suagibu –

Photo Credit: Afreximbank

NEW AFRICA BUSINESS NEWS, Freetown, Sierra Leone- Making proper utilization of capacity building, the Africa Export-Import Bank (Afreximbank) has proclaimed plans to pump $500 million from its Nigeria-Africa Trade and Investment Promotion Programme to support manufacturers offered by the African Continental Free Trade Area (AfCFTA) agreement.

The President of the Bank-Prof. Benedict Oramah made this revelation in Lagos, while speaking at the annual lecture and Presidential luncheon for the 4^th Annual General Meeting of the Manfacturers Association of Nigeria (MAN). He expounded that, the facility would give aid to the Nigerian Manufacturers to expand trading in their products into and also to source raw materials from other African countries.

He added that, the initiative would also help them to improve on any difficulty that might arise, due to the implementation of the AfCFTA agreement, adding that, Afreximbank officials would meet with representatives of MAN to work out the implementation modalities, terms and conditions for the facility.

According to Oramah, under the AfCFTA intra-regional trade in manufacturing could rise to more than $150 billion by 2022 as a result of the implementation of the agreement.

By 2022, AfCFTA is expected to bring the share of intra-African trade from current levels of about 16% to 22% bringing total intra-African trade to about $250 billion dollars from about $160 billion. He added.

For New Africa Business News Abdul Rahman Suagibu Reports,  Africa Correspondent

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