Nigeria’s industrial parks get $1.2bn deal from Afreximbank
Abuja, Dec 15, 2018 (AltAfrica)-To promote and expand trade and investments between Nigeria and the rest of Africa, the African Export-Import Bank (Afreximbank) on Friday signed an agreement with the Nigerian Export Promotion Council and the Nigerian Export-Import Bank (NEXIM).
The deal followed the launching of a $1 billion Nigeria-Africa Trade and Investment Promotion Programme (NATIPP) between the two entities.
The bank also signed another memorandum of understanding with the Federal Ministry of Industry, Trade and Investment to jointly develop industrial parks and special economic zones valued at about $1.235 bn in Nigeria.
The two investment deals were sealed during the Nigeria Day at the ongoing inaugural Intra-African Trade Fair (IATF) in Cairo, Egypt.
The Vice President, Yemi Osinbajo, who led the Nigerian delegation to the trade fair, witnessed the agreement signing.
President of Afreximbank, Benedict Oramah, signed the NATIPP agreement on behalf of the bank, while the Chief Executive Officer of NEPC, Segun Awolowo, and the Managing Director of the Nigerian Export-Import Bank (NEXIM), Abubakar Bello, represented their organisations.
Under the terms of the programme, Afreximbank will work with NEPC and NEXIM to identify, prepare and appraise trade transactions and projects.
The bank will also explore co-financing and risk-sharing opportunities and share knowledge on intra-African trade matters, through technical cooperation, staff exchange, research and joint events.
The Managing Director of the Intra-African Trade Initiative at Afreximbank, Kanayo Awani, signed the agreement on behalf of the bank, while Special Adviser to the Minister of Industry, Trade and Investment, Femi Edun, represented the Ministry.
Both NATIPP and the MoUs with the ministry are being implemented pursuant to Afreximbank’s strategy, IMPACT 2021: AFRICA TRANSFORMED, which prioritises intra-African trade, industrialisation and export manufacturing.
The IATF, hosted by the Egyptian government, is organised by Afreximbank, in collaboration with the African Union.
The fair, which opened last Tuesday, will last until next Tuesday, December 17, with about 70,000 visitors expected to attend.
A statement sent to PREMIUM TIMES by the bank’s spokesperson, Obi Emekekwe, said transactions worth about $25 billion are expected to be concluded at the IATF which has almost 1,100 registered exhibitors from 42 countries.