Economy

AFREXIMBANK sites industrial parks, world-class hospital in Nigeria

Speaking yesterday at a briefing in Abuja, the president of the bank, Dr Okey Oramah, said the bank intervened in various sectors of Nigeria's economy to the tune of $16 billion (about N4.8 trillion) since inception. As of today it has total asset of $15 billion.

According to him, Nigeria remains a very important shareholder of Afreximbank and also the highest beneficiary of its funds.

According to Oramah, the bank had a new strategy in Nigeria called "Impact 2021 African transformed" which was inaugurated in January.

Listing some areas of intervention, Oramah said it was the first to support the Lagos mass transit project, pioneered the financing of a local content project.

In this case, Afreximbank, he said, is in the process of developing an intra-African trade platform, a kind of clearing and settlement platform.

Afreximbank includes trade in goods and services between Africa and Africans in the Diaspora within its definition of intra-African trade.

He said the bank was making efforts to promote export trading companies across Africa, as well as develop a regulatory framework for those companies. Most banks in Nigeria have lines of credit from us.

The bank hopes to encourage intra-African trade by supporting the development of continental supply chains and export manufacturing capacity.

According to the president, the biggest problem in trade financing today is the withdrawal of worldwide banks because of compliance risk.

African Export-Import Bank (Afreximbank) says its has invested over $16 billion in Nigeria to supported hard and inpactful transactions.

The centre of excellence, which is to check the huge capital flight to Europe, Asia and the United States due to the increasing medical tourism by Africans, is to be executed in collaboration with the Kings College Hospital, London.

Oramah said the bank has big plans for Nigeria, especially in the industrialization drive, the tourism sector, agriculture, and electricity power sector.

This, he explained would reduce the cost of medical treatment for and help save scarce foreign exchange spent in the quest for medicare.

He said that the bank is in discussion with the federal government to establish two Industrial Parks and Export Promotion Zones with a view to creating opportunities for Small and Medium Enterprises (SMEs) to thrive in the country.

The News Agency of Nigeria (NAN) reports that Afrexim bank was established to help restart global trade and diversify intra-African trade across the continent.



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