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.



Like this

loading...
loading...

Latest


09 November 2017
Donald Trump seeking $4bn for missile defence to counter North Korea threat
Multiple American officials have confirmed the planned event to Reuters. Kim has called Trump a "mentally deranged US dotard".

09 November 2017
Duterte cancels project in disputed islands after China pressure
In 2016 the Permanent Court of Arbitration in The Hague invalidated nearly all of Beijing's claims in the South China Sea. The strategic waterway sees about $5 trillion (€2.59 trillion) worth of shipping pass through it every year.

09 November 2017
Luke Skywalker's Backstory Before Star Wars: The Last Jedi Doesn't Matter
Thanks to a Japanese toy site via CinemaBlend , we have our first look at a nest of Porglets. Star Wars: The Last Jedi is set for release on December 15, 2017.

09 November 2017
Woman charged after allegedly burning roommate's ferret in oven
Police arrested a woman accused of putting her roommate's ferret inside an oven and turning it on, burning the animal alive. She is being held in custody on $10,000 bail. "It was just devastating", Cara Murray said as tears ran down her face.

09 November 2017
Post-demonetisation, CBI registers 77 cases
He said chargesheets have been filed in 12 cases and regular departmental action has also been recommended in a few cases. CBI Director Alok Kumar Verma had asked the agency's officers to give top priority to demonetisation-related cases, Mr.

09 November 2017
Lebanon Speaker: Government still stands after PM quit
Before Saturday's resignation, he had led a 30-member government that included Hezbollah. Nasrallah concluded his remarks by saying Hezbollah will never be "pressured".

09 November 2017
Precision Drilling Corporation (NYSE:PDS) closed with a change of -3.83%
Finally, Deutsche Bank AG initiated coverage on Precision Drilling Corporation in a research report on Tuesday, October 10th. The business had revenue of $314.50 million during the quarter, compared to the consensus estimate of $320.36 million.

09 November 2017
Argyle Capital Management Inc. Increases Holdings in McKesson Corporation (MCK)
McKesson Corporation (McKesson) is engaged in delivering pharmaceuticals, medical supplies and healthcare information technology. Argyle Capital Management Inc.'s holdings in McKesson Corporation were worth $2,922,000 at the end of the most recent quarter.

09 November 2017
5 killed as terrorists barge into Afghan TV station in Kabul
A year ago seven members of staff from the private Tolo television station were killed in a Taliban suicide bombing in Kabul . It took three hours of gunfighting to rescue scores of journalists and media workers with the two attackers being shot dead.

09 November 2017
Are Analysts Bullish Encana Corp (TSE:ECA) After Last Week?
Over a month, it has seen its stock price volatility to stay at 3.61% while shortening the period to a week, volatility was 3.49%. Encana Corporation (ECA ) has been given an average price target of $14.67 from analysts, according to data collected by Finviz.