The African Export-Import Bank (Afreximbank) says it will allocate $500 million from its Nigeria-Africa Trade and Investment Promotion Programme to support Nigerian manufacturers.
Benedict Oramah, Afreximbank president, made this known on Tuesday while speaking at the annual lecture which was part of the 47th annual general meeting of the Manufacturers Association of Nigeria (MAN).
Oramah said the allocation will be used to help Nigerian manufacturers take advantage of the opportunities offered by the African Continental Free Trade Area (AFCFTA) agreement.
“It would also support them to adjust to any difficulties that might arise due to the implementation of the AfCFTA agreement, he continued, adding that Afreximbank officials would meet with representatives of MAN to work out the implementation modalities, terms and conditions for the facility,” a statement released by the bank’s communications team read.
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“By 2022, the AfCFTA was expected to bring the share of intra-African trade from current levels of about 16 per cent to 22 per cent, bringing total intra-African trade to about $250 billion dollars, from about $160 billion.
“The preferences that the AfCFTA offers can make Nigerian manufactured goods more competitive in many African markets and can also make it possible to achieve integration into regional and global supply chains.”
The Afreximbank boss recommended that labour-intensive light manufacturing should be prioritised so that Nigeria’s most abundant resource, its population, can be put to effective use.
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