The African Export-Import Bank (Afreximbank) has signed an agreement with the Nigerian Export Promotion Council and the Nigerian Export-Import Bank (NEXIM), launching a $1-billion Nigeria-Africa Trade and Investment Promotion Programme (NATIPP) aimed at promoting and expanding trade and investments between Nigeria and the rest of Africa.
In a second signing ceremony, Afreximbank entered into a Memorandum of Understanding (MoU) with the Nigerian Ministry of Industry, Trade and Investment to jointly develop industrial parks and special economic zones worth $1.235 billion in Nigeria, bring the total amount approved to $2.235 billion.
The signing ceremonies, which took place during the Nigeria Day at the ongoing inaugural Intra-African Trade Fair (IATF) inCairo, Egypt, was witnessed by the Nigerian Vice President, Prof. Yemi Osinbajo, who led the Nigerian delegation to the trade fair.
President of Afreximbank, Prof. Benedict Oramah signed the NATIPP agreement on behalf of the Bank while Segun Awolowo, Chief Executive Officer of NEPC and Abubakar Bello, Managing Director of NEXIM, signed on behalf of their two organisations.
Afreximbank President Prof. Benedict Oramah (2nd left), Segun Awolowo, Chief Executive Officer of NEPC (1st left), and Abubakar Bello, Managing Director of NEXIM (3rd left), joined by Dr. Okechukwu Enelamah, Minister of Industry, Trade and Investment of Nigeria, during the exchange of documents following the signing of the NATIPP agreement in Cairo on Thursday….. Under the terms of the programme, Afreximbank will work NEPC and NEXIM to identify, prepare and appraise trade transactions and projects; explore co-financing and risk-sharing opportunities; and share knowledge, with particular emphasis on intra-African trade matters, through technical cooperation, staff exchange, research and joint events.
Kanayo Awani, Managing Director of the Intra-African Trade Initiative at Afreximbank, signed the memorandum of understanding on behalf of the Bank while Femi Edun, Special Adviser to the Minister of Industry, Trade and Investment, signed on behalf of the Ministry.
Both NATIPP and the memorandum of understanding with the Ministry of Industry, Trade and investment are being implemented in pursuance of Afreximbank’s strategy, IMPACT 2021: AFRICA TRANSFORMED, which prioritizes intra-African trade, industrialization and export manufacturing.
The IATF, which opened on Tuesday, is organized by Afreximbank, in collaboration with the African Union, and hosted by the Government of Egypt. It will last until 17 December and is expected to attract about 70,000 visitors.
Transactions worth about $25 billion are expected to be concluded at the IATF which has almost 1,100 registered exhibitors from 42 countries.
Mathew Dadiya, Abuja
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behaviour or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
