Business

Afreximbank earmarks $500m to support Nigerian manufacturers

Capacity utilisation in the real sector is set to receive a boost as the Africa Export-Import Bank (Afreximbank) has annonced plans to inject $500 million from its Nigeria-Africa Trade and Investment Promotion Programme to supportmanufacturers in taking advantage of the opportunities offered by the African Continental Free Trade Area (AFCFTA) agreement.

The President of the Bank, Prof. Benedict Oramah, made the disclosure in Lagos while speaking at the annual lecture and presidential luncheon for the 47th Annual General Meeting of the Manufacturers Association of Nigeria (MAN).

He explained that, the facility would support Nigerian manufacturers to expand trading in their products into, and to source raw materials from other African countries.

According to him, the initiative would, also support them to adjust to any difficulty that might arise due to the implementation of the AfCFTA agreement, adding that Afreximbank officials would meet with representatives of MAN to work out the implementation modalities, terms and conditions for the facility.

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Oramah further noted that the opportunity for African manufacturers under the AfCFTA was phenomenal and that intra-regional trade in manufacturing could rise to more than $150 billion by 2022 as a result of the implementation of the agreement.

By 2022, AfCFTA is 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. he added


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