• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, August 29, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home News

Afreximbank moves to support Nigeria’s fuel imports, food sufficiency

Afreximbank

The Matters Press by The Matters Press
April 13, 2022
Reading Time: 2 mins read
0
Eswatini for $140m Afreximbank’s credit

Afreximbank

The African Export-Import Bank (Afreximbank) says discussions were ongoing to assist the country from the $4 billion Ukraine Crisis Adjustment Trade Financing Programme for Africa (UKAFPA) launched last month.

RELATED POSTS

‎TMSG welcomes halt in oil theft on pipelines taking crude to export terminals

‎Group dismisses Obasanjo’s labelling of Tinubu’s administration as inefficient

Tinubu succeeding where Obasanjo failed woefully, says TMSG

According to it, the move would help mitigate the impact of the food and fuel crises in Nigeria.

Prof. Benedict Oramah, President and Chairman of Afreximbank, made the disclosure at a virtual news conference on the US$4 billion UKAFPA, which was launched on April 6, 2022.

It is a programme of credit facilities that the Bank had developed to manage the impacts of the Ukraine crisis on African economies and businesses. It was launched as programmed response to an urgent call for emergency intervention by member states of the bank.

UKAFPA-compliant financing requests received from across Africa already exceeds US$15 billion.

Oramah said the bank was also expanding its support to Nigeria in the areas of fuel importation, in addition to other provisions made earlier by the bank.

He said: “Nigeria is an African Union and Afreximbank member and should be able to access the facility as a member country.

“We supported fuel import and we are expanding that because there are urgent needs. There are discussions currently going on with regards to food also. We are supporting Nigeria.

“We are living in an unprecedented time. Since two years, the world has been going through major challenges.

“The COVID-19 pandemic, which became a global challenge and crisis in the first quarter of 2020, is still raging.

“Again, early this year, the Ukraine crisis set in. The crisis was magnified by sanctions that had been placed and the fact that the war affects Ukraine in many other ways.”

According to him, Russia and Ukraine were the bread baskets of the world, producing most of the world’s wheat, corn, corn flour, and a number of food items.

” The same thing applies to agro-chemical items, especially fertiliser. Africa is very dependent in all these. Many countries in Africa import most of their wheat and fertiliser from Russia and Ukraine.

“Tourism arrivals from Russia and Ukraine support economies of many African countries. So, with the war and the sanctions that followed, all of a sudden, all these became threatened.

“So, the effect has been rising food prices and challenging economic situation. And there is indication that if this continues, the continent might run back into recession.”

He pointed out that the UKAFPA-compliant financing requests received from across Africa could reduce the risk of political crises and other social upheavals.

According to him, with the $4 billion already earmarked for the programme, the bank expects to generate up to $16 billion dollars, leveraging partnership and other intervention structures.

He said: “We use this opportunity to call on the international community to join us in this effort.

“This is really a call to action because we see, everyday, requests from companies in various countries.

“We have made our own modest contribution; we are determined to do all we can, working with partners to deal with this urgent short-term demand.

“We have good relationship with the Arab world and all the big financial institutions. We have our institutions in Africa also, which we will approach to pool resources together.

“We also get support from European institutions. We also have structures to increase our capacity to be able to get more than $4 billion,” he said.

Tags: Afreximbank
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Nigeria regains top crude oil production spot in Africa
Energy

‎TMSG welcomes halt in oil theft on pipelines taking crude to export terminals

August 28, 2025
Who is lying, Obasanjo or NAN?
News

‎Group dismisses Obasanjo’s labelling of Tinubu’s administration as inefficient

August 28, 2025
Obasanjo campaigns for AfCFTA
News

Tinubu succeeding where Obasanjo failed woefully, says TMSG

August 28, 2025
Tinubu explains mission as he marks second year in office
Economy/Technology

‎Tinubu in fresh ideas to grassroots-development using 8,809 wards initiative – TMSG ‎

August 9, 2025
Obi, PDP candidate advises Buhari to increase tempo
Economy/Technology

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

August 7, 2025
Importers face delays, higher costs on Red Sea woes
Economy/Technology

National Single Window initiative, a major step for efficient cross-border trade – TMSG

August 4, 2025
Next Post
Nigeria targets $1.2bn export capacity for every state

Non-oil products’ exports dominate campaign

Tinubu denies manipulating NASS

Decision to prosecute Tinubu

Recommended Stories

NIMASA moves against illegal fishing in Nigerian waters

NIMASA moves to install modular floating dock at Apapa Port

February 14, 2024
Telcos want Nigeria to address pricing challenges, others

Nigeria’s 3MTT, Project 774 creative initiatives of Tinubu to boost digital economy

June 30, 2024
UK to support Nigeria’s fight against terrorism financing

UK to support Nigeria’s fight against terrorism financing

February 26, 2022

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • ‎TMSG welcomes halt in oil theft on pipelines taking crude to export terminals
  • ‎Group dismisses Obasanjo’s labelling of Tinubu’s administration as inefficient
  • Tinubu succeeding where Obasanjo failed woefully, says TMSG

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us