• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Saturday, June 28, 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 Economy/Technology

Afreximbank unveils plans to invest $40bn in Intra-African trade

Trade

The Matters Press by The Matters Press
September 11, 2023
Reading Time: 3 mins read
0
Low trade among African countries a worrying signal

Lagos, Sept. 11, 2023: African Export Import Bank (Afreximbank) says it intends to double its financing of intra-African trade to 40 billion dollars on a revolving basis by 2026, up from 20 billion dollars in 2021.

RELATED POSTS

Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group

N1.5trn recapitalisation of Agric bank will herald food security – TMV

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

Mrs Kanayo Awani, Afreximbank’s Executive Vice President, made the disclosure at the Intra-African Trade Fair 2023 (IATF) Nigeria High Level Business Roadshow on Monday in Lagos.

The IATF2023 scheduled for November 9-15, 2023, in Egypt is organised by Afreximbank, African Union Commission and the Africa Continent Free Trade Area (AfCFTA) Secretariat.

The event is a platform for businesses to access an integrated African market of over 1.3 billion people with a Gross Domestic Product (GDP) of over 3.5 trillion dollars created under the AfCFTA.

Awani said that Afreximbank was not only spearheading the IATF to support the AfCFTA, but was also at the forefront of supporting African trade and have developed several financing and facilitation instruments to support trade and investments.

She said the bank was working with the AfCFTA Secretariat to put in place the AfCFTA Adjustment Fund to facilitate and provide support through financing, technical assistance, grants and compensation funding to AfCFTA State Parties and private enterprises.

This, she explained, would aid their adaptation and effective participation in the AfCFTA.

“The Board of Afreximbank has approved and committed one billion dollars to support the funding of the initiative and a 10 million dollars grant that will facilitate the establishment and operationalisation of the Adjustment Fund.

“We are also partnering with the AfCFTA Secretariat and AU to ensure a successful implementation of the Pan-African Payments and Settlements System (PAPSS), with the view to facilitating the payment and settlements of trade transactions in local currencies.

“This will address the challenge of currency inconvertibility and foreign exchange shortages that hamper intra-African trade,” she said.

Awani added that Afreximbank was also leveraging digitalisation through the African Trade Gateway (ATG); a digital ecosystem created to facilitate intra-African trade.

According to her, the ecosystem comprises an integrated and function-specific set of platforms that help surmount impediments to cross-border trade.

She said to facilitate the movement of goods, Afreximbank developed the Afreximbank African Collaborative Transit Guarantee Scheme to ensure seamless transportation of goods across multiple borders, through the issuance of a single technology enabled transit bond.

She said the scheme backed by a one billion dollars commitment provided by Afreximbank would lead to cost savings of more than 300 million dollars yearly.

“We have also created an African Trade Facilitation Programme (AFTRAF), through which we are forging strong partnerships with African commercial banks to help them finance intra-African trade.

“The Bank is also working with the African Association of Automotive Manufacturers (AAAM), African Union and the AfCFTA Secretariat to develop a viable automotive industry in Africa.

“In this context, Afreximbank has developed a one billion dollars Global Automotive Financing Facility for the automotive industry.

“We are also providing support in terms of facilitating the development of regional value chains and the implementation of the Continental Automotive Strategy that was adopted by Trade Ministers early this year.

“The Bank is also working with the International Trade Centre to train African companies including SMEs on how to export under the AfCFTA.

“The training programme provides trade and market information to assist the businesses to identify export opportunities, how to comply with all the export requirements under the AfCFTA as well as how to access finance, payment and settlement, among others,” she said.

Awani reiterated the bank’s commitment to working with member states countries to position them to take advantage of the AfCFTA.

She said to support Nigeria’s industrialisation and export development efforts, Afreximbank has invested over 36 billion dollars into the Nigerian economy since its creation in 1993 through its trade and projects financing.

This support, she stated, covered a range of sectors and industries, including, among others, energy, transport, financial services, healthcare, manufacturing, and trade infrastructure.

Tags: Trade
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

$2.5 billion JBS investment, a big economic victory for Nigeria –  TDF
Economy/Technology

Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group

June 27, 2025
ActionAid, SWOFON call for urgent completion of BOA recapitalisation
Agriculture

N1.5trn recapitalisation of Agric bank will herald food security – TMV

June 26, 2025
Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF
Energy

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

June 25, 2025
Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope
News

Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope

June 25, 2025
79 candidates for presidential election
News

Tinubu’s new INEC building: A consolidation of democratic institutions, legacy in Nigeria – TDF

June 23, 2025
Gombe: Troops take over to enforce peace
News

Nigerian Army kills 6,260 terrorists, rescues 5,365 civilians in 2 years

June 20, 2025
Next Post
800 firms compete to manage gas flare sites

RMAFC to partner with stakeholders on proper gas flaring management

N125bn MSMEs intervention: IT critical to ensuring transparency – ITSSP

DBN to disburse N150bn to MSMEs in 2023

Recommended Stories

Nigeria targets $1.2bn export capacity for every state

Why Nigeria must encourage non-oil export activities

April 27, 2022
PENCOM launches radio programme

PenCom transfers N10.20bn into RSAs of 142,486 NSITF scheme contributors

October 6, 2023
Innoson to establish car fuel conversion centres

Russian Electric Car firm seeks partnership with Africa

July 27, 2023

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

  • Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group
  • N1.5trn recapitalisation of Agric bank will herald food security – TMV
  • Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

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