Afreximbank has unveiled ambitious plans to amplify its financing efforts, targeting a substantial increase to $40 billion by 2026. This substantial surge from its 2021 figure of $20 billion is set to drive economic integration across the continent.
Kanayo Awani, the Executive Vice President of Intra-African Trade Bank at Afreximbank, revealed this dynamic strategy during a media briefing preceding the Intra-Africa Trade Fair (IATF2023) in Cairo, Egypt. The event is themed around “Positioning Nigeria to Harness the Opportunities Under the African Continental Free Trade Area (AfCFTA).”
Awani further disclosed that the bank has meticulously devised a range of financing and facilitation instruments, finely tuned to provide robust support for trade and investments.
The forthcoming Cairo trade fair is poised to serve as an illuminating showcase, spotlighting the substantial benefits and abundant opportunities that the IATF holds within its ambit. Awani emphasized the pivotal role of governments, financial institutions, and the Federal Capital Territory (FCT) in offering a unique platform for Small and Medium Enterprises (SMEs) to flourish.
She fervently encouraged both public and private sectors to nurture the growth and expansion of their enterprises, thereby propelling intra-African trade and lending vital support to economic integration under the AfCFTA through active participation in the fair.
Awani highlighted Afreximbank’s illustrious track record of investments, channeling over $36 billion into the Nigerian economy since its inception in 1993, notably through its trade and project financing initiatives. These comprehensive support measures have encompassed critical sectors and industries, spanning energy, transport, financial services, healthcare, manufacturing, and trade infrastructure.
With a commitment to contributing to the nation’s economic prosperity, Afreximbank is deeply involved in several flagship projects. These include the ongoing $300 million 500-bed Africa Medical Center of Excellence (AMCE) in Abuja, developed in partnership with King’s College, London. Additionally, the Afreximbank Africa Trade Centre (AATC) in Abuja, and the operational Africa Quality Assurance Center (AQAC) in Shagamu, Ogun State, stand as noteworthy testimonies to Afreximbank’s substantial impact.
Dr. Ezra Yakusak, CEO of the Nigerian Export Promotion Council (NEPC), underlined the pivotal role of IATF in establishing vital connections between sellers and buyers within Africa. He emphasized that the fair serves as a dynamic platform to foster trade and investments among African nations, further solidifying the continent’s economic integration.
