Business

How much Nigeria occupies in Afreximbank big plan

Published

9 years ago

November 10, 2017

Afreximbank, a pan-African multilateral trade financier, has revealed its strategic plan for the 2017-2019 period when it intends to focus on four key areas on the continent.

The bank’s President Benedict Oramah said in a media briefing in Abuja on Thursday the continental lender will increase its activities in Intra-African Trade, Export Manufacturing, Trade and Finance Leadership, and Financial Soundness.

Nigeria, however, seems to have most of the plan weighted in its favour.

Afreximbank, with a total share of US$16 billion, has over US$3.1 billion of outstanding loans exposure covering 48 operating facilities as at end September 2017 (478 since inception) in Nigeria.

Financial institutions directly receive the loans later channelled to economic sectors like energy, mining, agriculture, services, and others.

Eighteen of these transactions at different stages of credit processing with value totalling over US$1.3 billion.

Apart from its role to in the private sector, Afreximbank is also making efforts to support Nigeria Growth and Recovery Plan so the oil producer can claw out of economic recession occasioned by the recent oil shock.

According to Oramah, the bank’s efforts include the setting up of a Medical Centre of Excellence, Industrial Parks/Special Economic Zones and Inspection and Certification Centres.

Some of these are already on-going.

Afreximbank and King’s College Hospital, London (KCH), for instance, have formed an alliance to create a network of Centres of Excellence in tertiary healthcare across Africa to deliver a range of specialist healthcare services for patients, and to create employment and service export.

Nigeria will be hosting the first of its Centres of Excellence for Healthcare Services in Africa.

And in line with the objectives of its Strategic Plan IMPACT 2021, Afreximbank will be promoting and facilitating the emergence of internationally accredited Inspection and Certification Centres (“ICCs”).

“The Bank identified Nigeria as a pilot country to establish the first internationally accredited Inspection and Certification Centre to analyze and certify products, such as agricultural and agro-processed products as well as light manufactures for exports,” he said.

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This intervention is aimed at improving market access and increasing exports of Nigerian agricultural and agro-processed products as well as light manufactures to international markets in EU, USA, Japan, and China.

Ogun has already allotted no fewer than five hectares of land along the Lagos-Ibadan express way for the project.

“The bank is now conducting a feasibility study and business plan for the initiative, and will begin construction in 2018,” he said.

Afreximbank, founded by the African Development Bank in 1993, has a branch office in Abuja covering countries in the West African Anglophone and Lusophone region.

The branch has been expanding the bank’s business operations and activities in Nigeria and in the region.