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NovOver the next five years, the African Export-Import Bank (Afreximbank) plans to disburse $40 billion to stimulate intra-African commerce. Nigeria is anticipated to profit from the money because it has expressed an interest in contributing to intra-African trade prospects. Afreximbank President Benedict Oramah announced this on Monday during the opening session of the 2021 Intra-African Trade Fair (IATF) in Durban, South Africa. He stated that the bank is committed to supporting Africa’s drive to create institutions as well as the implementation of the African Continental Free Trade Agreement (ACFTA). AfCFTA is a trade agreement between African Union member states that […]
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SepProfessor Benedict Oramah, President of the African Export-Import Bank, has recommended African countries to use less US dollars in their transactions in order to improve their development. Entrepreneurs and countries should instead use the Pan African Payment Settlement System, which the bank has previously established for intra-continental trade, according to Professor Oramah. Oramah, who criticized the excessive reliance on foreign money, particularly the US dollar, said that this dependence increases commodity inflationary pressures, exposing African trade to global volatility. The president also emphasized the African Continental Free Trade Area’s (AfCFTA) benefits to the Kaduna State Government and businesspeople in general.[…]
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JulThe African Export-Import Bank (Afreximbank) has announced that it has reached an agreement to spend $2.5 billion in Nigeria for infrastructure development and economic growth. This is part of the African multilateral financial institution’s commitment to help strengthen Nigeria’s economy by emphasizing the country’s importance to the bank. This admission was made by Prof. Benedict Oramah, President/Chairman of the Board of Directors of Afreximbank, when he led a delegation of the bank to meet the Secretary to the Government of the Federation (SGF), Mr Boss Mustapha, in his office, according to the News Agency of Nigeria (NAN). “We decided that[…]