Nigeria, Others To Get AFREXIM Bank’s $25bn Grant

The President, African Export-Import Bank, Dr Benedict Oranma, has said there are plans by the bank to support Nigeria and a number of other African countries with $25bn within the next three years.

He disclosed this on the sidelines of the African Export-Import Bank annual meeting in Abuja.

He said following the move by the continent to implement the African Continent Free Trade Agreement, the bank would invest more in order to promote trade and investment on the continent and support more businesses to grow.

The African Continent Free Trade Agreement is expected to increase intra-African trade by 52.3 percent from the current 19 percent.

Already, 44 out of the 55 African countries had endorsed the agreement which would enable them to form a $3tn continental free-trade zone, encompassing 1.2 billion people.