The African Export-Import Bank on Wednesday in Addis Ababa said it has disbursed more than $1.51 billion to clients in various sectors of the Nigeria economy within the past 20 years.
Jean-Louis Ekra, President and Chairman of the Bank’s Board of
Directors, made the disclosure while addressing a news conference
shortly after a seminar with the theme: “Industry Clusters and Supply
Chains as Prerequisites for Diversification and sustainable Development of Export in Africa”, in Addis Ababa, Ethiopia.
The News Agency of Nigeria reports that the seminar is part of the
activities to mark the bank’s 20th anniversary and Annual General
Meeting (AGM).
It was attended by various economic and finance experts including the
World bank, African Development Bank and government officials from
Africa and beyond.
Ekra said the bank, with a regional office in Abuja, Nigeria’s
Capital, had provided the amount as loan and investment to more than
10 business concerns in the Finance, Aviation, Energy, Agro-Allied,
Transport, Hospitality and Telecom sub-sectors of the Nigerian economy within the period.
He said the bank is currently partnering with 20 banks to provide
about 88 trades and intermediary support in the finance sub-sector to
help the growth of middle level businesses in Nigeria.
According to him, the bank is providing banking and finance services
through partnership with Diamond Bank, Skye Bank, Nigeria’s Bank of
Industry, Nexim Bank and Unity Bank.
Ekra announced that the bank planned to increase its support in
providing infrastructure, which is currently a major challenge on the
African Continent.
The News Agency of Nigeria reports that experts, including the World
Bank, said Africa needs an annual investment of $120 billion for the
next 10 years to meet its infrastructure demands.
The bank’s president said the continent’s inadequate road networks had
slowed down inter-Regional trade as well air transport, which were far
below demand.
He noted that South Africa, Ethiopia and Kenya airlines were the only
Carriers with International repute.
“Africa also needs to increase investments in the Hospitality
sub-sector, electricity supply and Agribusiness, with Africa’s 60 per
cent world Arable land and human capacity that needs technical support
to be able compete and sustain economic growth,” he said.
NAN reports that series of activities were lined up for the AGM to
commemorate the 20the anniversary of the bank established in 1993.
Giving details of the anniversary activities, Dr. George Elombi,
Afreximbank Executive Secretary and Chairman of the organising
committee said series of seminars focusing on African trade and
finance would be held.
NAN further reports that the seminar was declared open by the
Ethiopian Finance and Economic Development Minister, Sufian Ahmed on
behalf of the Ethiopian
Trending
- Minimum Wage: We stand on May 31 ultimatum – Labour
- Defence: Badaru’s wind of hope, by Bunmi Adelaja
- Leadership: A reflection of society, by Richard Odusanya
- Kogi indigenes, concerned Nigerians stage pro-Yahaya Bello protest in UK
- 47-year-old teacher gets life jail for raping seven-year-old girl
- Court rejects bail plea by blogger, remands him in prison
- UK offers 43,000 seasonal worker visas, extend programme for five years
- Curtain opens at BOWEN as Thespian Family Theatre inspires 12 varsities for environmental concerns