Leading financial institution, Access Bank PLC, has entered into an agreement with the African Export-Import Bank to support and finance key trade-enabling projects in Lagos State to the tune of $1.352 billion.
The signing ceremony took place on the sidelines of the 2023 AfriCaribbean Trade and Investment Forum.
The Forum, which took place in Georgetown, Guyana, had in attendance key delegates, including the Governor of Lagos State, Babajide Sanwo-Olu; Group Chief Executive Officer of Access Bank PLC, Herbert Wigwe; and President and Chairman of the Board of Directors, Afreximbank, Benedict Oramah.
Commenting on the agreement, Wigwe said: “This landmark agreement underscores our commitment to fostering economic growth in Lagos, with a broader view to increase the continent’s trade potential.
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“Through our strategic collaboration with Afreximbank, we are poised to drive more inter-African and intra-African trade and investment, creating a brighter future for all.
“In addition to supporting infrastructure, we will also be aiming to improve the levels of food sufficiency in Lagos as well as upscaling the volume of the State’s Internally Generated Revenue in order to spur the growth in its GDP and achieve wide scale economic resilience.
“Across the Access Group, we will continue to make deliberate efforts towards championing sustainable initiatives that will change the global narrative about Africa and Africans.”
Some of the legacy projects highlighted in the collaboration include the Fourth Mainland Bridge, second phase of the Blue Line Rail, Omu Creek Project, Lekki-Epe International Airport and Lagos Food Systems and Logistics Hub in Epe.
Oramah said: “Afreximbank’s partnership with Access Bank to support Lagos State in executing these critical projects is part of our strategy for the African Sub-Sovereign Governments Network.
“The Network serves as yet another ingenious strategic initiative aimed at firmly establishing an intra-continental trade investment development frontier as it is only through supporting and strengthening trade and investment initiatives at such deeper levels of citizen administration, that Africa be able to fully realise the potential value of its much vaunted 1.3 billion population as a captivating common market for goods and services under AfCFTA.”
END.