We’re ahead of projections to boost intra-African trade –Oramah

We’re ahead of projections to boost intra-African trade –Oramah

President/CEO, African Export Import Bank (Afreximbank), Dr. Benedict Oramah, has said that the bank is well ahead of projections under its strategy to boost intra-African trade.

Oramah, while speaking at the on-going Afreximbank Annual General Meeting and 25th Anniversary in Abuja, added that the strategy ‘‘is hinged on three key pillars of create, connect and deliver.’’

According to him, the create pillar deals with ‘‘the interventions we are making sure we produce the goods and services that will enter African trade efficiently, the connect pillar deals with all our interventions that are in place to link the producers to the buyers across Africa and deliver are the interventions that make it possible for that connection to be done efficiently, especially the logistics and related infrastructure.’’

The Afreximbank boss explained that under the intra African trade strategy which would last up to 2021, ‘‘we have started fully from January 2017, we planned that by the end of the five years, $25 billion would have been disbursed.

He said, ‘‘In the first year, we spent $8 billion to support a number of credit and trade financing that facilitates trade in some African countries. So, we are well ahead of our projections. We have supported the export of investment goods from Egypt, Tunisia, and Nigeria to many other African countries.”

Meanwhile, the Director General, National Council for Arts and Culture (NCAC), Otunba Segun Runsewe, has expressed gratitude to the Bank of Industry (BoI), for releasing N300million to NCAC to start a pilot states across Nigeria with a view to leveraging on potentials in the sector for creation.

Runsewe, who spoke as a panelist at the event, pointed out that ‘‘this is the time to use what we have to build a better tomorrow.’’

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