The Afreximbank, on Monday, charged the governments, banks, and the FCT to provide Small and Medium Enterprises (SMEs) a unique platform to thrive.
This charge was part of the highlights of the media briefing ahead of the Intra-Africa Trade Fair (IATF2023) in Cairo, Egypt, from November 9 to 15, with the theme “Positioning Nigeria to Harness the Opportunities under the African Continental Free Trade Area (AfCFTA).”
The Executive Vice President of Intra-African Trade Bank, Afreximbank, Mrs. Kanayo Awani, said that the trade is to showcase the immense benefits and opportunities the IATF holds.
She encouraged the public and private sector to grow and expand their businesses, drive intra-African trade, and support economic integration under the AfCFTA through the fair.
“That is why I’m charging the government, financial institutions, and states to support and sponsor participants to come to the trade fair in Egypt,” says Awani.
The executive vice president outlined Afreximbank’s investment of over $36 billion into the Nigerian economy since it was created in 1993 through its trade and project financing.
“This support has covered sectors and industries, including energy, transport, financial services, healthcare, manufacturing, and trade infrastructure,” says Awani.
She stated that Afreximbank’s commitment to contribute to the nation’s economic growth, as evident in several flagship projects underway.
Among the projects are the $300 million 500-bed Africa Medical Center of Excellence (AMCE) ongoing in Abuja in partnership with King’s College, London; Afreximbank Africa Trade Centre (AATC) also in Abuja and the Africa Quality Assurance Center (AQAC) in Shagamu, Ogun State, already operational.
Awani also clarified that Afreximbank is not only spearheading the IATF to support the AfCFTA but also at the forefront of supporting African trade.
She continued: “The bank has also developed financing and facilitation instruments to support trade and investments.
“Afreximbank intends to double its financing of intra-African trade to US$40 billion on a revolving basis by 2026, up from US$ 20 billion in 2021.”
On his part, the CEO of the Nigerian Export Promotion Council, Dr. Ezra Yakusak, underscored the goal of IATF to connect sellers and buyers in Africa.
Yakusak added: “This fair is an avenue to promote trade and investments between the African countries.
“This trade is about investment and connecting investors to investments from one African country to another.”
