The Nigerian government and African Export-Import Bank (AFREXIM) have signed a $1 billion facility which seeks to target an acceleration of Nigeria’s non-oil export within Africa.
The facility comes with a total projection of $25 billion inflow within a short period of time. Speaking during the signing of the Memorandum of Understanding (MoU) at the just – concluded Intra-African trade fair in Cairo, Egypt,
Vice President Yemi Osinbajo noted that the inter-state trade in Africa was 10 per cent, while 90 per cent was done with countries outside Africa hence the need for the facility.
Osinbajo said Nigeria places a high premium on the economic integration of the continent and recognizes trade as a veritable tool ‘towards the Africa we all want’: An industrialised, prosperous and peaceful Africa where we generate enough opportunities to accommodate the growing numbers of our peoples.”