Menu

The African Export-Import Bank (Afreximbank) has signed an agreement with the Nigerian Export-Import Bank (NEXIM) and the Nigerian Export Promotion Council (NEPC), launching a $1 billion Nigeria-Africa Trade and Investment Promotion Programme (NATIPP).

Signed on Thursday at the ongoing Intra-African Trade Fair (IATF) in Cairo, the NATIPP aims to promote and expand trade and investment between Nigeria and the rest of Africa.

The agreement was signed by the Managing Director of NEXIM, Abba Bello; CEO of NEPC, Segun Awolowo; and the President of Afreximbank, Benedict Oramah. The Vice President of Nigeria, Yemi Osinbajo, who led the Nigerian delegates to the IATF, also witnessed the signing ceremony.

Under the terms of the agreement, Afreximbank will be working with NEXIM and the NEPC to identify, prepare and appraise trade transactions and projects. It will also explore co-financing and risk-sharing opportunities, and share knowledge with particular emphasis on intra-African trade matters through technical cooperation, staff exchange, research and joint events.

According to a statement by Afreximbank, a memorandum of understanding (MoU) was also signed with the Nigerian Ministry of Industry, Trade and Investment.

The Managing Director of the Intra-African Trade Initiative, Kanayo Awani, signed the MoU on behalf of Afreximbank, while Femi Edun, Special Adviser to the Minister of Industry, Trade and Investment, Okechukwu Enelamah, signed on behalf of the Ministry.

Both the MoU and the NATIPP are in line with Afreximbank’s strategy, called, Impact 2021: Africa Transformed. The strategy prioritizes intra-African trade, industrialisation, export development, trade finance leadership and financial soundness and performance.

Taking place on December 11-17, the first-ever intra-African trade fair is organised by Afreximbank, in collaboration with the African Union and hosted by the Government of Egypt.

The IATF is expected to attract about 70,000 visitors and 1,000 exhibitors from 42 countries. Transactions worth about $25 billion are expected to be concluded at the trade fair.