AFREXIM Bank Unveils Plan To Raise Nigeria’s Commodity Export

Posted by Eric Ojo Featured, Latest Headlines, News Across Nigeria Wednesday, August 18th, 2021

(AFRICAN EXAMINER) – African Export-Import Bank (AFREXIM) has unveiled its plan to establish National Quality Assurance Centres in some parts of Nigeria in order to support and upgrade export of commodities from the West African nation.

President of AFREXIM Bank, Prof. Benedict Oramah disclosed this when he led a delegation of the bank on an official visit to Nigeria’s Vice President, Prof. Yomi Osinbajo at the Presidential Villa in Abuja.

The delegation was at the State House on Tuesday to brief the Vice President on the bank’s activities as well as ongoing projects in Nigeria.

Prof. Oramah said AFREXIM also has plans of investing in important sectors of the Nigerian economy including health, citing plans to build a world class tertiary hospital and health park in Abuja. He added that the 500-bed state-of-the-art hospital will be developed in collaboration with Kings College Hospital in the United Kingdom (UK), and other partners.

He further explained that aside from investing in trade and health infrastructure, the bank is also involved in the procurement and distribution of COVID-19 vaccines to African countries including Nigeria, to enable the continent achieve herd immunity.

The president said there is an arrangement under the AFREXIM Bank facility to deliver 40 million doses of the Johnson & Johnson COVID-19 vaccines to Nigeria over a short period of time.

Prof. Oramah stated that the bank was committed to ensuring that the continent achieved herd immunity by vaccinating about 60 percent of Africa’s population against the disease.

In his response, the Vice President applauded the decision of the bank to establish quality assurance centres across the country, adding that it is very important and commendable.

“One of the problems we have had with our exports is really this problem of quality assurance and making sure that we have the facilities to test our export products and get all of our agencies working together. I am sure that you have Standard Organisation of Nigerian (SON), National Agency for Food and Drug Administration and Control (NAFDAC), and all of our agencies working with you on this project”, he said.

He also commended the bank for its efforts in stimulating and developing African trade, including its many engagements in Nigeria.

He noted that the Federal Government’s programmes in the Micro, Small and Medium Enterprises (MSMEs) sector, particularly in the Shared Facility Initiative under the National MSMEs Clinic, are important and deserving of AFREXIM’s backing.

Prof. Osinbajo said the initiative which is implemented in collaboration with state governments and aimed at developing manufacturing clusters across the country, could be enhanced through partnership with the bank.