Afreximbank okays $500m for Nigerian manufacturers

(Business AM, Lagos, 4 September 2019) The African Export-Import Bank (Afreximbank) has approved a $500 million facility to enable Nigerian manufacturers take full advantage of the opportunities offered by the African Continental Free Trade Agreement (AfCFTA). Benedict Oramah, its president & chairman of board of directors of Afreximbank  said the $500 million facility was aimed at providing financing to Nigerian manufacturers and companies engaged in intra-African trade under the AfCFTA, which implementation begins in 2020. AfCFTA seeks to create a continental trade bloc of 1.2 billion people, with a combined gross domestic product (GDP) of about $3 trillion.