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Nigeria , Afrexim Bank Sign $31bn Facility For Export Promotion

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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.”


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