Home Finance Africa Export-Import Bank disburses $1.51bn to Nigerian clients

Africa Export-Import Bank disburses $1.51bn to Nigerian clients

by Business News Report

The African Export-Import Bank in Addis Ababa said it has disbursed more than $1.51 billion to clients in various sectors of the Nigeria economy within the past 20 years. Jean-Louis Ekra, President and Chairman of the Bank’s Board of Directors, made the disclosure while addressing a news conference shortly after a seminar with the theme “Industry Clusters and Supply Chains as Prerequisites for Diversification and sustainable Development of Export in Africa“ in Addis Ababa, Ethiopia.

The News Agency of Nigeria (NAN) reports that the Seminar is part of the activities to mark the bank’s 20th anniversary and Annual General Meeting (AGM). It was attended by various economic and finance experts including the World bank, African Development Bank (AfDB) and government officials from Africa and beyond. Ekra said the bank, with a Regional office in Abuja, Nigeria’s Capital, had provided the amount as loan and investment to more than 10 business concerns in the Finance, Aviation, Energy, Agro-Allied, Transport, Hospitality and Telecom sub-sectors of the Nigerian economy within the period.

He said the bank is currently partnering with some 20 banks to provide about 88 trades and intermediary support in the finance sub-sector to help the growth of middle level businesses in Nigeria. According to him, the bank is providing banking and finance services through partnership with Diamond Bank, Skye Bank, Nigeria’s Bank of Industry, Nexim Bank and Unity Bank. Others include, Arik Air, Songhai, Ibom Power and PPMC, Ile Oluji Cocoa and Dansa Foods; Lagos Bus; Ikoyi Hotel and  Patnasonic; Lonestar and Seplat; Nigerian German Chemicals and CAPCOM Telecom Limited.

Ekra announced that the bank planned to increase its support in providing infrastructure, which is currently a major challenge on the African Continent. Experts including the World Bank said Africa needs an annual investment of $120 billion for the next 10 years to meet its infrastructure demands. The bank’s president said the continent’s inadequate road networks had slowed down inter-Regional trade as well Air transport which were far below demand. He noted that South Africa, Ethiopia and Kenya airlines were the only Carriers with International repute.

“Africa also needs to increase investments in the Hospitality sub-sector, electricity supply and Agribusiness, with Africa’s 60 per cent world Arable land and human capacity that needs technical support to be able compete and sustain economic growth.“ Series of activities were lined up for the AGM to commemorate the 20the anniversary of the bank established in 1993.  Giving details of the anniversary activities, Dr George Elombi, Afreximbank Executive Secretary and Chairman of the organising committee said series of seminars focusing on African trade and finance would be held. The Seminar was declared open by the Ethiopian Finance and Economic Development Minister, Sufian Ahmed on behalf of the Ethiopian Government.

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