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From Juliana Taiwo-Obalonye, Durban, South Africa
President and Chairman of the Board of Directors of the African Export-Import Bank (Afreximbank), Benedict Oramah, has commended President Muhammadu Buhari for joining his counterparts on the continent to be part of the 2nd Intra-African Trade Fair Conference, in Durban, South Africa.
The President of the bank who came in company of the Secretary-General of the African Continental Free Trade Area (AfCFTA) Secretariat, Wamkele Mene, stressed that Nigeria is an important market for the bank “with an exposure of $5.5 billion and it was therefore imperative that we continue to engage Nigeria at the highest level.”
Speaking to newsmen after a bilateral meeting with the President said, Buhari joining his colleagues to attend the trade fair, demonstrates his understanding of the importance of trade.
“It demonstrates an understanding of how intra African trade can help transform our economy, that is the African economy and of course, the Nigerian economy.”
Oramah, added that it’s important that the bank continues to engage the Government of Nigeria at the highest level, to understand areas it can continue to intervene in to be consistent with the country’s own programs. “So that we are seen to be supporting their development aspirations.”
He expressed optimism that new businesses will emerge at the second Intra African Trade Fair.
Afreximbank chief said: “Last time at the first trade fair in Egypt, Nigerian businesses were able to grow by $3.3 billion in deals signed at that trade fair. We expect something better than that. But all those will need financing when they are executed, Afreximbank will be ready to support them, especially considering the support we have seen from His Excellency the President.”
Asked why Nigeria’s participation at the trade fair was important to the bank, he said: “Well, Nigeria is the largest economy in Africa. Nigeria has the largest number of Africans on the continent. So Africa needs Nigeria, just as Nigeria needs Africa. You see anything that we do at the continental level that does not have Nigeria is seen globally as incomplete conflict. That is why Nigeria is important in all these things. That is why Nigeria’s participation in this trade fair is very, very important. And we are happy that the Nigerian government is living up to the challenge and living up to the expectations to be seen to be identified to something that has immense benefits for the country, as it supports also other African countries.”
He explained in 2018, the intra African trade fair attracted over 7000 people, over 1000 exhibitors and deals worth $32 billion were sealed.
He said: “That was remarkably for the first one. Today, we are seeing the benefits of it. We all know that it is lack of information that is making Africans not to trade more amongst themselves. It is lack of information that has made us to remain 55 fragmented countries. So for Afreximbank, it is important that we do everything to break down the borders.
“The continental free trade agreement is an agreement. It can only go so far unless we do other things to support the aspirations, we will not achieve the objectives for which all our countries signed the agreement. So far for Afreximbank is a call to duty, we have to do all we can to support regional integration, to support intra African trade. And one key way of doing it is to promote access to trade information. The African Trade Fair is one strong, potent instrument that can help us achieve that.”
He also appreciated the Nigerian leader for granting the land and accepting to grace the occasion of the ground-breaking ceremony of the Africa Medical Centre of Excellence project to be implemented by the continental bank in Abuja in December.
According to a statement by Senior Special Assistant to the President on Media and Publicity, Garba Shehu, Buhari assured that the Nigerian government will continue to support efforts to broaden the economy through multilateral financing.
The President said: “I appreciate the support you are giving Nigerian businesses and by implication, the Nigerian economy. Rest assured you can count on me as you seek a better trade and investment climate in Africa.”
The President of the bank who came in company of the Secretary-General of the African Continental Free Trade Area (AfCFTA) Secretariat, Wamkele Mene, thanked President Buhari for honouring the invitation of the South African President to attend the Afreximbank-backed Fair, joining other Heads of State, saying it clearly demonstrated that “President Buhari understands the importance of trade and how Intra-African trade can help transform the African economy and of course, that of Nigeria.”
He also appreciated the Nigerian leader for granting the land and accepting to grace the occasion of the ground-breaking ceremony of the Africa Medical Centre of Excellence project to be implemented by the continental bank in Abuja in December.
