Nigeria, which has sealed a $2.24 billion deal for regional trade expansion and industrial parks, emerged as one of the early gainers at the maiden Intra-African Trade Fair (IATF), in Cairo, Egypt.
Organised by African Export-Import Bank (Afreximbank), in collaboration with the African Union (AU), the first ever IATF on the continent, scheduled to end on 17 December 2018, has met expectations to attract about 70,000 visitors and conclude transactions worth about $25 billion.
At the event, Afreximbank signed a $1billion agreement, tagged: “Nigeria-Africa Trade and Investment Promotion Programme (NATIPP)” with the Nigerian Export Promotion Council (NEPC) and the Nigerian Export-Import Bank (NEXIM). The aim of the agreement is to promote and expand trade and investments between Nigeria and the rest of Africa.
Afreximbank also signed a Memorandum of Understanding worth $1.235 billion with the Nigerian Ministry of Industry, Trade and Investment, to jointly develop industrial parks and special economic zones in Nigeria. The deals, signed on the sidelines of the IATF, were witnessed by Nigeria’s Vice President, Prof. Yemi Osinbajo, who also led the country’s delegation to the trade fair.
Prof. Benedict Oramah, the Afreximbank President signed the NATIPP deal on behalf of the bank, while the Chief Executive Officer of NEPC, Segun Awolowo and Managing Director of NEXIM, Abubakar Bello, signed for their respective institutions on behalf of the country.
According to the terms of the deal, Afreximbank will work with NEPC and NEXIM to identify, prepare and appraise trade transactions and projects.
The institutions will also explore co-financing and risk-sharing opportunities. They will share knowledge, with particular emphasis on intra-African trade matters, through technical cooperation, staff exchange, research and joint events.
Similarly, the Managing Director of the Intra-African Trade Initiative at Afreximbank, Kanayo Awani, signed the Memorandum of Understanding on behalf of the bank, while the Special Adviser to the Minister of Industry, Trade and Investment, Femi Edun, signed for the ministry.