Nigeria’s Minister of Finance, Mrs Kemi Adeosun has called on the African Export Import (AFREXIM) Bank to invest more in the area of infrastructure development with a view to promoting trade and investment on the continent.
Adeosun made the call on Wednesday in Abuja, at the opening of the AFREXIM Bank Annual General Meeting and 25th Anniversary of the organisation tagged: “celebrating the past, shaping the future.”
She said, we are tired of hearing rhetoric on Africa’s potential, let us put it into action. As a government we are working to encourage real growth and sustainable trade within the African continent.
“We must transform our national economies and we must transform trade.
The minister urged AFREXIM Bank to continue with its trade promotion and infrastructural development.”
The Minister however expressed confidence that the meeting would provide opportunities for African businesses to share ideas on how to develop the continent. She then urged participants to find concrete ways of promoting and financing African businesses.
For his part South African President, Cyril Ramophosa, in his address expressed the hope participant will develop practical framework that will facilitate Africa’s growth to achieving the agenda 2063 of the African Union.
Ramophosa urged Nigeria to sign the African Continental Free Trade Area (AfCTA) agreement which has already been signed by 44 countries on the continent, saying after careful consultation his country had no option than to join in the AfCTa.
He pointed out that other African countries look up to Nigeria and South Africa, hence the need for the two leading economies to sign the agreement as a demonstration their leadership roles.
“We are gathering in Abuja as optimists, determined to build a productive and innovative Africa
“As Africans, we should play the role we are endowed to play with innovation and talent which Africa is known for,” the President said.
In his opening remarks, Dr. Benedict Oramah, President/CEO said that colonialism created a problem that still persist. Oramah also decried the status of Africa “as a dumping ground for European goods.”
He cited the expression that “there can be no genuine assured of the present without hope for a better future.”
Oramah disclosed that AFREXIM Bank would distribute $25 billion to support intra-African trade from now to the year 2025, adding that about $8 billion has so far been released to most countries for infrastructure development and trade promotion.
Meanwhile the AFREXIM Bank has signed a €500 million agreement with the Development Bank of the Central African States (BDEAC). BDEAC is a multilateral development bank that is charged with financing the development of member states.
AFREXIM Bank President/CEO Dr. Benedict Oramah signed the agreement on behalf of the bank while Mr. Fortunato Mbo Nchama signed on behalf of BDEAC.
Besides, the AFREXIMBANK has also signed a Memorandum of Understanding with the West African Monetary Institute (WAMI) to promote easy payment within Africa. It would also promote share prosperity among countries in the subregion to achieving mutual growth leveraging on their individual strength.
This interlink payment system enables countries to trade in their local currencies using the payment platform and they don’t have to go through use of dollars.
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