“This facility will help countries to accelerate the ratification of the AfCFTA.” Nigeria
Following the official take off of the African Continental Free Trade Area last weekend, the region’s largest trade bank – African Export-Import Bank , has unveiled a $1billion financing tagged: “AfCFTA Adjustment Facility”.
Specifically, AfCFTA Adjustment Facility, as the name implies, would comes as a support to any initial fiscal imbalance arising from the implementations and firm up arrangements to raise the capacity of the participating countries and contribute to the regional trade integration process. Oramah reiterated that the $1billion facility will enable countries adjust in an orderly manner to sudden significant tariff revenue losses as a result of the implementation of the agreement.“This facility will help countries to accelerate the ratification of the AfCFTA. You have started a movement. You must not look back. This movement is now unstoppable,” he said.
Today, we will launch the Africa-wide digital payment infrastructure – the Pan-African Payment and Settlement System – that we developed in collaboration with the African Union.”It is a platform that will domesticate intra-regional payments, save the continent more than $5 billion in payment transaction costs per annum, formalise a significant proportion of the estimated $50 billion of informal intra-African trade, and above all, contribute in boosting intra-African trade,” he said.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
AfCFTA: Afreximbank offers N540bn facility to cushion revenue loss – Daily TrustPresident of the African Export-Import Bank (Afreximbank) Prof. Benedict Oramah has pledged to work with the African Union to arrange an adjustment facility that will be accessible to countries that may suffer sudden and significant tariff revenue losses following implementation of the African Continent Free Trade Area (AfCFTA). Nigeria’s President Muhammadu Buhari signed the treaty …
Read more »
AfCFTA: Nigeria's private sector react to Buhari's action - Daily Post NigeriaThe Organised Private Sector (OPS) has lauded President Muhammadu Buhari for including Nigeria in the African Continental Free Trade Agreement (AfCFTA) at
Read more »
UN pledges support for African countries on AfCFTA“We are already working with 16 African governments to develop national strategies to maximise the opportunities created through AfCFTA. '
Read more »
AfCFTA: Free trade must be fair, says Buhari - The Nation NewspaperWITH the signing of the African Continental Free Trade Area (AfCFTA) agreement by President Muhammadu Buhari at the opening of the African Union (AU)
Read more »
Mixed reactions trail signing of AfCFTA – Daily TrustExperts at the CSL Stockbroking firm have said signing the trade agreement will introduce undue competition for local manufacturers who are struggling to achieve production efficiency and market reach. “This may ultimately lead to a loss of local employment creation opportunities to other African countries that are making giant strides in industrial development’’, they said …
Read more »