AFREXIMBANK unfolds $500million facility for Nigerian manufacturers
) has pledged to allocate $500 million from its Nigeria-Africa Trade and Investment Promotion Programme to support Nigerian manufacturers.
He said the facility would support Nigerian manufacturers to expand trading in their products, as well as to source raw materials from other African countries. The opportunity for African manufacturers under the AfCFTA, the AFREXIMBANK president said, was phenomenal, as its intra-regional trade in manufactures could rise to more than $150 billion by 2022 as a result of the entry into force of the agreement.
“Private sector-promoted heavy industries should be supported under a special arrangement that targeted the production of critical industrial raw materials, such as petrochemicals, machine tools, cement, steel,” he added.
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