Nigerian Manufacturers To Get $500-Million Facility From Afreximbank | Sahara Reporters The opportunity for African manufacturers under AfCFTA was phenomenal and that intra-regional trade in manufactures could rise to more than $150 billion... READ MORE:
The African Export-Import Bank will allocate $500 million from its Nigeria-Africa Trade and Investment Promotion Programme to support Nigerian manufacturers to take advantage of the opportunities offered by the African Continental Free Trade Area agreement, Bank President Prof. Benedict Oramah, has announced in Lagos.
President Oramah said that the opportunity for African manufacturers under the AfCFTA was phenomenal and that 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. Prof. Oramah recommended that Nigeria should prioritize labour-intensive light manufacturing in its industrial policy in order to enable manufacturers and others to begin to appreciate that the country’s most abundant resource was its labour. 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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