The African Export-Import Bank (Afreximbank) approved financing amounting to $17 billion for Nigerian entities between its commencement of operations in 1994 and December 2017, Bank President, Dr. Benedict Oramah, has said.
According to a statement from the Afreximbank, Dr. Oramah, disclosed this in Abuja on Thursday when he led an Afreximbank delegation on a visit to President Muhammadu Buhari.
He said that the Bank’s facilities had made major impact on critical sectors of the Nigerian economy and that the Bank had loans outstanding of about $3.5 billion in Nigeria as at 31 December 2017.
Dr. Oramah said that Afreximbank’s support to Nigeria had included provision of liquidity and trade finance lines of more than $800 million during the banking consolidation when many international banks cut credit lines to the country and the provision of $1.8 billion to support the economy during the recent oil price shock in 2015-2016.
He enumerated that the Bank’s current initiatives in Nigeria to include the development of testing and inspection centres across the country in collaboration with the Standards Organization of Nigeria, disbursal of $750 million to the Bank of Industry in June, amongst others.
Dr. Oramah added that the Bank was willing to work with the government to arrange financing of up to $1 billion to support the governments investments in trade enabling infrastructure.