ADVERTISEMENT
The Sun Nigeria
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
The Sun Nigeria
No Result
View All Result
ADVERTISEMENT
Ley Your Dreams Come Alive – With FCMB Loans
Home National

Afreximbank earmarks $500m to support Nigerian manufacturers 

5th September 2019
in National
0
Afreximbank, Tunisia seal pact on $500m investment promotion
0
SHARES
93
VIEWS
Share on FacebookShare on Twitter

 Uche Usim, Abuja

Manufacturers in Nigeria have a cause to smile as the African Export-Import Bank (Afreximbank) says it will allocate $500 million from its Nigeria-Africa Trade and Investment Promotion Programme to support them in taking advantage of the opportunities offered by the African Continental Free Trade Area (AFCFTA) agreement.

The President of the Bank, Prof. Benedict Oramah, made the disclosure in Lagos while speaking at the annual lecture and presidential luncheon for the 47th Annual General Meeting of the Manufacturers Association of Nigeria (MAN), said that the facility would support Nigerian manufacturers to expand trading in their products into, and to source raw materials from, other African countries.

Are you a Man 40 yrs and above? Do not miss the Vital Information, it goes off in 2 days! CLICH HERE to READ .

It would also support them to adjust to any difficulties that might arise due to the implementation of the AfCFTA agreement, he continued, adding that Afreximbank officials would meet with representatives of MAN to work out the implementation modalities, terms and conditions for the facility.

President Oramah further noted 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.

By 2022, the AfCFTA was expected to bring the share of intra-African trade from current levels of about 16 per cent to 22 per cent, bringing total intra-African trade to about $250 billion dollars, from about $160 billion, he added.

Breaking!!! Earn up to N2 - N3 million monthly GUARANTEED (all paid in US Dollars). No training or refereal required. Do business with top USA companies like Amazon, Tesla, Facebook, IBM, Netflix, Zoom, etc. Learn more .

According to him, the coming into force of the AfCFTA opens the wider African market to Nigerian manufacturers, creating a market of 1.2 billion people and a combined GDP of about $2.5 trillion. The preferences that the AfCFTA offers can make Nigerian manufactured goods more competitive in many African markets and can also make it possible to achieve integration into regional and global supply chains.

Prof. Oramah recommended that Nigeria should prioritise 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.

100% Natural Herbs to Finally End Premature Ejaculation, Weak Erection and Small Manhood. >>>Click Here for Details<<< .
Premature Ejaculation & "Small Joystick" Resolved in 7Days... Click Here For Details .

He informed the audience about the various facilities that Afreximbank had available for African manufacturers under its Industrialization and Export Development and Intra-African Trade strategies. Those included the Export Development Programme which was available for export manufacturers; the Intra-African Investment Financing Facility which supports cross-border investments in Africa; the Intra-African Investment Guarantee Facility; a series of facilities under the Trade Financing Programme; the Franchise Financing Facility; and the Guarantee Programme covering an array of scenarios.

Also speaking, Ahmed Mansur, President of MAN, said that the manufacturing sector

 

in Nigeria continued to face daunting challenges associated with deeply eroded infrastructure, poor condition of highways and waterways, absence of a good rail network and other impediments which rendered manufacturing uncompetitive.

He commended the federal government for its effort to address the challenges and encouraged it to tackle critical issues to ensure that the manufacturing sector was positioned to participate effectively in the AfCFTA.

Also addressing the session was Adeniyi Adebayo, Minister of Trade and Industry of Nigeria, who represented President Muhammadu Buhari of Nigeria.

Afreximbank also took advantage of the MAN Annual General Meeting to hold a roadshow, showcasing its various products, programmes and facilities to the meeting participants.

Cyril

Cyril

Related Posts

Road to 2023: Ex-Army general threatens legal action over N100 million bribery allegation
Elections

Road to 2023: Ex-Army general threatens legal action over N100 million bribery allegation

24th May 2022
Forgery trial of Anambra university professor, 4 others stalls
National

Forgery trial of Anambra university professor, 4 others stalls

24th May 2022
Ondo farmers petition governor over alleged sale of forest reserve farmland to private consortium
National

Ondo farmers petition governor over alleged sale of forest reserve farmland to private consortium

24th May 2022
Next Post
LaShawn Daniels

Grammy-Award winner LaShawn Daniels dies in car crash

National Assembly election tribunal gets 3 petitions in FCT

Tribunal sacks APC Rep in C’ River

Tiv-Jukum crisis: Travelling on Wukari, Katsina-Ala highway dangerous, suicidal - CAN

Tiv-Jukum crisis: Travelling on Wukari, Katsina-Ala highway dangerous, suicidal - CAN

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

ADVERTISEMENT

Highlights

Federal court suspends proceedings on Electoral Act suit

IPOB vows to deliver hoodlums beheading residents of South East to Soludo

Kanu speaks from detention, calls for end to killings in South East, release of ‘Mama Biafra’

BREAKING: EFCC operatives lay siege to Okorocha’s house

Ondo: Abducted cleric, son regain freedom

Former JAMB Registrar Saleh Abubakar dies at 74

Trending

Road to 2023: Ex-Army general threatens legal action over N100 million bribery allegation
Elections

Road to 2023: Ex-Army general threatens legal action over N100 million bribery allegation

24th May 2022
0

From Noah Ebije, Kaduna A People's Democratic Party (PDP) aspirant for the Zango-Kataf/Jaba federal seat in the...

Forgery trial of Anambra university professor, 4 others stalls

Forgery trial of Anambra university professor, 4 others stalls

24th May 2022
Ondo farmers petition governor over alleged sale of forest reserve farmland to private consortium

Ondo farmers petition governor over alleged sale of forest reserve farmland to private consortium

24th May 2022
Ondo farmers petition Akeredolu over alleged sale of forest reserve farmland to private consortium

Federal court suspends proceedings on Electoral Act suit

24th May 2022
IPOB vows to deliver hoodlums beheading residents of South East to Soludo

IPOB vows to deliver hoodlums beheading residents of South East to Soludo

24th May 2022

Follow us on social media:

Latest News

  • Road to 2023: Ex-Army general threatens legal action over N100 million bribery allegation
  • Forgery trial of Anambra university professor, 4 others stalls
  • Ondo farmers petition governor over alleged sale of forest reserve farmland to private consortium
  • Federal court suspends proceedings on Electoral Act suit
  • IPOB vows to deliver hoodlums beheading residents of South East to Soludo
  • Kanu speaks from detention, calls for end to killings in South East, release of ‘Mama Biafra’
  • BREAKING: EFCC operatives lay siege to Okorocha’s house
  • Ondo: Abducted cleric, son regain freedom
  • Former JAMB Registrar Saleh Abubakar dies at 74
  • NMCO award result of improved funding, says Minister
  • Road to 2023: Amuzu clinches PDP’s Abeokuta South House of Reps ticket
  • 2023: Niger delegates confer with Lawan, get his plan to prioritise Education, others
  • Wike dissolves State Exco
  • 2023: You’ve done well enough to succeed Buhari – Gov Bello tells Ahmad Lawan
  • Road to 2023: Wrong candidate’ll cost PDP Enugu State, youth leader warns Ugwuanyi
  • 2023: Aggrieved Lagos Mainland West elders, stakeholders petition Tinubu, Sanwo-Olu, GAC
  • Lagos warns citizens to disregard false video over market demolition
  • APC Primary : Orji Kalu to return unopposed
  • Deborah Samuel’s Murder: A Case of Social Injustice
  • PDP primary: Abba Bello defeats sitting Reps member to clinch ticket

Categories

  • Abuja Metro
  • Anambra Watch
  • Arts
  • Broken Tongues
  • Business
  • Business Week
  • Cartoons
  • Citizen Joe
  • Columns
  • Cover
  • Culture
  • Duro Onabule
  • Editorial
  • Education Review
  • Effect
  • Elections
  • Entertainment
  • Events
  • Features
  • Femi Adesina
  • Food & Drinks
  • Frank Talk
  • Funke Egbemode
  • Gallery
  • Global Square by Kenneth Okonkwo
  • Health
  • Insights
  • Kalu Leadership Series
  • Kunle Solaja
  • Kunle Solaja
  • Letters
  • Lifeline
  • Lifestyle
  • Literary Review
  • Marketing Matters
  • Muiz Banire
  • National
  • News
  • Offside Musings
  • Opinion
  • oriental news
  • Politics
  • Press Release
  • PressClips
  • Public Sphere
  • Ralph Egbu
  • Shola Oshunkeye
  • Sideview
  • South-west Magazine
  • Sponsored Post
  • Sporting Sun
  • Sports
  • Sun Girl
  • Tea Time
  • The Flipside – Eric Osagie
  • The Sun Awards Live
  • The Sun TV
  • Thoughts & Talks
  • Time Out
  • Today's cover
  • Tola Adeniyi
  • Travel
  • Travel & Tourism
  • Trending
  • TSWeekend
  • Turf Game
  • Uncategorized
  • Updates
  • Views from Abroad
  • Voices
  • World
  • World News
  • Home
  • About Us
  • Paper Ad Rate
  • Online Ad Rate
  • The Team
  • Contact Us
  • Privacy Policy

© 2019 The Sun Nigeria - Managed by Netsera.

No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun

© 2019 The Sun Nigeria - Managed by Netsera.

Posting....