Afreximbank loan approvals in Nigeria amount to 5.5 billion naira – Nairametrics

Afreximbank’s total loan approvals in Nigeria have now reached 5.5 billion naira, representing 26.8% of its African portfolio.

This was revealed by Dr George Elombi, executive vice president of corporate governance and legal services at Afreximbank, during the official high-level tour of the Intra-African Trade Fair 2021 in Lagos on Monday. , according to The Sun.

Dr Elombi said that trade and investment in Africa under the African Continental Free Trade Area (AfCFTA) has likely played an even more important role as a framework for African economic recovery in the context of COVID-19.

What Afreximbank says

According to Dr Elombi, by 2020 Nigeria’s imports from the African region would account for 7% of total imports, while its exports to the African region would represent 20% of total exports.

“Representing around 52% of the total population of West Africa, Nigeria is most likely to benefit the most from an Intra-African Trade Fair, an event intended to strengthen trade between African states and to achieve the objectives of Agenda 2063 as declared by African Heads of State ”, he said.

Elombi said the bank has approved more than $ 26 billion to support Nigerian public and private sector institutions since its inception in 1993, and that it continues to help the Nigerian economy through various funding programs for them. Nigerian companies.

“From January to August 2021, total loan approvals for Nigeria exceeded $ 1.89 billion and at the end of August 2021, the bank’s total loan exposure in Nigeria was $ 5.5 billion,” which represents 26.8% of the bank’s total loans and advances ”, he said.

With its diverse variety of financial and non-financial instruments, Afreximbank, as the organizer of the Durban Intra-African Trade Fair, has helped and facilitated trade and investment in Nigeria.

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