The African Export-Import Bank (Afreximbank) has reiterated its cooperation with Nigeria in its quest for development, as well as willingness to arrange financing of up to $1 billion to support the government’s investments in trade enabling infrastructure.
The bank also invited President Muhammadu Buhari and the government to the Afreximbank’s yearly meetings scheduled to take place in Abuja from July 11 to 14, as well as the Intra-African Trade Fair in Cairo slated for December 11 to 17, in efforts to promote trade among African countries.
In the yet to be signed 2018 national budget, there is a planned N1.95 trillion deficit, which would be funded by the usual mix of local and international debt.
However, with rising oil prices in the international market, increased oil benchmark and the current huge debt overhang at more than N20 trillion, this year’s debt consideration is sure to raise more argument despite its merit.
Already, the bank has approved financing up to $17 billion for Nigerian entities between its commencement of operations in 1994 and December 2017, Afreximbank President, Dr. Benedict Oramah, disclosed.
Oramah, who had last week, led a delegation of the pan-African multilateral lender to Abuja said that the bank’s facilities had made major impact on critical sectors of the Nigerian economy, while the institution now has loans outstanding of about $3.5 billion in the country as at 31 December 2017.
Read full article: https://guardian.ng/business-services/government-gets-1b-debt-offer-from-afreximbank/
