“Independence is only the prelude to a new and more involved struggle for the right to conduct our own economic and social affairs” – Kwame Nkrumah, Pan-Africanist and father of African independence.
“This statement made over 60 years ago continues to ring true today. It underlines the position that despite attaining political independence, Africa’s emancipation was far from complete and the quest for economic independence still lies ahead. This quest continues and makes it imperative for us to work collectively to find African solutions to the challenges facing our continent,” said Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade Bank, Afreximbank, when making a clarion call for Nigeria to lead the charge of African trade in her opening remarks at the High-Level Business Roadshow in Lagos, Nigeria.
Mrs. Awani noted that it also encourages the Nigerian Public and Private Sector to actively participate, take advantage of these opportunities to grow and expand their business, drive intra-African trade, and support economic integration under the AfCFTA. This trade fair is meant to bridge the gap on trade and market information.
“That is why I’m charging the government, financial institutions, and states to support and sponsor participants to come to the trade fair in Egypt,” says Mrs Awani, who noted that Afreximbank has invested over US$36 billion into the Nigerian economy since its creation in 1993 through its trade and project financing initiatives. This support has covered a range of sectors and industries, including among others, energy, transport, financial services, healthcare, manufacturing and trade infrastructure.
“Afreximbank remains committed to contributing to Nigeria’s economic growth as evident in several flagship projects underway,” she reiterated. Among the projects are the US$300m 500-bed Africa Medical Centre of Excellence (AMCE) ongoing in Abuja in partnership with King’s College, London, the Afreximbank Africa Trade Centre (AATC), also in Abuja, and the Africa Quality Assurance Centre (AQAC) in Shagamu, Ogun State, which is already operational.
Mrs Awani also reiterated that Afreximbank is not only spearheading the IATF to support the AfCFTA but is also at the forefront of supporting African trade. The Bank has also developed financing and facilitation instruments to support trade and investment.
She emphasised that “Afreximbank intends to double its financing of intra-African trade to US$40 billion on a revolving basis by 2026, up from US$ 20 billion in 2021.”
Nigerian businesses are in pole position to lead intra-African trade growth and rapidly expand their footprint across the continent according to experts at today’s High-Level Business Roadshow in Lagos, Nigeria. Dr. Ezra Yakusak, Executive Director & Chief Executive Officer, Nigerian Export Promotion Council (NEPC), spoke about how the NEPC spearheads Nigeria’s participation at the IATF and extolled the benefits of the trade fair to Nigerian businesses.
The High-Level IATF Roadshow in Lagos also featured two insightful panel sessions.
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