The Afreximbank’s total loan stock to Nigeria has risen to $5.5 billion, the Executive Vice President, Corporate Governance and Legal Services at Afreximbank, Dr George Elombi, reports.
He said that the amount represented 26.8 per cent of its African portfolio.
This was even as it gave approval to $1.89 billion in the last eight 8 months.
Elombi, disclosed this during the intra-African Trade Fair 2021 official Nigeria high level road show which held in Lagos on Monday.
While speaking on the theme; Promoting Nigeria-Africa Trade and Investment under the African Continental Free Trade Area (AfCFTA), Dr Elombi stated that in the context of COVID-19, the AfCFTA has probably taken on an even more important role as the framework for African economic recovery.
He noted that factors such as market fragmentation, reliance on the export of primary commodities, tariff and non-tariff barriers to trade and others have resulted to a low percentage of intra-African trade, averaging around 15 per cent and continuously subjecting Africa’s growth and development to external forces.
According to him, as at 2020, Nigeria’s imports from the African region relative to total imports was at 7 per cent while the share of its exports to the African region relative to total exports was at 20 per cent.
“Accounting for about 52 per cent of the total population of West Africa, Nigeria stands to benefit the most from an intra African trade fair, an event intended to enhance the trade of African states among themselves, and to meet the objectives of Agenda 2063 as declared by African Heads of State”, he said.