Afreximbank’s disclosed that the total loan approvals to Nigeria has now reached $5.5 billion, accounting for 26.8% of its African portfolio.
This was made public by Dr George Elombi, Afreximbank’s Executive Vice President of Corporate Governance and Legal Services, at the intra-African Trade Fair 2021 official Nigeria high-level roadshow in Lagos on Monday, according to The Sun.
Dr. Elombi highlighted that the Africa Trade and Investment under the African Continental Free Trade Area (AfCFTA) has likely taken on an even more important role as the framework for African economic recovery in the context of COVID-19.
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 account for 20% of total exports.
“Accounting for about 52% 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.
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