Nigeria Gets $1 Billion Debt Offer from Afreximbank

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Nigeria Gets $1 Billion Debt Offer from Afreximbank

The African Export-Import Bank has restated its cooperation with Nigeria in its quest for development, as well as willingness to arrange financing of up to 1 billion dollars to support the government’s investments in trade enabling infrastructure.

The bank 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 1.95 Naira trillion deficit, which would be funded by the usual mix of local and international debt.

However, the Afreximbank President, Benedict Oramah said the bank has approved financing up to17 billion dollars for Nigerian entities between its commencement of operations in 1994 and December 2017.

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