African Export-Import Bank (Afreximbank) Monday called on both the federal government and Organised Private Sector (OPS) to provide the necessary support by mobilising businesses in Nigeria in order to take advantage of the benefits of the forthcoming Intra-African Trade Fair (IATF) 2021.
The 2021 IATF is scheduled to hold in Durban, South Africa, between November 15 and 21, 2021.
In his remarks at the IATF Nigeria roadshow, organized by Afreximbank in Lagos, it’s Executive Vice President, Corporate Governance and Legal Services, Dr. George Elombi said increased intra-African trade is what might drive economic development post-COVID-19 pandemic.
He said 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.
According to him, the 2021 IATF is expected to attract more than 1,000 exhibitors, more than 10,000 visitors, buyers, and conference participants from all 55 African countries, and the world.
It would also generate more than $40 billion in trade and investment deals, an opportunity, he said Nigeria cannot miss.
Dr. Elombi noted that, to date, there are about 600 signed-up exhibitors out of a target of about 1,100 exhibitors.
He said, “This constitutes 55per cent overall uptake of IATF 2021 exhibition space. The number of signed-up Nigerian exhibitors is still low and we call upon the business community and the public sector to expedite taking up exhibition space to ensure that Nigeria is fully represented at IATF 2021.
“At Afreximbank, guided by our medium-term strategy dubbed Impact 2021: Africa Transformed, intra-African trade, industrialization and export development, and trade finance leadership have been the Bank’s main focus.
“The Bank rolled out a number of products and initiatives whose objectives are to stimulate Africa’s transformation and support the AfCFTA. These include initiatives such as the Pan African Payment and Settlement System (PAPSS), the AfCFTA Adjustment Facility, the Fund for Export Development in Africa (FEDA), the Africa Collaborative Transit Guarantee Scheme, the Export Trading Companies Initiative and the Intra-African Trade Fair (IATF) just to name a few.
“There are other reasons Nigeria should support the intra-African trade fair. The event is organized by Afreximbank, an institution so close to Nigeria in many respects that it is now assimilated to Nigeria. Over the years, the Bank has supported and facilitated trade and investments in Nigeria through its array of financial and non-financial instruments. Since its inception in 1993, the Bank has approved over $26 billion in support of Nigerian public and private sector entities. This has had a huge developmental impact on the country’s economy and international trade sector.
“From January to August 2021, total loan approvals for Nigeria were in excess of US$1.89 billion and at the end of August 2021, the Bank’s total loans exposure to Nigeria was US$5.5 billion, representing 26.8per cent share of the Bank’s total loans and advances,” he said.
Elombi further noted that this year, the bank would emphasize three themes: Africa’s creative talent and opportunities through a Creative Africa Exchange, a Youth Start-Up programme, and Industrialisation through the Automotive Forum.
In his keynote address, Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, said the IATF offers Nigerian businesses the platform to key into regional value chains to extend their operations into the higher value segments of their industries.
He also said that it would help to satisfy rules of origin requirements to enjoy the duty waiver and mutual recognition arrangements that will accrue from AfCTA.
According to him, the trade logistics component will focus on making Nigeria the transportation hub for African, adding that that the IATF fell squarely within the country’s market access goal of taking deliberate steps to take Nigerian products and services to Africa.
Adebayo, who was represented by the President, Nigerian Export Promotion Council, NEPC, Olusegun Awolowo said this was achievable via leveraging innovative logistics solutions, creating strong product brands, and matchmaking Nigerian businesses with their African counterparts.
He maintained that the Nigerian Export Promotion Council, as part of its mandate to coordinate Nigeria’s participation at the fair, is collaborating with relevant strategic partner agencies to ensure significant participation.
“These include securing space, design, and construction of the Nigerian pavilion for exhibitors’’ participation. NEPC has also activated an online platform for the selection of exhibitors to ensure that the right products and services are selected for the fair. Furthermore, to ensure a national
“NEPC has also activated an online platform for the selection of exhibitors to ensure that the right products and services are selected for the fair. Our Nigerian manufacturers, traders, and suppliers should go to the trade fair and explore new sources of supplies within Africa to re-direct their supply chains,” he said.
Managing Director, Intra-African Trade Initiative, Afreximbank, Mrs. Kanayo Awani, stated that the available funding facility of the bank is $20 billion and is currently underutilised.
Awani added that the bank is working on the harmonisation of standards (08:20) in the area of the automotive sector, pharmaceutical/medical resources among others.
