Afreximbank urges MAN to taps from US$500m AfCFTA Adjustments Facility

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Professor Benedict Okey Oramah as a Guest Speaker disclosed to stakeholders that the Afreximbank has established AFCFTA US$ 500 million Facility which Nigerian Government and manufacturers in the country can benefit from.

Prof Oramah, who is President/ Chairman of the Board of Directors, Afreximbank, stated today, during the ongoing 47th annual general meeting of Manufacturers Association of Nigeria (MAN) in Lagos.

 

“Afreximbank is allocating US$500 million Facility to Nigeria, particularly the manufacturing sector, for them to take advantage of the African Continental Free Trade Agreement (AfCFTA) and also to deal with the challenges.”

 

Prof further stated that: “Within that $500 million, we have put in place for AfCFTA Adjustments Facility, which is intended to do two things – one part of it is to support governments who would suffer temporary fiscal revenue loses because of tariff reductions or removal, and so we will give them the facility to make it possible for them to adjust to the shock of sudden reduction in tariff while other part is designed to support companies to make the adjustment which I highlighted in my speech. This adjustment is to enable some companies to retool by way of equipment so that they can be more effective; it may well be that some move-up value chain or go-down value chain will lead to further reinvestment.

 

“So, that facility will be made available to companies that have decided to make those adjustments to be able to take advantage of the AfCFTA.

 

“So, we will also be discussing with the Executives of MAN and I am sure they would consult to agree on how that facility can be made available to their members so that they will be prepared to take advantage of the continental free trade and also deal with the challenges.”

 

 

He disclosed to MAN member companies that: “Tomorrow, during the private session of our AGM, one of the first things we are going to do is to set up Afreximbank- MAN Committee that will focus on how we can prepare ourselves to take advantage of this opportunity.”

 

He pointed out that before now, “When we started talking about this AfCFTA, many people, of course, many of our members was afraid. I went to the recently held African International Trade Fair and I met a lot of other manufacturers and business people, yes , all of us were concerned and worried but the other countries outside of Nigeria were not afraid; we are the largest country in Africa, and so, we shouldn’t be afraid.

 

The problem has been the lack of information about what AfCFTA is about. Now we are aware of where the opportunities are, and from this presentation, there is no lacking in terms of supporting facilities.”

 

While the MAN President, Engr. Mansur Ahmed, in response, said: “It is an exciting opportunity for Nigeria, particularly the manufacturing sector because we have what it takes to take advantage of the AfCFTA.

 

“I am very delighted; the facility will help us to prepare ourselves to explore these opportunities; so, on behalf of all of our members, I really thank Prof. Oramah and the Afreximbank for availing us this opportunity.

 

Captioned in Picture:   From left: Segun Ajayi – Kadir, DG MAN; Aliko Dangote, President of the Dangote Group; Prof. Okey Oramah,  President / Chairman of the Board of Directors Afreximbank; Otunba Adeniyi Adebayo,  Minister of Industry;   Chairman  of the House Committee on industry, Bayo Lawal, and Engr. Mansur Ahmed, MAN President,   at the 47th annual meeting of MAN in Lagos.


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