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Nigeria’s loan approvals grew to $1.89 billion in 8 months – Afreximbank

The total loan approvals for Nigeria from the African Export-Import Bank (Afreximbank) has now risen to N1.89 billion in 8 months, the Executive Vice President, Corporate Governance and Legal Services at Afreximbank, Dr George Elombi, disclosed during the intra-African Trade Fair 2021 official Nigeria high-level roadshow which held in Lagos on Monday, IgbereTV reports.

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 in a low percentage of intra-African trade, averaging around 15 per cent and continuously subjecting Africa’s growth and development to external forces.

He said that the IATF 2021 which is scheduled to hold in Durban, South Africa, between November 15 and 21, 2021, is expected to generate more than $40 billion in trade and investment deals, an opportunity beneficial to the Nigerian economy.

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