Cross River State has sought a partnership with the African Export-Import Bank (AFREXIM) in order to access $500 million Manufacturers Fund and other intervention funds from the bank in line with the industrialization efforts of the State Government
This was disclosed in a letter signed by a senior aide to the state governor, Prince Michael Abu, addressed to the management of AFREXIM Bank.
The Details: In addition to the request for funds, the State Governor, Ben Ayade approved a two-day visit that will allow a delegation from the bank assess the industrialization efforts of the Cross River State Government.
The letter read: “Sequel to a letter requesting partnership for access to funding on behalf of the state and visit to your office by our team members of the Support Group and Community Based, Cross River State, I wish to inform you that the Government of Cross River State under the effective leadership of Sen Prof Ben Ayade, is interested in access opportunities to deepen her massive industrialization strides as aptly captured in the letter earlier sent.
“Therefore, the State Government would love, for the President of the Bank or/and her Regional Team to embark on a two (2) days working visit to the state to see first-hand rapid industrialization strides of Sen Prof Ben Ayade scattered around the state (from our nationally patronized seedlings plant in the Ayade industrial park to our Rice Mill in Ogoja and our Cocoa Processing Plant in Ikom.”
In the letter, Abu stated the meeting was important to enable it work out modalities of the $500 million manufacturers funding facility as well as enhance economic growth for the region.
What you should know: The Two-day working visit is scheduled to include a tour of the state’s industrial layouts and ventures, and a round table for meeting with proposed partners and business executive in the state for the purpose of evolving access to your bank opportunities.
Nairametrics gathers that the $500 million facility Cross River is seeking in this partnership is not different from the same amount the bank gave the Manufacturers Association of Nigeria (MAN) to promote intra-African trade in the continent under the African Continental Free Trade Agreement (AfCFTA) last month.
Prof. Benedict Oramah, President of the bank said the fund is expected to support the manufacturers and improve their product offerings. It will also enable them to compete against other products that will benefit from the free continental trade agreement and global brands. The implementation will begin in 2020.