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Cross River State eyes AFREXIM’s $500 million funds

Cross River State has sought a partnership with the African Export-Import Bank (AFREXIM) in order to access $500 million Manufacturers Fund.

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Cross River State eyes AFREXIM's $500 million funds

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.

[READ MORE: Tony Elumelu discloses the impact of Japanese funds on Africa]

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.

Cross River State eyes AFREXIM's $500 million funds

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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.

[READ ALSO: FMDQ Securities to make intervention funds available for SMEs]

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.

Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

1 Comment

1 Comment

  1. Stefan Anetoh

    June 11, 2020 at 3:36 am

    $500million dollars invested in Cross River? I better hope to see the effects of the investment.

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Business

BREAKING: Fire guts fuel tanker, vehicles at Anthony, Lagos

The tanker conveying PMS lost control while in motion and subsequently fell sideways.

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NNPC reacts to Lagos pipeline explosion

There is a fire outbreak, which has gutted a fuel tanker, at Anthony inward Gbagada, Lagos State.

This was disclosed by the Federal Fire Service via its Twitter handle on Friday evening. The incident, which occurred around 10 pm, has razed at least two vehicles.

The agency urged road users to avoid the area and take alternative routes.

Also, the Director-General of the Lagos State Emergency Agency, Dr Olufemi Oke-Osanyintolu, confirmed the incident.

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He said, “The Agency responded to distress calls and upon arrival at the scene of incident, it was discovered that a tanker with unknown registration number conveying PMS lost control while in motion and subsequently fell sideways.

“This led to an explosion in which two unidentified vehicles were burnt.”

A joint team of responders led by the Federal Fire Service, LASEMA, LASG fire service, LRU fire unit, Nigeria Police and LASTMA are working together to curb the inferno from escalating further.

Details soon …

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Tech News

Facebook to open Lagos office in 2021

When the social media giant comes to Nigeria, it will be its second office on the African continent.

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Facebook set to award $3 million in Community Accelerator program, Facebook to invest $100 million in media houses as coronavirus crashes their revenue, Facebook to expand Coronavirus Information Centre to Nigeria, 16 other African countries

Social Media giant, Facebook announced it would open an office in Lagos in 2021, its second office in the continent and the first in Africa to house software engineers.

This was announced by Facebook Program Manager, Chimdindu Aneke on social media. “We are opening a Facebook office in Lagos, Nigeria later in 2021,” he said.

He added that the office would be the first in Africa by Facebook for the purpose of engineering and “building for the future of Africa and beyond”.

Media aide to the Presidency, Tolu Ogunlesi quoted Facebook saying, “As part of its continued commitment and ongoing investment in Africa, Facebook today announced it will be opening an office in Lagos, Nigeria – its second office on the African continent.”

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In 2019, Facebook’s biggest market in Africa was Nigeria with 33 million monthly active users.

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Business

Nigeria among countries to be worst hit by food crisis globally

Nigeria, others were listed as countries with the worst deteriorations in acute hunger in recent months.

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7 million Nigerians to experience food shortage

Nigeria has emerged as one of the countries to be most hit by food crisis across the globe in the face of the coronavirus pandemic which had worsened the already bad situation.

This disclosure is contained in a report by the United Nation’s Food and Agriculture Organization (FAO).

The report from the FAO also shows that the Democratic Republic of Congo is emerging as the country with the world’s largest food crisis in terms of absolute numbers, with Burkina Faso listed as the country with the worst deteriorations in acute hunger in recent months.

The food crisis is made worse in Nigeria by the longstanding religious and ethnic conflicts and even organized crimes by some bandits, which has greatly affected farmers working on their farmlands.

In addition to these, the farmers were already contending with the issue of flooding or drought, which has negatively been impacting on the agricultural sector in a period the country is desperate and very desirous of economic diversification. The coronavirus pandemic has triggered a surge in food prices as can be seen in the reports released by the National Bureau of Statistics (NBS), in a country that imports over 10% of its food supply.

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With a population of over 200 million people, Nigeria is the most populous country in Africa, which is regarded as the world’s most food-insecure continent. This is made worse as importers of food items struggle to gain access to dollars for their imports due to scarcity of foreign exchange which is triggered by the crash of oil prices and low foreign inflow.

This is expected to be exacerbated by the recent order by President Muhammadu Buhari to the Central Bank of Nigeria, to stop the allocation of foreign exchange to importers of food items.

The Governor of Niger State, Abubakar Sani Bello, warned in April, “We are heading toward famine and starvation.”

The FAO report which states that Congo has about 21.8 million people that are acutely food insecure, also points out that Burkina Faso has witnessed an almost 300% uptick in the overall number of people experiencing acute hunger since the start of 2020.

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