Tinubu Calls on Afreximbank to Unlock Trade Corridors
…Reduce Import Dependence
By Patience Ikpeme
President Bola Ahmed Tinubu has urged the Africa Export Import Bank (Afreximbank) and other Development Finance Institutions in Africa to actively pursue the creation of new trade corridors and work towards reducing the continent’s reliance on imports.
The President made this call during the commissioning of the Afrexim Africa Trade Centre in Abuja on Thursday. He emphasized the necessity to “unlock new trade corridors and reduce dependency on imports, empower SMEs and women-led businesses through access to markets and finance and also harness digital technologies to streamline cross-border trade and reduce inefficiencies.”
President Tinubu also assured that “the federal government of Nigeria shall remain steadfast in its support for initiatives that drive inclusive growth, digital transformation and sustainable industrialization.”
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, spoke about Nigeria’s ongoing industrialization, noting the increase in refining capacity. “Nigeria has started to become more industrialized, we are going to have 1.2 million barrels per day of refining capacity. That is making your economy more complex.”
He added that this industrialization leads to the production of raw materials for various sectors, such as paints, fertilizers, chemicals, textiles, and pharmaceuticals. He stated that “It is the private sector. It is domestic investors because foreign investors are not going to come when they see the locals who know more on the sidelines. So the commitment of the president and the commitment of the likes of President Orama is to pave the way, put the infrastructure, create the linkages so that the private sector can come in, invest, increase productivity, grow the economy and reduce poverty by creating jobs, which is the overall aim of Mr. President.”
The Minister also addressed the challenges posed by global trade uncertainties. “Nigeria and other countries around the world are facing in this world of reciprocal trade tariffs, heightened trade uncertainties and heightened global economic risk. And it is a critical time as Nigeria and other countries have stabilized their macroeconomic environment, got growth increasing, balance of payments positive, current account balance positive, inflation stabilizing, exchange rate moderating. It is all in an attempt to encourage the private sector to come in and invest and be the engine of growth.”
Mr. Edun expressed confidence in the new trade center, stating that “the Nigerian government is confident that the AATC will evolve into a dynamic hub for trade, innovation, economic cooperation, not just for Nigeria but for the African continent.” He also stressed the importance of increasing intra-African trade.
Professor Benedict Oramah, President of Afreximbank, explained that the Abuja AATC is the first of several trade centers being developed across Africa and the Caribbean. He said that “With these, we expect to create a sizeable network of AATCs that will act as the lighthouses to guide the interconnections and flow of trade and investments within continental Africa and between Africa and Caribbean regions.”
He detailed the multi-purpose function of the Abuja AATC, which includes serving as a platform for regional integration, housing Afreximbank’s regional office, and providing technology and SME incubation facilities, a Digital Africa Trade Gateway, a conference and exhibition facility, and a business hotel. He also noted the digital connectivity of the trade center to other AATCs and the Afreximbank Africa Global Gateway in New York.
Professor Oramah also announced the upcoming commissioning of the African Medical Centre of Excellence in Abuja, a project developed in partnership with King’s College Hospital, London.
