The Africa Export-Import Bank, AfreximBank, has earmarked about $1 billion for the development of agriculture and industrial processing parks, which will cut across several countries on the continent, The Guardian reports.
This development is a sign that Nigeria’s quest to export value added commodities and improve foreign exchange reserves through the non-oil sector would soon receive a boost.
According to AfreximBank, the investment plan is being finalised in association with Export-Import Bank of China, in an effort to reduce the quantum of export of raw commodities from the continent, which are priced low and consequently earn little foreign exchange.
Lamenting the level of infrastructure deficit in the country,President of AfreximBank, Dr. Benedict Oramah, said that the situation could have been different had successive governments taken advantage of resources at their disposal to invest in critical segments.
Citing World Bank report, which said that Nigerian manufacturers and indeed, Africa as a whole, can compete globally, he said that AfreximBank has taken it upon itself to finance value added propositions in the continent.
He said that the move to develop the agriculture and industrial processing parks arises from the fact that rising costs in China is estimated to cut 85 million jobs in the country and the jobs are headed towards Africa, with Nigeria in view due to its potential- particularly the alluring population.
Oramah, while addressing newsmen on the sidelines of the ongoing 23rd yearly general meeting and related events of the financial institution, said it is regrettable that Nigeria continues to sit atop great opportunities without taking any advantage.
According to him, the rising number of Nigerians in Diaspora means a large market for the development of the country’s export items and the blue economy through value addition to commodities extracted from the large ocean.
