Buhari Asks AFREXIM Bank to Sync Lending Initiatives with Nigeria’s Agricultural Programmes


President Muhammadu Buhari on Thursday in Abuja, requested the African Export – Import Bank, AFREXIM, to align its lending schemes with the agricultural priorities of the present administration.

Speaking while receiving the President of the Bank and Chairman of its Board of the Directors at the State House during a courtesy call, President Buhari acknowledged the fact that Nigeria was the biggest beneficiary of AFREXIM’s loans and facilities.

He however observed that in spite of the impressive array of lending to institutions and industries in Nigeria, Agriculture didn’t feature very well and needed to be taken on board.

“Many do not appreciate how much we are doing in agriculture. The minister of agriculture and the Central Bank are doing so much. We have almost achieved complete food security coupled with the massive employment of able-bodied Nigerians, both the educated and the not – so-educated. You must take interest in our agriculture.”

 President Buhari, at the meeting also directed the Secretary to the Government of the Federation, Boss Mustapha, to take up the Minister of the Federal Capital Territory Administration for the issuance without delay, of land for the regional headquarters building of the bank, and another for a proposed Centre for Medical Excellence in tertiary healthcare in the Federal Capital.

The proposed centre, to be established in collaboration with the Kings Hospital in London, will provide advanced treatment in Nigeria for cancers, haematology and cardiology and, pursuant to that, the creation of hundreds of jobs here in the country.

The President, who was supported at the meeting by the Secretary to the Government of the Federation, the Chief of Staff, the ministers of Finance and Industry, Trade and Investment and the Governor of the Central Bank also asked the bank to direct more of its resources to infrastructure funding in Nigeria.

The minister of Finance also informed the meeting that there were on-going efforts to raise Nigeria’s equity in the bank, which had dropped to sixth from the first position hitherto.

The President of the Bank, Dr. Okey Oramah, himself a Nigerian, reported that the dilution of Nigerian shareholding needed to be addressed, to justify the pre-eminent position of the country as leading beneficiary.

He disclosed that the bank exposure in Nigeria currently stood at about US $4 billion.

The bank, which is marking its 25th anniversary this year, is bringing the events to Nigeria in recognition of the pioneering role played by the country in the bank’s formation.

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Victor Okeh is a graduate of Economics from Lagos State University. He is versatile in reporting business and economy, politics and finance, and entrepreneurship articles. He can be reached via – [email protected]

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