Nigeria Seeks Increased Shares In Afrexim Bank
President Buhari. Image: Premium Times

The Federal Government is seeking to increase Nigeria’s share in the African Export and Import (Afrexim) Bank, according to Finance Minister Zainab Ahmed.

Ahmed noted this on Wednesday in a statement after holding talks with Afrexim bank management in Abuja.

Advertise With Us

According to Ahmed, Nigeria has the largest portfolio in Afrexim Bank, revealing that the country was willing to collaborate with the financial firm on some key projects.

“We have met with a delegation of Afrexim Bank from Cairo. Nigeria is a major shareholder in the bank,” the statement said.

“Part of what we have discussed is the possibility of increasing our shareholding and we discussed some of the projects and programmes that Afrexim is supporting in Nigeria.

“Afrexim has a very large portfolio in Nigeria. About 40 per cent of the bank’s portfolio is in Nigeria — support to the government but largely to the private sector.

“We have the need to increase our shareholding in the bank because there is a lot of value that we are getting from Afrexim Bank.”

In addition, the minister said, “We discussed the setting up a medical park in the FCT, which is a discussion that has been going on for quite a long time.

“There was also a discussion on the establishment of quality assurance centres in Ogun and other parts of the country.

“We also discussed the setting up of industrial parks in collaboration with the Federal Ministry of Industry, Trade and Investment in three centres- Lekki, Kano and Kaduna.”

She added that “Trade agreements are not things that the government will just enter into without due consultations with stakeholders in the private sector.

“We need to discuss with the private sector and agree with operators in that sector before we join.

“The discussions have been going on but we have not reached a consensus. We need to reach a consensus before we agree. That discussion is being driven by the Ministry of Industry, Trade and Investment.”