Ogun, Three Other States to Benefit from N500bn Afreximbank Support Fund

James Sowole in Abeokuta

Ogun State is to benefit from a N500 billion financial support being packaged by the African Export-Import Bank (Afreximbank) in conjunction with Access Bank, Governor Dapo Abiodun has said.

The Gateway State is to benefit from the fund along with three other states in the country. The three other states are Anambra, Oyo, and Ekiti.

The governor stated this weekend in Cairo, Egypt, while speaking at the end of the Intra-African Trade Fair, put together by Afreximbank.

Abiodun said the fund would be helpful in financing and accelerating infrastructural development in the state, noting that the state government has already signed the framework agreement.

He said: “The highlight of our participation at the IATF was the signing of a significant framework agreement with Afreximbank and Access Bank Limited.

“This agreement grants us access to a substantial amount of N500 billion in conjunction with three other Nigerian states.

“This financial support will play a pivotal role in financing the creation of trade and trade-enabling infrastructure.

“Its purpose is to accelerate economic diversification through infrastructure development, in line with the Africa Sub-Sovereign Network Initiative.”

Abiodun disclosed that the Ogun State team met with the President of Zimbabwe, Emmerson Dambudzo Mnangagwa, and the Malawian President, Lazarus McCarthy Chakwera, during which issues of mutual benefits were discussed with the two leaders.

The governor noted that discussions with the Zimbabwean president centred around collaboration in the agricultural sector, adding that the groundwork for the establishment of a partnership between the two governments was laid.

According to the governor, discussions with President Chakwera focused on fostering a mutually beneficial socio-economic relationship.

“We firmly believe that this collaboration will contribute significantly to the growth and development of our state, paving the way for a brighter economic future.

“By harnessing the potential of the agricultural sector and fostering strategic partnerships, we are confident that we can make significant advancements towards achieving our goals,” he added.