Federal Ministry of Industry, Trade and Investment Seals Deal With AfrEximBank to Drive Economic Growth
The Federal Ministry of Industry, Trade, and Investment (FMITI) announced a meeting with Mr. Eric Monchu Intong, the Regional Chief Operating Officer and Head of Mission for Anglophone West Africa at African Export-Import Bank (Afreximbank). The discussions focused on enhancing inter-African trade, import substitution, and export expansion, which are important for Nigeria’s economic development.
The Honourable Minister, Dr Doris Uzoka-Anite, expressed her enthusiasm about a potential partnership, stating, “Today’s meeting with Afreximbank marks a significant milestone in our relentless pursuit of economic diversification and industrial growth. Their support for the Special Economic Zone Initiative will be instrumental in lowering production costs and boosting our export capabilities, which is a win for Nigeria’s economy and its people. This is not just about economic gains; it’s about creating sustainable jobs, enhancing our foreign exchange earnings, and opening doors for more foreign direct investments. It’s a step towards self-reliance and a stronger, more diversified economy.”
Mr. Eric Monchu Intong shared his optimism about the impact of their support for Nigeria saying “Afreximbank is fully committed to backing the Federal Ministry of Industry, Trade, and Investment in its ambitious initiatives. By supporting the Special Economic Zone (SEZ) Initiative and other key projects, we are confident that Nigeria will achieve significant strides in its industrialisation efforts and trade expansion, particularly within the African continent.”
The meeting also covered the advancement of the African Continental Free Trade Area (AfCFTA) operationalisation, focusing on reducing trade barriers, establishing quality assurance centers all over the country, establishing a trade intelligence unit, developing an e-commerce platform to support MSMEs. These discussions underscored a shared commitment to enhancing regional trade connectivity and efficiency.
This partnership will bring about a new era of economic opportunities and promises to launch Nigeria towards achieving its industrialisation goals and reinforcing its position as a leading economic force in Africa.
