The African Export-Import Bank (Afreximbank) and U.S. Eximbank have signed a $500 million MoU to boost trade and investment, especially to help revive and strengthen African airlines through re-fleeting.

Afreximbank president Benedict Oramah disclosed this in an interview on the sidelines of the ongoing U.S.-Africa Leaders’ Summit.

“We will use our platform and relationship to promote the creation of regional supply chains by supporting transportation, rail and road infrastructure, healthcare, and renewable energy. We also support diaspora engagements, especially the creative industry, which is something we have as a priority and the U.S. government also has as a priority,” said Mr Oramah.

He added, “We expect that this engagement we have had will promote the work we are doing to support the African Continental Free Trade Agreement (AfCFTA).”

Speaking on the benefits of the MoU to Nigeria, Mr Oramah said the U.S. and Nigerian markets “are not far apart,” and the latter could be a good destination for the U.S.

“Nigeria is the largest source of diaspora in the U.S. So, with this engagement, we are able to leverage the pool of the diaspora we have in the U.S., and we are also going to attract more capital for the U.S. into Nigeria,” said the Afreximbank boss.

According to him, Nigeria can be an industrial base that will attract manufacturing investments from the U.S., apart from “also being a potential market for our goods.”

Mr Oramah added, “We see AfCFTA as a source of foreign direct investment and diaspora remittances. Moreover, AfCFTA is a source of skills and also to help us use raw materials efficiently, in terms of adding value, and building strong manufacturing capacity, which is what we are fighting for.”

(NAN)