AFREXIMBANK takes lead in improving African trade

Professor Benedict Okey Oramah, President and Chairman of the Board of Directors at AFREXIMBANK, has expressed concern over Africa’s non-compliance with globally accepted standards, citing it as a significant obstacle to accessing regional and international trade opportunities.

Speaking at the commencement ceremony of the Africa Quality Assurance Centre (AQAC) project in Imo State, Oramah highlighted the economic and political implications of the barrier on the African economy.

He, however,  said AFREXIMBANK had taken up the challenge to address the issue and enhance the economic fortunes of African nations.

Oramah revealed that AFREXIMBANK had initiated collaborations with relevant institutions to harmonise standards and influence industrial practices with the goal of expanding intra-African trade.

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He emphasised the importance of ensuring that goods made in Africa met international standards, especially as the European Union (EU) remained a major export destination for African products.

Represented by Mrs Kanayo Awani, Executive Vice President of Intra-African Trade and Export Development at AFREXIMBANK, Oramah reiterated the bank’s commitment to supporting African exports and facilitating access to global markets.