The African Export-Import Bank says it is currently providing a N33 billion financing for the establishment of a cashew processing facility in Nigeria as part of efforts to boost the value chain.
The Afreximbank President, Benedict Oramah made the disclosure in Abuja on Tuesday at the opening ceremony of the Farm, Food and Allied Technologies FARMATECH) Expo currently taking place in Abuja organised by the Abuja Chamber of Commerce and Industry (ACCI).
Oramah who was represented by Mr Eric Monchu Intong, Acting Group Managing Director, Client Relations noted that currently, the trade finance gap in developing countries is estimated to be approximately $150 billion annually.
He further stated that “Today, Africa’s total trade only accounts for 3% of global trade because we do not add value before exporting our cocoa, coffee, cassava, cashew nuts, rubber, timber.
“This is why in Nigeria, the Afreximbank is providing financing of USD 20.8 Million towards the development of a Cashew Processing Facility.”
Earlier in his remarks, the President of the ACCI, Chief Emeka Obegolu stated that “FARMFATECH is a groundbreaking three-day Expo designed to foster global partnerships, particularly between Nigeria and China, as well as other key players in agricultural technology.
Join Daily Trust WhatsApp Community For Quick Access To News and Happenings Around You.
