Cairo Meeting: We Seals $43.7bn Trade, Investment Deals —Afreximbank

Afreximbank says about 43.7 billion dollars worth of trade and investment deals were sealed at the just concluded Intra-African Trade Fair (IATF2023) held in Egypt. Kanayo Awani, Intra-African Trade Bank, Afreximbank Executive Vice-President, said this at the Post-Event Virtual News Conference held in Cairo, Egypt on Tuesday. Awani said the 43.7 billion dollars worth of trade and investment deals sealed was against the projected figure of 43 billion dollars which was set, describing the event as a success. She said the third edition of the IATF2023 attracted no fewer than 1,939 exhibitors, with 45 African countries represented. Awani said from the 45 African countries represented, 42 had pavilions, saying this was a remarkable achievement. She said that 16 non-African countries were represented at IATF2023, bringing the total number of countries to 61. “We did promise to come back and give you conclusive key indicators after doing the necessary audits. “In terms of participants of attendance both in-person/virtual, we ended up with 28,282. In terms of the number of exhibitors, I think we had announced 1,615 at the close of the trade fair but following our audit, it was 1,939. we had actually targeted 1,600.” She said that by their own estimation and standard set, the IATF2023 was a huge success because they exceeded many of their parameters. Awani said the trade fair was a platform used to connect buyers and sellers, saying we were aware that the contracts that were being negotiated had to be financed in one form or the other. “As Afreximbank, we ensured that financial institutions and non-banking financial institutions were part of the trade fair to provide the necessary financing and expand access to finance on the continent.” Awani said that the IATF2023 was a huge platform to access finance. “The IATF is not just a platform to grow intra-African trade but a platform for banks to grow access to finance.” The Afreximbank, working with the African Union and other strategic partners, inaugurated the Intra-African Trade Fair in 2018 as a key initiative to support the African Continental Free Trade Area (AfCFTA).

China strengthens bilateral ties with Nigeria, visits Lagos with 3 ships

In a bid to strengthen the bilateral relationship between the two countries, the Chinese Navy Escort Task Group (ETG) 162, comprising MSL Destroyer NANNING, MSL Frigate SANYA, and Supply Ship WEISHANHU, on Sunday, visited Nigeria. The Chinese Ambassador to Nigeria, Mr. Chi Jian Chun, said that the visitation of the Chinese envoy, scheduled for July 2 to 6, would also enhance maritime security within the West African sub-region. The MSL Destroyer NANNING, made the port call at Nigerian Port Authority (NPA) Berth 21, while the other two ships remained at anchorage. Chun said that the delegation from China was big with more than 700 people and three ships to Nigeria. “The visit is to further deepen the relationship the two countries have with one another and also seek to strengthen and improve our relationship and cooperation with each other. “This visit demonstrates the harmony and symphony between Nigeria and China,” he said. The ambassador said that China and Nigeria would continue to work together and promote peace and harmony while also seeking ways to make contributions to the international community. “I believe that this visit will deepen the cooperation between both countries military sector so that we can work together to overcome obstacles. “We will continue to do more things to facilitate and promote the relationship between the two countries,” Chun said. Also, the Flag Officer Commanding (FOC) Western Naval Command, Rear Adm. Joseph Akpan, said the visitation would further help to cement the relationship between the two countries. This is “especially between the Nigerian Navy and the Chinese Navy as well as the military. This will help us fight crimes, especially in the Gulf of Guinea. “During their period of stay, our men will be interacting, we will be having some sporting activities, exchange of momentous and gifts. “We will also discuss the future of both navies, especially on how we can benefit from each other,” Akpan said. The FOC added that the term called ‘sea riders’ enabled some of the Nigerian Navy personnel onboard the Chinese ship and they could also have some of their own men onboard our ship. “This helps to foster friendship across the horizon,” Akpan said. The Chinese nationals resident in Lagos came out in their numbers to welcome the Chinese envoy at the NPA. There was also a rich display of the culture of the Chinese people which could be seen in the colourful display of their synchronised dance routine at the port.