Buhari Lauds Afreximbank For Injecting $250m For Establishment Of AFSNET

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President Muhammadu Buhari has commended the African Export -Import Bank (Afreximbank) for orgainising African Sub-Sovereign Governments Network (AFSNET), lauding the President, Prof. Benedict Oramah, and his team for committing $250 million as seed capital towards the establishment of the AFSNET.

The President said that the African Continental Free Trade Area (AfCFTA) demonstrated innovative thinking by taking the AfCFTA to the grassroots, declaring that it would succeed if African governments demonstrate a higher level of commitment to tackle the slow pace of physical integration, political cooperation and tariff barriers that inhibit business integration.

Addressing the second AFSNET Conference organised by the Afreximbank in collaboration with the secretariat of AfCFTA and the Nigeria Governors’ Forum, on Friday in Abuja, Buhari decried the low-level trade among African countries.

He acknowledged that the initiative spearheaded by Afreximbank was aimed at firmly establishing and deepening intra-continental trade investment development frontier for Africa, facilitating the reduction in the continent’s dependence on exports of primary commodities as well as minimizing the risks experienced due to strong reliance on global value chains.

He said, ”This opportunity, if properly harnessed, is a significant step for Africa to begin carving its own niche in the global value chain, from the constituent units up.

Buhari Lauds Afreximbank For Injecting $250m For Establishment Of AFSNET

”This will undoubtedly complement broader programmes such as the AfCFTA which remains one of the most strategic pan-African agenda to deliver inclusive and sustainable development.”

The President also recognised the support of the Secretariat of the AfCFTA and the role of its Secretary General, Wamkele Mene, in organizing the conference in Abuja.

He underscored the critical role of the African Union Commission to the development of Africa and expressed delight that this initiative compliments the AU vision of achieving the 2063 Agenda –”The Africa We Want”.

Buhari, therefore, assured the participants of the full support and cooperation of the Nigerian government in the implementation of the programme.

The President also commended the outgoing Chairman of the Nigeria Governors’ Forum and Ekiti State Governor, Kayode Fayemi, who also recently emerged as the President of the Forum of Règions in Africa, for embracing this initiative and being at the forefront of sharing and exploring opportunities that improve production and trade facilitation activities with his peers in the region.

Source: Vanguard Newspaper