Afreximbank allocates N500 billion fund to Ogun and three other beneficiaries

Ogun unveils process for applying for N1 billion grant for small businesses
Ogun unveils process for applying for N1 billion grant for small businesses

Ogun State is to benefit from N500 billion in financial support being packaged by the African Export-Import Bank in conjunction with Access Bank.

The state is to benefit from the fund along with three other states in the country.

This was disclosed in Cairo, Egypt by Governor Dapo Abiodun, while speaking at the end of the Intra-African Trade Fair, put together by Afreximbank.

Abiodun, according to a statement by his Chief Press Secretary, Mr Lekan Adeniran on Saturday, said the fund would be helpful in financing and accelerating infrastructural development in the state, noting that the state government had already signed the agreement.

He said, “The highlight of our participation at the IATF was the signing of a significant framework agreement with Afreximbank and Access Bank Limited.

“This agreement grants us access to a substantial amount of N500 billion in conjunction with three other Nigerian states.

“This financial support will play a pivotal role in financing the creation of trade and trade-enabling infrastructure.

“Its purpose is to accelerate economic diversification through infrastructure development, in line with the Africa Sub-Sovereign Network Initiative.”

Abiodun also disclosed that the state team met with the President of Zimbabwe, Emmerson Mnangagwa, and the Malawian President, Lazarus Chakwera, during which issues of mutual benefits were discussed with the two leaders.

The governor noted that discussions with the Zimbabwean President centred around collaboration in the agricultural sector, adding that the groundwork for the establishment of a partnership between the two governments was laid.

According to the governor, discussions with President Chakwera focused on fostering a mutually beneficial socio-economic relationship.

“We firmly believe that this collaboration will contribute significantly to the growth and development of our state, paving the way for a brighter economic future.

“By harnessing the potential of the agricultural sector and fostering strategic partnerships, we are confident that we can make significant advancements towards achieving our goals,” he added.