BoI and Afreximbank sign pact to mobilize resources for ICT and creative economy – TechEconomy Nigeria
This facility will provide early-stage technical support and project preparation services funding to public and private sector organizations operating in Nigeria.
Afreximbank and BOI would mobilize funds under the terms of the MoU to open doors for investment in sectors such as energy, transport and logistics, ICT and special economic zones. solid minerals, industrial parks and services (health, hospitality and tourism, and creative economy).
The MoU, which was signed by Mr. Olukayode A. Pitan, Managing Director and Chief Executive Officer of BOI, and Ms. Oluranti Doherty, Director – Export Development, Afreximbank, aims to reduce project risks and attract crucial private funding.
The JPPF is a direct response to complement Nigeria’s initiatives to address the twin challenges of the COVID-19 pandemic and the existing macroeconomic challenges associated with the country’s reliance on crude oil revenues, which account for 50% of Nigeria’s consolidated revenues. government, 30% of credit to the banking sector and 90% of export earnings.
Executive Vice President – Intra-African Trade, Afreximbank, Ms. Kanayo Awani, said, “We are delighted at this opportunity to once again partner with BOI to deliver a solution to one of the key challenges that has hampered the flow of investments that will boost Nigeria’s industrial development and export-oriented sectors.
I am particularly pleased that Afreximbank and BOI are boldly venturing upstream to help investors develop well-structured projects that meet market standards.
“This intervention is timely as the JPPF will play a catalytic role in accelerating the diversification of the Nigerian economy by ensuring a steady stream of bankable projects in priority market sectors in a timely manner. In addition to improving bankability, the JPPF will undertake, on a case-by-case basis, feasibility studies to assess the viability of accessing markets in the sub-region, thereby promoting intra-African trade under the AfCFTA.
“In line with our commitment to supporting Nigeria’s industrial transformation, we are pleased to commence this cooperation,” said Mr. Olukayode A. Pitan, Managing Director and Chief Executive Officer of BOI. “This partnership is expected to bring considerable sustainable economic development to Nigeria.
Through this MoU, we will harmonize our efforts with Afreximbank for the promotion of trade and investment flows; undertake business development activities; and share project preparation pipelines in areas of mutual interest. We will also be better placed to provide technical, financial and legal services that will result in the delivery of bankable projects, while promoting and raising awareness of project preparation activities in Nigeria and Africa in general.
Our participation in the JPPF will therefore unlock development impacts such as quality jobs, foreign exchange generation and savings, and technology transfer.