AFREXIM Invests $3.8 Billion in Nigeria’s Economy

By November 23, 2016 Investment News

The African Export-Import (AFREXIM) Bank, has invested $3.8 billion in the Nigerian economy this year, its President, Dr. Benedict Oramah, has said.

Speaking with reporters yesterday during the 2016 Nigeria Higher Education Summit in Abuja, Oramah said the bank will continue to support the country.

Represented by the bank’s Director of Human Resources, Stephen Kuma, the president said the investments covered various sectors of the economy.

According to him, the bank would continue to invest in African economy to help the continent develop.

“The $3.8 billion which  which AFREXIM has invested into the Nigerian economy is essentially over the period 2016 up to the end of October and it is in different sectors, to financial institutions (in the) oil and gas sector. Not primarily education,” he said.

He also said the bank will consider investing in Nigeria’s education sector in the future.

Oramah, who said there was a hug financial gap in the funding of education in Africa, advised governments to find innovative solutions to bridge the gap.

“We don’t have any investment in education at the moment but these are areas we are looking at in the future.

“It is important for us to have balance between technical education and tertiary education. While it is useful to have people that are well educated in the arts and theories of science, it is also important to have people that are practical scientists that can actually help to build the economy.

“It is important to look at the fact that there is a financing gap and to look at innovative solutions that can help bridge that gap including student loan schemes as well as securitising those loan schemes so that you can be able to provide funding for universities to fill that gap,” Oramah said.

Source: <The Nation>