FG speaks on obtained $5 billion from Afreximbank to solve Nigeria’s food crisis

• Nigerian federal government announced that Afreximbank has given it $5 billion to support the country's economy.
• The minister of trade, industry and investment said this will be deployed to protect its manufacturing sector
• She connected the current food problem in the country to a rise in exports of agricultural products

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

The federal government of Nigeria reports that it has obtained $5 billion from Afreximbank to bolster the economy; includes a $3 billion going toward de-risking the system.

Minister of industry, trade and investment, Uzoka-Anite, stated that the Nigerian government is prepared to defend the country's manufacturing industry. Photo Credit: FG
Source: UGC

This was disclosed by Doris Uzoka-Anite, the minister of industry, trade, and investment, during her speech at the Manufacturing Association of Nigeria (MAN) conference on Thursday at the Presidential Villa in Abuja in a BusinessDay report.

He said,

“The Ministry secured $5b funds, including a $3b for de-risking Nigeria’s business environment with AFREXIM bank at an event in the Bahamas in June.”

In her speech at the MAN summit's closing session in Abuja, Uzoka-Anite stated that the Nigerian government is prepared to defend the country's manufacturing industry.

She linked the nation's present food crisis on an increase in agricultural exports. She went on to say that while the government is willing to support the manufacturing sector in raising productivity, it is suggested that vital agricultural items be exported under self-regulation.

She said,

“We know that exports have increased in the last year and that is good, but we have also noticed a shortage of food in our country, so we think the manufacturers and exporters should self-regulate exports to avoid another round of border closure to reduce the export of agricultural products.”

The Minister further disclosed that in order to guarantee inexpensive, accessible autos, the government has drawn $3.5 billion in investment into the automotive sector.

He revealed further that in order to enable the Bank of Industry to start disbursing the loans, the processing of the N75 billion in bailout monies for the manufacturing sector from the federal government is being expedited.

She gave the manufacturers her word that her Ministry will strictly enforce the federal government's Executive Orders 3 and 5 to encourage made-in-Nigeria goods, addressing the crucial problem of supporting locally created items.

She said,

“You can rest assured that when it comes to the patronage of made-in-Nigeria goods, I am your number one advocate.” “We know that inflation at 33.9%, is high, but the high interest rate is aimed at bringing down inflation. Ours is moderate and the high interest rate is part of the CBN efforts.”

FG gives update on debt servicing payment to China, others

Legit.ng reported that Wale Edun, the minister of finance and coordinating minister for the economy, said Nigeria has paid $700 million in debt services.

He disclosed this when he appeared before the Senate committee on appropriation over the budgets' performances on Wednesday, July 3.

According to Edun, the debt service payment was for 420 national development agencies and others, Punch reports.

Source: Legit.ng