
Audio By Carbonatix
African Export-Import Bank plans to sell shares in Nigeria and two other African countries to support lending and broaden its ownership base.The Cairo-based lender is in talks with Nigerian regulators to issue depositary receipts and raise equity worth $200 million by the third quarter, Afreximbank said in an emailed response to questions.It is still considering the other markets and will release details once discussions have been finalized, the company said.Afreximbank, which was started in Nigeria in 1993 to finance and promote trade across Africa, will list about 67 million existing depository receipts on the Nigerian Stock Exchange to improve liquidity, it said. The lender approved $3.2 billion of credit for Nigerian companies last year and has received loan applications from more than 30 firms in the West African nation seeking “specialized credit” or loans for trade, projects and infrastructure finance, the lender said.It is targeting trade, financial services, tourism, manufacturing, export infrastructure and agro-processing for loans, it said.As the Nigerian economy recovers, “funding is required to harness the opportunities,” Afreximbank said, adding that it is talking with the Nigerian Export-Import Bank about a joint program that will grow the country’s non-oil exports. Gross domestic product in Africa’s biggest crude producer expanded 0.8 percent in 2017 compared with a contraction of 1.6 percent in 2016.The 162-member Nigerian Stock Exchange All-Share Index has gained 13 percent this year after rallying 42 percent in 2017.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Tags:
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Latest Stories
-
Edmond Boateng takes up secretary role at Honorary Consular Corps of Ghana
27 minutes -
Gambia appoints British barrister to prosecute gruesome Jammeh-era crimes
43 minutes -
Girl group Flo on entering into their ‘bombastic, confident, strong’ era
54 minutes -
Germany suspends military approval for long stays abroad for men under 45
1 hour -
Liverpool face uphill Champions League task after PSG thrashing in Paris
1 hour -
‘Ketamine Queen’ sentenced to 15 years in Matthew Perry overdose death
1 hour -
Nigeria begins mass trial of 500 terrorism suspects
2 hours -
Atletico Madrid stun 10-man Barcelona to seize Champions League semi-final advantage
2 hours -
Black Stars coach to be announced by next week – Sports Minister
2 hours -
Chiefs, queen mothers and principal elders of Odau group denounce ‘rebellious Etweresohene’, pledges allegiance to Okyenhene
2 hours -
KNUST library dress code sparks online backlash over strict rules
2 hours -
Cultural Diplomacy in Action: Ghanaian youth leaders present symbolic smock to U.S. Chargé d’Affaires
2 hours -
Ghana Card payment activation under review – NIA breaks silence on financial integration
3 hours -
Ofori-Atta’s ICE release on bail positive; he poses no risk – Amanda Clinton
3 hours -
Ken Ofori-Atta’s passport seized after bail, set to reappear in US Court on April 27
3 hours