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.
- We tried to have children for about 10 years – Ebo Whyte’s wife recounts
- #FixTheCountry: How an IGP meet-up turned into a ‘Cabinet Meeting’, without the IGP – Convenor reveals
- Angry Ghanaian youth take #FixTheCountry protests to social media after court injunction
- #FixTheCountry: Bang your utensils, toot your horns on Sunday – Conveners announce format for virtual protest
- Benjamin Azamati qualifies for Tokyo Olympics 200m event
- Electoral Commission has no beef with NDC – Bossman Asare
- It’ll take time for government to get economy back on track – Kojo Oppong Nkrumah
- Playback: Finance Minister addresses nation amidst #FixTheCountry protest
- Vehicle towing cost to be borne by insurance industry – NIC Commissioner
- Bawumia’s response to #FixTheCountry campaign not a solution to issues raised – Ofosu Kwakye
Youth and Sports Minister calls for Zero Tolerance for Hooliganism in Sports
Stop illegal construction of speed ramps – Minister warns youth
Lewis Hamilton wins Spanish Grand Prix after late overtake of Max Verstappen
Medeama and Željezničar sign landmark partnership
Otiko Afisah Djaba: Don’t get tired of treating mother’s well
Nestor Kafui Adjomah: Mother’s Day; Where is my tribute?
Free SHS: PTA urges members to support schools amidst challenges
Universal Hospitals Group donates medical consumables to 2 health facilities
Ghana Month Series: Sunyani Traditional Area discounts Krontihene’s narration of historical facts
#FixTheCountry: I’ve always supported the agenda since the beginning of my career – Sarkodie
Chad claims victory over rebels after president’s death
Playback: Finance Minister addresses nation amidst #FixTheCountry protest
South Sudan’s president dissolves Parliament
Akufo-Addo is fixing the country’s challenges better – Kojo Opoku
Let’s jealously defend the Constitution – NCCE