• Sunday, February 25, 2024
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Nigeria misses out in Afreximbank’s ‘Blue Economy’ Strategy

Afreximbank

Nigeria has missed out in Africa Export Import Bank (Afreximbank’s) pioneering ‘Blue Economy’ strategy, in which countries on the continent are encouraged to “put in place a political risk fund that would improve the country’s attractiveness as a global financial centre.”

It would also support the development of small and medium-scale enterprises (SMEs) and the creation of expanded access to incubation programmes and factoring.

Other components of the ‘blue economy’ strategy included the facilitation of local content in the fisheries sector; development of health and medical tourism; and provision of technical assistance and training to the country’s Central Bank, its Development Bank, and other key national financial institutions, stated by the Afreximbank’s president designate and Nigeria’s Benedict Oramah.

Nigeria’s banking institutions are among some of the best performing financial institutions in Africa and the world, but the country may lack the willingness to put in place a ‘political risk fund’ to improve its attractiveness as a global financial centre.

According to a statement by the external communication of African Export-Import Bank (Afreximbank), the Bank has selected Seychelles as the first beneficiary of the “Blue Economy” strategy that it is developing, said Oramah, who takes over from Jean Louis Ekra, as president of Afreximbank in September.

Under the ‘blue economy’ initiative, Afreximbank would be working with the Government of Seychelles to “put in place a political risk fund that would improve the country’s attractiveness as a global financial centre.”

Meanwhile there are current plans by certain Seychellois entities and the Central Bank of Seychelles to make additional equity investment in the Afreximbank.

The islandic African country would be hosting the Afreximbank-organised 2015 Annual Corporate Governance Forum in October and the Bank’s Annual Meetings in 2016.

 

BEN EGUZOZIE, with wire copy