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Nigeria has become the 16th country to sign an agreement with the Fund for Export Development in Africa, a multilateral bank that aims to boost African exports.
The bank's president, Benedict Oramah, says Nigeria's decision "boldly demonstrates Nigeria's continued commitment to supporting Afreximbank and FEDA's missions," per a press release.
Other countries that have signed the agreement include Rwanda, Mauritania, Guinea, Togo, South Sudan, Zimbabwe, Kenya, Chad, Republic of the Congo, Gabon, Sierra Leone, S'o Tom, and Pr ? 'ncipe, per the APO Group.
"This underscores the increasing backing the Fund enjoys among African nations," Oramah says.
FEDA, a subsidiary of the African Export-Import Bank, "pursues a multi-sector investment strategy along the intra-African trade, value-added export development, and manufacturing value chain which includes financial services, technology, consumer and retail goods, manufacturing, transport & logistics, agribusiness, as well as ancillary trade enabling infrastructure such as industrial parks," per the press release.