Nigeria’s former President, Olusegun Obasanjo has   tasked the African Export-Import Bank to support the growth of inter-African trade.
He also called for the growth of inter-African trade from its current 12 per cent “to at least 25 per cent by 2020 and 50 per cent by 2030”.
Obasanjo made the remarks in Addis Ababa when he chaired a lecture session of the bank, delivered by its founding President, Mr Christopher Edordu.
The occasion was part of activities to mark the bank’s 20th anniversary celebration hosted by the Ethiopian Government in Addis Ababa.
In a lecture entitled “Afrexim Bank: History, founding philosophy, objectives and establishment, challenges and future prospects”, Obasanjo called for a boost in intra-African,
He said: “Let intra-African trade move up to 25 per cent by 2020 and by 2030 to 50 per cent.”
“ Let us all take advantage of the window of opportunity that opens for investment in Africa and consequently increase in trade within Africa.“
He commended the bank for surviving all odds and challenged it to act as the arrowhead to enhance intra-African trade which currently stood as low as 12 per cent.
“ I will like to restate your vision and mission to the people of Africa and the global community at large which is to stimulate a consistent expansion, diversification and development of African trade.
“While at the same time operating as a first class, profit-oriented, socially responsible financial institution and centre of excellence in African trade matters,” Obajanjo said.
According to him, the bank formed part of the essential instruments needed by Africans to bond together, as they strive take on their destiny in their own hands and develop something credible in terms economic development framework for themselves.
Obasanjo said, “Africa must be the architect of its own future, and finance and credit are the life blood of trade that Africa must work to enhance.”
He said the bank was set up 20 years ago to help in dealing with the challenges of trade financing, which “stunted growth, development, innovation and entrepreneurial spirit and endeavour”.
He urged African leaders, whom he said have recently showed political will and wisdom through the AU, to demonstrate the will by concrete actions and to remove financial and regulatory obstacles to trade and ensure fast and unimpeded movement of good, services and people across borders in Africa.