Cross River State Partners AFREXIM To Access $500 million


In line with its industrialization drive, Cross River State Government has partnered with the African Export-Import Bank (AFREXIM) for prompt access to $500 million Manufacturers Fund and other intervention funds available within the bank.

Prince Michael Abua, a senior aide to the state governor, Ben Ayade, made this known in a letter he sent to the management of the bank on behalf of the government.

According to Nairametrics, a delegation from the bank will pay a two-day visit to the state to assess the industrialization efforts carried out so far by the State Government as requested by the governor in addition to the request for funds.

“Sequel to a letter requesting partnership for access to funding on behalf of the state and visit to your office by our team members of the Support Group and Community Based in Cross River State, I wish to inform you that the Government of Cross River State under the effective leadership of Sen Prof Ben Ayade, is interested in harnessing opportunities to deepen her massive industrialization strides as aptly captured in the letter earlier sent’, the letter reads in part.

READ ALSO: Cross River Rice Seedling Factory Will Deliver N14bn Annually—Gov. Ayade

“The State Government would love, for the President of the Bank or/and her Regional Team to embark on a two (2) days working visit to the state to see first-hand rapid industrialization strides of Sen Prof Ben Ayade scattered around the state (from our nationally patronized seedlings plant in the Ayade industrial park to our Rice Mill in Ogoja and our Cocoa Processing Plant in Ikom.”

According to the letter, the meeting will enable the state government work out modalities for the $500 million manufacturers funding facility as well as enhance economic growth for the region.

The Two-day working visit is scheduled to include a tour of the state’s industrial layouts and ventures, and a round table for meeting with proposed partners and business executive in the state for the purpose of evolving access to your bank opportunities.

Samson Oyedeyi

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