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Afreximbank Stresses Importance of Intra-Africa Trade

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Afreximbank - Investors King
  • Afreximbank Stresses Importance of Intra-Africa Trade

African Export-Import Bank has emphasised the importance of intra-Africa trade, saying it has potential to transform the economy.

The Managing Director of the Intra-African Trade Initiative at the African Export-Import Bank, Kanayo Awani, specifically said Egypt could be a front runner in transforming intra-African trade and boosting innovation and industrialisation on the African continent.

He spoke in Cairo during the opening of a one-day workshop on intra-African trade, organised by Afreximbank.

Awani said that despite current low trade figures, opportunities abounded and there were many areas in which Egypt could expand its trade with the rest of Africa.

She said, “With the new significant policy shift toward export promotion, especially within Africa, and capitalising on regional trade agreements, like COMESA and the upcoming Continental Free Trade Area, an improved and dedicated shipping line from Sokhna Port to Mombasa, quality and competitive Egyptian products and services, Egypt can transform its trade with Africa and become a major trade partner.”

Egypt could expand its export trade in textiles, electricity, utilities and construction services, said Awani, who added that there were opportunities to boost pharmaceuticals exports to Nigeria, and furniture to Kenya, as well as to import beef from Sudan and fruits and vegetables from East Africa.

The managing director said that Afreximbank had engaged with Egyptian businesses last year in order to address their trade finance needs and to identify the trade facilitation issues they faced as they tried to expand into existing African markets or to enter new ones.

She explained that the bank decided to organise the workshop in order to respond to some of the concerns that had been expressed by the businesses and to share some of the bank’s interventions that responded directly to the issues raised.

Awani added that Afreximbank’s relationship with Egypt dated back almost 25 years, saying that since its inception in 1993, the bank had disbursed credit facilities in excess of $17.5bn in support of Egyptian corporates and financial institutions.

She added, ”That included funds disbursed through the Counter-cyclical Trade Liquidity Facility, which addressed financial liquidity gaps arising as a result of adverse economic shocks, and the Egypt-Africa Trade Promotion Programme, launched in January 2015 to help Egyptian entities tap into the rapidly expanding trade and investment opportunities in the rest of Africa.”

Afreximbank’s Chief Economist, Dr. Hippolyte Fofack, said that stronger intra-African trade was the path for leading African countries to take advantage of growth opportunities which, until recently, had been the preserve of non-African multinational companies.

According to him, a number of growth opportunities exist for Egyptian investors across sectors and regions, including in manufacturing industries, pharmaceutical and chemical industries as well as infrastructure and telecommunication.

The chief economist argued that the relatively low performance of intra-African trade, which was largely due to high product concentration, deficit of trade information and skewed direction of investments, offered tremendous opportunities for growth, taking advantage of economies of scale offered by the region which was set to become the fastest growing and largest market in the world, with its population projected to double by 2040.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Finance

OPEC+ Production Cuts and Geopolitical Tensions Propel Oil Price to Over $87

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Crude oil - Investors King

Oil price surged past the $87 price level on Thursday on the back of production cuts by OPEC+ nations and escalating geopolitical tensions.

Brent crude oil, against which Nigerian oil is priced, rose by $1.39 or 1.6% to $87.48 a barrel, its highest level since October 27.

OPEC+, the alliance of major oil-producing nations, has remained resolute in its commitment to curtail output, effectively tightening the supply of crude in the market.

Despite calls for increased production to alleviate soaring prices, the alliance has opted to maintain its course, further buoying the market sentiment.

Simultaneously, geopolitical tensions have added fuel to the fire. Attacks on Russia’s energy infrastructure, particularly by Ukraine, have sparked concerns over potential disruptions to the global oil supply chain.

Despite diplomatic efforts to deter such actions, the situation remains precarious, contributing to market anxieties.

Analysts suggest that these price surges may have long-term implications for global economies, particularly for oil-importing nations heavily reliant on stable energy prices.

Furthermore, the impact of rising oil prices on inflation and consumer spending patterns remains a point of contention among economists and policymakers.

As the world watches with bated breath, the trajectory of oil prices hinges on a delicate balance between geopolitical developments, OPEC+ policies, and the broader economic landscape.

For now, the $87 threshold serves as a stark reminder of the volatility and interconnectedness inherent in the global energy markets.

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Insurance

Heirs Insurance Group Unveils Revolutionary Website for Seamless Insurance Experience

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Heirs Life Assurance- Investors King

Heirs Insurance Group has launched a website designed to revolutionize the insurance experience for its customers.

With a focus on simplicity, accessibility, and personalized service, the new website aims to streamline the process of obtaining insurance coverage and empower customers to make informed decisions about their insurance needs.

The website boasts a range of innovative features that make navigating insurance options easier than ever before.

From simple and intuitive navigation menus to personalized insurance recommendations, the website is designed to guide customers through every step of the insurance process quickly and efficiently.

According to Ifesinachi Okpagu, the Chief Marketing Officer of Heirs Insurance Group, the new website embodies the company’s commitment to delivering exceptional customer service.

“Today’s customers want simplicity, and this new website delivers on that request,” Okpagu said. “We are empowering customers to take control of their lives, their businesses, assets, and their most cherished people.”

One of the key features of the website is its personalized insurance experience, which takes customers through a short journey to help them identify the best insurance plan for their needs.

Whether customers are looking for coverage for their home, car, business, or loved ones, the website provides tailored recommendations to ensure they find the right insurance solution quickly and easily.

With its user-friendly interface and innovative features, the new website from Heirs Insurance Group sets a new standard for the insurance industry, making it easier than ever for customers to protect what matters most to them.

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Banking Sector

Safaricom, Access Holdings Forge Partnership to Revolutionize Remittance Corridor in Africa

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Access bank

Safaricom, the leading telecommunications company in Kenya, has entered into a strategic partnership with Access Holdings, spearheaded by Aigboje Aig-Imoukhuede.

The collaboration aims to revolutionize the remittance corridor between East and West Africa, marking a significant step towards enhancing financial inclusion and empowering millions of individuals across the continent.

The partnership comes on the heels of Access Holdings’ recent acquisition of the National Bank of Kenya Limited, signaling the company’s ambitious expansion into the East African market.

Leveraging Safaricom’s extensive network and expertise in mobile money through M-Pesa, which currently dominates the mobile money market in Kenya, the alliance seeks to create seamless and efficient channels for remittance transactions.

Aigboje Aig-Imoukhuede, the driving force behind Access Holdings, expressed enthusiasm about the collaboration, highlighting its potential to transcend traditional boundaries and foster greater economic connectivity between East and West Africa.

He highlighted the fusion of collective expertise and resources between the two entities, underlining their shared commitment to driving financial inclusion and empowerment across the continent.

The partnership holds promise for addressing the challenges faced by millions of Africans in accessing affordable and reliable remittance services.

By connecting more than 60 million customers and 5 million businesses across eight countries, the collaboration aims to facilitate over $1 billion in daily transaction value, significantly boosting the flow of remittances within and outside Africa.

With the first phase of the collaboration focusing on key markets such as Nigeria, Kenya, Ghana, and Tanzania, stakeholders anticipate a transformative impact on the remittance landscape, paving the way for greater intracontinental trade and economic integration in line with the objectives of initiatives like the African Continental Free Trade Area (AfCFTA).

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