The African Export-Import Bank (Afreximbank) plans to raise 300 billion naira ($826 million) in local currency in the Nigerian market under its medium-term bond program.
The operation will be accompanied by Stanbic IBTC Capital Limited, lead arranger of the issue.

Afreximbank also signed on Monday (January 27th) the regulatory documents with the Securities and Exchange Commission (SEC), the main regulatory institution of the Nigerian capital market.

The operation is Afreximbank's first-ever local currency fundraising program in Nigeria.

The President of the institution, Dr. Benedict Oramah, indicated that over the past few years, many of the Bank's key clients have made requests for local currency financing, saying that Afreximbank has designed and launched a local currency program. local in 2016 with the primary purpose of providing financing to African entities in key national markets.

Seeing the timing as opportune, Benedict Oramah said the bank's local currency financing is part of a package of programs designed to ensure Africa's readiness for the start of the AfCFTA (African Continental Free Trade Area).

"Adequate and competitive financing in local currency, through a pre-export finance agreement, will help operators in import-export," Dr Oramah said.

Afreximbank plans to roll out similar programs in the Francophone West Africa, Southern Africa and East Africa financial markets as demand for local currency funding from these markets materializes. .