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The Director General, Mr. OllukayodePitan, said this in an interview in Abuja yesterday.
Pitan said that the loan granted to the BoI was the largest that had been made for any Nigerian financial institution by Afreximbank. N230 billion to N250 billion according to the exchange rate, to deploy in the industrial sector.
"We did our own study and found that there was a vacuum on the financing of the industrial sector; Our study showed about N704billion.
" So that's our way to try to fill this gap and, basically, we look at small, medium and large businesses.
"We look at companies / companies that have a focus on using our local raw materials, businesses that generate jobs and want to reduce their cost of borrowing."
"We met with CBN, this fund will be deployed at less than 10 percent a year,"
Pitan, who said that Afrexim's loan was medium-term, said it would last three years with a pricing that was responsible for six percent, which is very good.
He said the bank planned to focus on the creative industry, light manufacturers, miners, genre businesses and businesses. Different ways to promote the Nigerian business sector.
On the price, Pitan explained that the three-year arrangement was good because it was cheaper to be able to refinance again.
He said : "I If we go for six years, the price will be higher, the plan is that the time we would have done three years of that, we will refinance again.
"What it did basically is to allow us to borrow more, we will certainly do more than three years.
" We look at seven to eight years for the industrial sector, but as I l & # 39; 39, said, it's just for us to go out there and increase
"What we're working with CBN will be a longer-term loan where people will be able to borrow between seven and eight years of age
Afreximbank signed a $ 750 million loan with BoI on July 14 to support industrialization and export development in Nigeria
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