Afreximbank Inaugurates $100m Quality Assurance Centre To Boost Exports

The African Export–Import Bank (Afreximbank) has reiterated its commitment to save Nigeria from over $700 million losses agro-export rejections with the inauguration of the African Quality Assurance Centre (AQAC).
President and Chairman, Board of Trustees, Prof. Benedict Oramah, disclosed this at the inauguration of the AQAC in Sagamu, Ogun State, recently.
The Tide source reports that the bank inaugurated the AQAC, the first in its series in Nigeria, to ensure the production and export of quality agro-produce from the country.
The AQAC laboratory is an initiative of the Afreximbank to ensure that “made in Africa” products meets the required health and safety standards.
Oramah said the country had suffered a loss estimated at $700 million over rejected agro-produce, a situation, the AQUA is set up to address.
“Due to poor quality over $700 million worth of agro-produce are rejected from Europe alone.
“About 76 per cent of exports from Africa are rejected annually. We are working with a lot of organisations to create the framework for harmonisation of standards across the continent.
“We are budgeting about $100 million for the development of this plan of setting up African Quality Assurance Centres across the country.
“We are pleased to commission the first in a series of African Quality Assurance Centres.
“We are about today going to do a simple ceremony of commissioning but the impact will be monumental,” Oramah said.
In addition he also lauded the Ogun state government for their support in making the AQUA a reality.
“There is no country that aspires to become an export success without solid, quality infrastructure.
“There is no country that can expect to participate effectively in the Agricultural Free Trade Agreements without sound quality infrastructure.
“We want to thank the government of Ogun State under the leadership of Gov. Adedapo Abiodun for making it possible that we are located this large expanse of land,” he said.
On his part, the Ogun State governor, Gov. Adedapo Abiodun, commended the bank for its commitment to financial and economic growth of the African continent.
“On behalf of the entire people of Ogun State, we want to appreciate Afreximbank for considering our state worthy of this very laudable initiative”, he said.