Nigeria Loses U.S.$700 Million to Export Rejection

As Afrixembank launches quality center

The President and Chairman, the Board of Trustees, African Export-Import Bank, Afrixembank, Prof. Benedict Oramah, has said that Nigeria has suffered a loss estimated at $700 million over rejected agro-produce.

Speaking at the official commissioning of the Africa Quality Assurance Centre (AQAC) in Sagamu, Ogun State, Oramah said Afrixembank is now working to address the problem.

He stated: “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 the harmonisation of standards across the continent”.

He further said that African businesses are set for a major transformation as the African Continental Free Trade Agreement (AfCFTA) opens up new markets across the continent.

Oramah, however, said African products must meet international standards to make their mark in countries around the world.

He added that this was why Afrixembank is working with a lot of organisations to create a framework for harmonisation of standards across the continent.

In this connection, he said, “The AQAC in Ogun State will help deliver the highest quality African goods, strengthening their competitiveness and providing confidence to buyers.

“This is an important step, not only in underpinning the ‘Made-in-Africa’ brand but as a driver for greater exports, increased manufacturing and more resilient economies across the continent.”

The AQAC is a wholly owned subsidiary of Afreximbank’s Fund for African Export Development (FEDA).

Mr Marc Roussel, Senior Vice President Africa of Bureau Veritas, the technical company that will operate the centre, said quality agro-produce is the foundation for ensuring food security in the continent. “Bureau Veritas will operate the facility, which will provide testing, certification, and inspection services for food and agri-products for export as well as domestic consumption.”

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