Heritage Bank, Afreximbank and Zamfara Sign $1bn MOU on Agricul and Solid Ores

Heritage Bank Plc, the African Export Import Bank and the Zamfara State Government have signed a $1billion memorandum of understanding in the areas of mining, agriculture, water resources and others, of which Heritage Bank is the banker of the project.

Another financial handler involved, PAC Capital Limited, which is the investment banking arm of PanAfrican Capital Holdings, is committed to facilitating investment activities and fostering growth on the African continent.

Speaking with newsmen at the signing of the MoU in Abuja, the Managing Director/Chief Executive of Heritage Bank, Ifie Sekibo, stated that the win-win collaboration amongst the institutions would promote and fast track support that will help Zamfara explore its unharnessed resources for the benefit of its people and the nation’s economy.

He said this bold initiative would help unlock massive opportunities inherent in solid minerals and support efforts on local content promotion, facilitate industrial development and export development.

Sekibo said, “it is a game-changer that will drive formidable economic growth for the state government, serve as a backbone to the economy through job creation, as well a way of cushioning the present economic situation.”

President/Chairman, Board of Director, Afreximbank, Prof. Benedict Oramah, said the bank was happy to be part of the partnership towards unlocking the abundant opportunities in the state.

He said: “We had a very fruitful meeting with the delegation from Zamfara State led by the governor. In Afrexim Bank we are pleased that the leadership of Zamfara State has a clear vision. They have identified clearly the strengths of their state, the opportunities and what they need to unlock these opportunities.

“They have decided to take their own destiny in their hands, which is actually the foundation of the federal structure that we operate in Nigeria, that states should do all they can to maximise the use of the resources they have for the benefit of their people, so that collectively, we can grow the economy of Nigeria to become more than it is today.”

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