The African Export-Import Bank (Afreximbank) has begun the development of its African Quality Assurance Centre (AQAC) in Imo to ensure quality of export products.

Prof. Benedict Oramah, President of the bank’s board of directors, said this at the official launch of the AQAC, in the Ngor Okpala council area of Imo, on Monday.

Oramah, represented by the bank’s Executive Vice-President, Intra-African Trade and Export Development, Mrs Kanayo Awani, said that the centre was the second of its kind in Nigeria.

The president explained that the AQAC would promote African trade in line with the African Continental Free Trade Agreement.

According to him, although Africa’s export products represent only 30 per cent of exports in Europe and America, the products can hardly meet global standards, and have, therefore, suffered inhibited access to the global market.

“With a cargo airport and abundant export products such as agricultural, textile, pharmaceutical and automotive, among others, Imo has the potential to become a major international export hub in Nigeria,” he said.

He thanked the bank’s technical partners, the Bureau Veritas; the African Organisation for Standardisation, and the Imo government for their support and collaboration which saw the project to fruition.

“Africa loses an estimated $700m yearly at the export market due to inability to meet global standards, but the Afreximbank is working on accredited facilities for quality assurance and promotion of export trade.

“This gathering is a testament that our strong political will backed by capital from Africa, represent a powerful force and our best chance as a people to achieve economic emancipation.

“We are, therefore, pleased at the Afreximbank to announce the commencement of the AQAC project development in Imo to serve the people of Imo, Nigeria and the Gulf of Guinea,” he said.

Also, Gov. Hope Uzodinma of Imo, thanked the bank for choosing Imo as a ground for “providing home grown solutions to the challenges of export business confronting the African continent “.

He added that the project aligned with the Nigerian National Development Plan, and pledged his commitment to job creation through stimulation of the economy for a more productive life for Imo people.

“We thank you for including Imo in the global map.

“We assure you that with 64 nautical miles to the high sea, your decision to site this project in Imo will be justified through a viable Return on Investment (ROI), and our necessary support for your seamless operation“, he said.

Earlier, the bank’s Director of Export Development, Mrs Dorothy Oluwaji, restated the bank’s commitment to the strategic initiative, and thanked Uzodinma for his tenacity, drive, support and vision to make Imo an international export hub.

Reports says that the highlight of the event was the official unveiling of the project module. (NAN)