Benedict Oramah’s Naira-for-crude idea has pushed Nigeria’s external reserves to a six-year high of $42 billion dollars, marking one of the most transformative economic interventions in recent years.
The initiative, conceptualised by Oramah, the outgoing president of the African Export-Import Bank (Afreximbank), has been hailed as a landmark innovation in economic management and local currency stabilisation.
Eric Intong, acting managing director of client relations at Afreximbank, disclosed this while speaking on the “Innovative Naira-for-Crude Initiative” at the Afreximbank Legacy Conference and Investiture in Cairo. He said the initiative reflects the vision and practical solutions for which Oramah and Afreximbank have become known across Africa.