Nigeria has become a full member of the African Trade Insurance, ATI. This followed the signing of the instrument of ratification by President Muhammadu Buhari.
By that, Nigeria joined the group ahead of others that are fast-tracking membership given the trade and investment insurance challenges during the COVID-19 pandemic and also recognizing the potential post pandemic opportunities.
Earlier analysis says Nigeria’s membership comes at a critical time for the economy as a sharp drop in oil prices due to a COVID-related one-third decrease in demand, has impacted the country’s spending plans. The IMF predicts that falling oil prices will halve Nigeria’s export earnings to US$26 billion, which traditionally accounts for 90% of the government’s budget.