The federal government has announced a $3.5 billion arrangement with Afreximbank to boost the textile industry and encourage using compressed natural gas (CNG) vehicles, among other efforts.
Doris Uzoka-Anite, Minister of Industry, Trade, and Investment, revealed this in a statement to X on Tuesday.
Uzoka-Anite stated that the agreement was reached with the international financial institution at the 31st Afreximbank Annual Meeting in Nassau, Bahamas.
She stated that the deal would help realize President Bola Ahmed Tinubu’s goal of a diverse and flourishing Nigerian economy. “I am thrilled to report that @TradeInvestNG and @afreximbank inked a landmark $3.5 billion memorandum of understanding during the 31st Afreximbank Annual Meeting in Nassau.
“This historic agreement is a significant step towards achieving President Bola Ahmed Tinubu’s vision for a diverse and prosperous Nigerian economy,” she stated.
The minister stated that the breakthrough deal includes the following aspects of the economy.
- $3 Billion Industrialization Financing Facility: Helping Nigeria accelerate its transition to full industrialization.
- State-Wide Investment Vehicles/Projects: Bringing more significant investment to our states and promoting regional development.
- Global Country Guarantee: Increasing investor confidence in Nigeria by guaranteeing investments.
- Revamping the Textile and Apparel Industry: In collaboration with Arise Integrated Industrial Platforms, we intend to produce up to $3.3 billion in project capital expenditure and create jobs for our youth.
- Developing the CNG Value Chain: Improving the automotive and transportation industries with an emphasis on sustainability.
Speaking further, Uzoka-Anite stated that the relationship with Afreximbank can revolutionize Nigeria’s industrial landscape, create jobs, and drive long-term economic progress.
She emphasized that the agreement represents a step towards a brighter, more affluent Nigeria.
According to Uzoka-Anite, the relationship with Afreximbank can alter the country’s industrial landscape by stimulating innovation and expanding employment prospects.
“This collaboration with Afreximbank is expected to revolutionize our industrial environment, create jobs, and drive long-term economic growth.
“Together, we are paving the way for a brighter and more prosperous Nigeria,” she stated.
