Business
Nigeria, AfreximBank sign $3.5bn deal on textile industry, CNG buses, others
The Federal Government and African Export-Import Bank (Afreximbank) have signed a $3.5 billion deal to boost the textile industry and promote the use of Compressed Natural Gas (CNG) vehicles, among other initiatives in the country.
The Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, disclosed this in a statement on the X platform on Tuesday.
She said the deal was signed with the international financial institution during the 31st Afreximbank Annual Meeting in Nassau, The Bahamas.
The agreement, according to the minister, will help realize President Bola Ahmed Tinubu’s vision of a diversified and prosperous Nigerian economy.
READ ALSO: Oando, Afreximbank sign $800m deal
Uzoka-Anite said: “I am pleased to report that a groundbreaking $3.5 billion MOU agreement between the @TradeInvestNG and @afreximbank was signed at the 31st Afreximbank Annual Meeting in Nassau.
“This landmark agreement is a major step towards fulfilling President Bola Ahmed Tinubu’s vision for a diversified and prosperous Nigerian economy.”
She revealed that the agreement covers a $3 billion Industrialization Financing Facility aimed at accelerating Nigeria’s journey to becoming a fully industrialized nation, and state-wide investment vehicles/projects to attract more investments to states, among others.
“This collaboration with Afreximbank is set to transform our industrial landscape, create jobs, and drive sustainable economic growth.
“Together, we are paving the way for a brighter and more prosperous Nigeria,” she added.
By: Babajide Okeowo
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: In Kwara, multimillion-naira milk processing plant is abandoned, converted to a chicken outlet
After the government spent millions of naira to establish a milk processing plant in Kwara State that would provided jobs...
SPECIAL REPORT: For Sokoto communities, promise of healthcare is akin to death sentence
In this story, ABDULRASHEED HAMMAD delves into the dire realities of Primary Health Care services in Sokoto State, shedding light...
ICYMI…SPECIAL REPORT: NNPCL hides behind PIA to frustrate disclosure, accountability
Nigeria’s major oil company, Nigerian National Petroleum Corporation Limited (NNPCL), in what appears to be a common practice of disregard...
INVESTIGATION: Multi-million naira Ekiti resort center remains uncompleted a decade after
The multimillion-naira project, expected to comprise recreational buildings, now consists of cassava farmland, a bush used for excretion, and a...
SPECIAL REPORT: Torturous experiences of students with disabilities in Oyo tertiary institutions
For students with disabilities in Oyo state-owned tertiary institutions, learning is a torturous and distressing experience, considering the building structures...