FG, Afreximbank seal $3.5bln deal for textile industry, CNG vehicles in Nigeria

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THE Federal Government has announced a $3.5 billion agreement with Afreximbank to enhance the textile industry and promote the use of Compressed Natural Gas (CNG) vehicles, among other initiatives.

According to Nairametrics, the Minister of Industry, Trade and Investment, Doris Uzoka-Anite, made this disclosure in a statement on X on Tuesday.

Adding that the deal was signed with the international financial institution during 31st Afreximbank Annual Meeting in Nassau, The Bahamas.

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She stated that the agreement will help realise President Bola Ahmed Tinubu’s vision for a diversified and prosperous Nigerian economy.

“I am pleased to report that a groundbreaking $3.5 billion MOU agreement between the @TradeInvestNG and @afreximbank was signed at the 31stAfreximbank 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 said.

However, Uzoka-Anite said the landmark agreement covers the following aspects of the economy, which include $3 billion Industrialisation Financing Facility to accelerating Nigeria’s journey to becoming a fully industrialised nation and State-Wide Investment Vehicles/Projects to attracting more investments to our states, fostering regional development.

While others are Global Country Guarantee to boosting investor confidence in Nigeria by providing guarantees for investments and Revamping the Textile and Apparel Industry,in partnership with Arise Integrated Industrial Platforms, aiming to create up to $3.3 billion in project capital expenditure and generate jobs for our youth.