In a significant move aimed at bolstering the textile industry and advancing the usage of Compressed Natural Gas (CNG) vehicles, the Federal Government has sealed a $3.5 billion agreement with Afreximbank.
The Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, revealed this groundbreaking deal via her X handle on Tuesday.
She said the agreement was formalized during the 31st Afreximbank Annual Meeting held in Nassau, The Bahamas.
Uzoka-Anite explained that the pact signifies a pivotal step towards realising President Bola Ahmed Tinubu’s vision for a more diversified and prosperous Nigerian economy. She said that the the key components of the agreement include a $3 billion Industrialization Financing Facility to propel Nigeria towards full industrialization, investment initiatives to attract more capital to the states for regional growth, and a Global Country Guarantee to bolster investor confidence by ensuring investment security. The Minister further noted that the collaboration aims to revamp the Textile and Apparel Industry in collaboration with Arise Integrated Industrial Platforms, with a focus on creating significant project capital expenditure amounting to $3.3 billion and generating employment opportunities for the country’s youth.
She wrote: “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.
“Here’s what this means for us: $3 Billion Industrialization Financing Facility: Accelerating Nigeria’s journey to becoming a fully industrialized nation.
“State-Wide Investment Vehicles/Projects: Attracting more investments to our states, fostering regional development.
“Global Country Guarantee: Boosting investor confidence in Nigeria by providing guarantees for investments.
“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.
“Developing the CNG Value-Chain: Enhancing our automotive and transport sectors with a focus on sustainability.
“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.”
SOURCE: THESUN
