The federal government has announced that it has secured a $3.5 billion deal with Afreximbank to finance the revitalisation of the textile industry in Nigeria as well as promote the use of Compressed Natural Gas (CNG) vehicles, among other initiatives.
The deal was disclosed by the Minister of Industry, Trade and Investment, Doris Uzoka-Anite, who is attending the 31st Afreximbank Annual Meeting in Nassau, The Bahamas.
The Minister stated that the agreement will facilitate the realization of President Tinubu’s vision for a fully diversified and prosperous economy in Nigeria.
“I am pleased to report that a groundbreaking $3.5 billion MOU agreement between the Ministry of Industry, Trade and Investment and the Afreximbank was signed at the 31st Afreximbank Annual Meeting in Nassau”, the Minister posted on her official X (Twitter) handle.
The minister explained that the landmark agreement covers the following aspects of the economy:
- $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.
Before the signing of the deal with Afreximbank, the Minister had earlier revealed that the federal government is seeking to attract $3.5 billion in investments to enhance Nigeria’s textile, cotton, and apparel sector in Nigeria, adding that investment is part of the ministry’s initiative to rejuvenate the long-dormant textile industry.
Doris Uzoka-Anite emphasised that investment in the textile industry will create a lot of employment opportunities for both skilled and unskilled labour across the country.