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.

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.

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“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.