FG Secures $3.5 Billion Deal with Afreximbank to Boost Textile Industry

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FG Secures $3.5 Billion Deal with Afreximbank to Boost Textile Industry

The Nigerian federal government has announced a groundbreaking agreement worth $3.5 billion with Afreximbank aimed at revitalizing the textile industry and promoting Compressed Natural Gas (CNG) vehicles, among other strategic initiatives.

Minister of Industry, Trade and Investment, Doris Uzoka-Anite, disclosed this development in a statement released on Tuesday. The agreement, she explained, was formalized during the 31st Afreximbank Annual Meeting held in Nassau, The Bahamas.

Uzoka-Anite highlighted that the agreement aligns with President Bola Ahmed Tinubu’s vision for diversifying and strengthening Nigeria’s economy.

READ ALSO: Afreximbank Commits to Funding Crucial Enugu Development Project

“I am delighted to announce the signing of a historic $3.5 billion MOU between @TradeInvestNG and @afreximbank at the 31st Afreximbank Annual Meeting in Nassau. This landmark agreement is a significant step towards realizing President Bola Ahmed Tinubu’s vision for a diversified and prosperous Nigerian economy,” she stated.

Key aspects covered under the agreement include:

  • $3 Billion Industrialization Financing Facility: Accelerating Nigeria’s industrialization efforts.
  • State-Wide Investment Vehicles/Projects: Attracting investments to foster regional development.
  • Global Country Guarantee: Boosting investor confidence through guaranteed investments.
  • Revamping the Textile and Apparel Industry: In collaboration with Arise Integrated Industrial Platforms, targeting substantial project capital expenditure and job creation.
  • Developing the CNG Value-Chain: Enhancing sustainability in the automotive and transport sectors.

The Minister reiterated the government’s commitment to attracting $3.5 billion in investments within the textile, cotton, and apparel sectors, aiming to rejuvenate these vital industries.

She emphasized that this initiative would significantly impact Nigeria’s industrial landscape, generating employment opportunities across various skill levels and driving sustainable economic growth.

“This collaboration with Afreximbank is poised to transform our industrial sector, create jobs, and foster sustainable economic growth. Together, we are paving the way for a brighter and more prosperous Nigeria,” Uzoka-Anite concluded.

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