In a bid to encourage industrial development and create employment opportunities, the Federal Government of Nigeria has signed a Memorandum of Understanding (MoU) worth $3 billion with Afreximbank.
The agreement, signed during the Afreximbank Annual Meetings (AAM) 2024 held in Nassau, The Bahamas,is set to establish a Nigeria Industrialisation Financing Facility. Representing Nigeria, the Minister of Industry, Trade and Investment, Dr. Doris Udoka-Anite, expressed optimism about the initiative’s potential impact.
“This strategic intervention is expected to foster the development of Nigeria’s automotive sector and the Compressed Natural Gas (CNG) value chain, bolstering the automotive and transport industries,” stated Dr. Udoka-Anite.
“The comprehensive package includes both technical and financial support for the diaspora investment fund framework. It is anticipated that this financing support will result in the creation of 20,000 jobs and attract investments exceeding $2 billion.
“In collaboration with Arise Integrated Industrial Platforms (Arise IIP) and Afreximbank, the agreement also aims to rejuvenate Nigeria’s cotton, apparel, and textile value chain. Arise IIP, owned by Africa Finance Corporation (AFC) and Equitane (formerly ATIF), specializes in designing, financing, building, and operating integrated industrial zones.”
