Nigeria’s Minister of Industry, Trade and Investment,Dr Doris Uzoka-Anite says a groundbreaking $3.5 billion memorandum of agreement has been signed between the country and the Afreximbank.
The MOU was signed at the 31st Afreximbank Annual Meeting in Nassau, the Minister announced on her Instagram handle.
It is the update Industry, Trade and Investment Minister Doris Uzoka-Anite announced she will expand on earlier in the week, when she announced the outcomes of her high-level discussions with institutions in South Korea.
She called the update of the ministry’s recent visit to the Bahamas “a very exciting one for all Nigerians”.
“This landmark agreement is a major step towards fulfilling President Bola Ahmed Tinubu’s vision for a diversified and prosperous Nigerian economy,” she said.
The MOU will benefit five outcomes for Nigeria, she said, citing what it means for Nigeria.
$3 billion will go to an “Industrialization Financing Facility” to accelerate Nigeria’s journey to becoming a fully industrialized nation.
The MOU also covers statewide investment in vehicles and projects, attracting more investments in states and fostering regional development.
Thirdly, it will form a “Global Country Guarantee” to boost investor confidence in Nigeria by providing guarantees for investments.
Fourthly, it will revamp the textile and apparel industry, the minister said.
“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,” she explained.
In the fifth place, the MOU will also help develop the CNG value chain. The government has been increasingly looking toward investment in compressed natural gas to power vehicles in the wake of rising prices of petrol since subsidy was announced removed in May 2023.
The development is in line with “enhancing our automotive and transport sectors with a focus on sustainability,” said the minister.
“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 said.
“Stay tuned for more updates as we embark on this exciting journey,” she added in a flourish at the end of her post on Instagram.
