In a significant move to bolster the textile industry and advance the usage of Compressed Natural Gas (CNG) vehicles, the Federal Government has sealed a $3.5 billion agreement with Afreximbank.
On Tuesday, the Minister of Industry, Trade, and Investment, Doris Uzoka-Anite, revealed this groundbreaking deal via her X handle.
She said the agreement was formalised during the 31st Afreximbank Annual Meeting held in Nassau, The Bahamas.
Uzoka-Anite explained that the pact signifies a pivotal step towards realising President Bola Ahmed Tinubu’s vision for a more diversified and prosperous Nigerian economy.
She said that the key components of the agreement include a $3 billion Industrialisation Financing Facility to propel Nigeria towards full industrialisation, investment initiatives to attract more capital to the states for regional growth, and a Global Country Guarantee to bolster investor confidence by ensuring investment security.
The Minister further noted that the collaboration aims to revamp the Textile and Apparel Industry in collaboration with Arise Integrated Industrial Platforms, with a focus on creating significant project capital expenditure amounting to $3.3 billion and generating employment opportunities for the country’s youth.
