The federal government of Nigeria has announced a $3.5 billion agreement with Afreximbank to enhance the textile industry and promote the use of Compressed Natural Gas (CNG) vehicles, among other initiatives.
Statement from the Minister
The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, made this disclosure in a statement on X on Tuesday.
Details of the Agreement
Uzoka-Anite said the deal was signed with the international financial institution during the 31st Afreximbank Annual Meeting in Nassau, The Bahamas. She stated that the agreement will help realize President Bola Ahmed Tinubu’s vision for a diversified and prosperous Nigerian economy.
Key Components of the Deal
- $3 Billion Industrialization Financing Facility: Accelerating Nigeria’s journey to becoming a fully industrialized nation.
- State-Wide Investment Vehicles/Projects: Attracting more investments to our states, fostering regional development.
- Global Country Guarantee: Boosting investor confidence in Nigeria by providing guarantees for investments.
- Revamping the Textile and Apparel Industry: 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.
- Developing the CNG Value-Chain: Enhancing our automotive and transport sectors with a focus on sustainability.
Background and Future Outlook
In an earlier statement, the Minister said the federal government is seeking to attract $3.5 billion in investments to enhance Nigeria’s textile, cotton, and apparel sector within a year. This initiative is part of the ministry’s efforts to rejuvenate the long-dormant textile industry and encompasses the complete clothing value chain in the country.
Investment in the textile industry is expected to generate employment for both skilled and unskilled labor across Nigeria.
Minister’s Vision for the Collaboration
Speaking further, Uzoka-Anite highlighted that the collaboration with Afreximbank is poised to transform Nigeria’s industrial landscape, create jobs, and drive sustainable economic growth. She emphasized that the deal signifies a pathway toward a brighter and more prosperous Nigeria.
“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.