The Nigerian Government has signed a Memorandum of Understanding (MoU) with Afreximbank to establish a $3 billion Nigeria Industrialisation Financing Facility for an industrial park and light manufacturing.
The deal is expected to lead to the creation of special economic, industrial and agro-processing zones across the country and create 20,000 jobs.
Nigeria’s Minister of Industry, Trade and Investment, Dr. Doris Udoka-Anite, signed on behalf of Nigeria on the sidelines of the just concluded Afreximbank Annual Meetings (AAM) 2024 in Nassau, The Bahamas.
According to local media reports on Tuesday, the intervention is to support the development of an automotive sector as well as the Compressed Natural Gas (CNG) value chain to better enable the automotive and transport sector in the country.
The reports added that the package will also cover the technical and financing support for the diaspora investment fund framework as well as revamping the cotton, apparel and textile value chain in Nigeria.
GIK/APA
Nigeria secures $3bn Afreximbank facility to boost industrialisation
