Nigeria Signs $3 Billion Industrialisation Financing Deal with Afreximbank

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Nigeria’s federal government signed a Memorandum of Understanding (MoU) with Afreximbank on Friday to establish a $3 billion Nigeria Industrialisation Financing Facility aimed at developing an industrial park and light manufacturing sector. The agreement was signed by Minister of Industry, Trade and Investment, Dr. Doris Udoka-Anite, during the Afreximbank Annual Meetings (AAM) 2024 in Nassau, The Bahamas.

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This initiative is set to create special economic and agro-processing zones nationwide, generating 20,000 jobs. It will support the automotive sector’s development and enhance the Compressed Natural Gas (CNG) value chain to boost the automotive and transport industries in Nigeria. Additionally, the facility will provide technical and financial backing for a diaspora investment fund framework.

The partnership, involving the Ministry of Industry, Trade and Investment, Arise IIP, and Afreximbank, aims to revitalize Nigeria’s cotton, apparel, and textile value chain. This sector’s rejuvenation is expected to create 20,000 jobs and attract investments exceeding $2 billion.

“This initiative will revitalize Nigeria’s cotton belt, creating numerous jobs and restoring the country’s former pride in cotton and textile production,” Afreximbank stated.

The collaboration underscores the current administration’s commitment to economic diversification. It will also expand the Afreximbank-Arise IIP/FMITI partnership, supporting state-wide investment projects in technical viability and developing the healthcare value chain.

This agreement follows the World Bank’s recent approval of N2.25 billion to help Nigeria sustain its reform momentum, boost non-oil revenue, and support vulnerable citizens. The World Bank’s intervention includes $1.5 billion for the Reforms for Economic Stabilisation to Enable Transformation (RESET) Development Policy Financing Programme (DPF) and $750 million for the Accelerating Resource Mobilisation Reforms (ARMOR) Programme-for-Results (PforR). The combined package offers immediate financial and technical support to stabilize Nigeria’s economy and assist the economically at-risk population.

Godwin Okafor, The Naija247news
Godwin Okafor, The Naija247newshttps://naija247news.com
Godwin Okafor is a veteran Financial Journalist, Internet Social Entrepreneur, and the visionary Founder of Naija247news Media Limited. With an extensive career spanning over 16 years in financial journalism, Godwin possesses a wealth of experience that seamlessly bridges both traditional and digital media landscapes. His journey in journalism commenced at Business Day, Nigeria, where he laid the foundation for his prolific career. In 2010, Godwin took a bold step by founding Naija247news Media, a platform that has since become a prominent player in delivering timely and accurate news. Educationally, Godwin Okafor holds a Bachelor's degree in Industrial Relations and Personnel Management from the prestigious Lagos State University, Ojo, Lagos. His commitment to continuous learning led him to the Lagos Business School, where he further honed his skills. Additionally, he is recognized as a Fellow of the University of Pennsylvania, having successfully completed the Wharton Seminar for Business Journalists. Throughout his illustrious career, Godwin has earned acclaim by winning numerous journalism awards, a testament to his dedication to excellence in reporting. Beyond his role as a Financial Journalist, Godwin Okafor wears the hat of the Chairman at Emmerich Resources Limited, the publishing entity behind Naija247news. His visionary leadership has played a pivotal role in shaping the media landscape and establishing Naija247news as a trusted source of information. Godwin Okafor's multifaceted expertise, commitment to journalistic integrity, and leadership in the realm of business journalism underscore his influential presence in both the media and entrepreneurial spheres.

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