The federal government has announced a $3.5 billion loan agreement with Afreximbank to enhance the textile industry and promote the use of Compressed Natural Gas (CNG) vehicles, among other initiatives. Minister of Industry, Trade and Investment, Doris Uzoka-Anite, said this in a statement on her X handle on Tuesday. Uzoka-Anite said the deal was signed with the international financial institution during 31st Afreximbank Annual Meeting in Nassau, The Bahamas. She said that the agreement will help realise President Bola Ahmed Tinubu’s vision for a diversified and prosperous Nigerian economy.
She said “I am pleased to report that a groundbreaking $3.5 billion MOU agreement between the @TradeInvestNG and @afreximbank was signed at the 31st Afreximbank Annual Meeting in Nassau. This landmark agreement is a major step towards fulfilling President Bola Ahmed Tinubu’s vision for a diversified and prosperous Nigerian economy,” She said. Uzoka-Anite said the landmark agreement covers the following aspects of the economy: accelerating Nigeria’s journey to becoming a fully industrialised nation; attracting more investments to our states, fostering regional development and boosting investor confidence in Nigeria by providing guarantees for investments, aiming to create up to $3.3 billion in project capital expenditure and generate jobs for our youth and enhancing our automotive and transport sectors with a focus on sustainability.
In earlier statement, the Minister had said that the federal government is seeking to attract $3.5 billion in investments to enhance Nigeria’s textile, cotton, and apparel sector in Nigeria in one year. She said this investment is part of the ministry’s initiative to rejuvenate the long-dormant textile industry. She also noted that Nigeria’s textile sector encompasses the complete clothing value chain in the country. According to the minister, investment in the textile industry will generate employment for both skilled and unskilled labour across Nigeria. 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 emphasised that the deal signifies a pathway toward a brighter and more prosperous Nigeria. Uzoka-Anite said the potential of the collaboration with Afreximbank points to its capacity to reshape the industrial landscape by fostering innovation and expanding employment opportunities in the country. “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.
