Afreximbank and the Federal Government have inked a Memorandum of Understanding (MoU) to create a $3 billion Nigeria Industrialization Financing Facility for light manufacturing and industrial parks.
It is anticipated that the agreement will result in the establishment of 20,000 employment as well as special economic, industrial, and agro-processing zones around the nation. Dr. Doris Udoka-Anite, Minister of Industry, Trade, and Investment, signed on behalf of the nation on the fringes of the ongoing Afreximbank Annual Meetings (AAM) 2024 in Nassau, Great Britain.
The intervention aims to facilitate the growth of the automobile industry and the Compressed Natural Gas (CNG) value chain, thereby improving the nation’s transportation and automotive sectors.
The package will also include funding and technical assistance for the architecture of the diaspora investment fund. In addition, the deal represented the collaboration of Arise Integrated Industrial Platforms (Arise IIP), Afreximbank, and the ministry to revitalise Nigeria’s cotton, clothing, and textile value chain.
Owned by Equitane (previously ATIF) and Africa Finance Corporation (AFC), ARISE IIP plans, finances, develops, and manages integrated, custom-built industrial zones with significant added value.
The financial assistance would bring in an additional 20,000 jobs for the nation and draw investment currently valued at over $2 billion.
This will cut across Nigeria’s cotton belt and provide a great deal of employment in the country’s main industry, cotton and textile manufacture, which was formerly Nigeria’s source of pride in the 1980s and 1990s.
Afreximbank
Thus, we are resuming it and cooperating to complete it, Afreximbank declared. The alliance serves as further evidence of the current administration’s resolve to promote economic diversity.
