FG signs $3.5b deal with Afrexim to promote textile, CNG vehicles

The Federal Government has announced a $3.5 billion agreement with the African Export–Import Bank (Afreximbank) to enhance the textile industry and promote the use of compressed natural gas (CNG) vehicles among other initiatives.

The Minister of Industry, Trade and Investment, Doris Uzoka-Anite, disclosed in a statement on X recently.

Uzoka-Anite said the deal was signed with the international financial institution during 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.

Uzoka-Anite said the landmark agreement covered the following aspects of the economy.

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.