Economy

Nigeria signs $30 billion export-financing deal

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The Made in Nigeria for Exports project accord was signed with the African Export-Import Bank, Africa Finance Corporation as well as the African Development Bank, Bank of Industry and Nigerian Sovereign Investment Authority.

Sunday 10, February 2019

(Bloomberg) --Nigeria’s federal government reached an export-financing agreement with investment partners to bring in as much as $30 billion from products manufactured in the country and sold abroad, reported local daily, ThisDay.

Africa’s biggest oil producer is looking to increase the manufacturing industry’s share of gross domestic product to 20 per cent, generate $30 billion in annual export earnings and create 1.5 million jobs in the next six years, ThisDay cited President Muhammadu Buhari as saying in a signing ceremony speech at the Council Chambers of the State House in Abuja.

The Nigeria SEZ Investment Company, set up to run the project, will start off a pilot phase with special economic zones in Enyimba Economic City in Abia state, Funtua Cotton Cluster in Kastina and Lekki Model Industrial Park in Lagos.

Spokesmen for the presidency and the Ministry of Trade, Industry and Investment could not be reached outside of business hours for comment. An Afrexim Bank official declined immediately to comment.

 

TAGS : African Export-Import Bank, Africa Finance Corporation, Nigerian Sovereign Investment Authority, Bank of Industry , African Development Bank

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