May 19, 2020

Nigeria makes $30bn export financing deal with investment partners

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Nigeria makes $30bn export financing deal with investment partners

Nigeria’s federal government has agreed on a US$30bn export financing deal with investment partners, Africa news reported.

The partners include the African Export-Import Bank, Africa Finance Corp., the African Development Bank, the Bank of Industry, and the Nigerian Sovereign Investment Authority.

The project has been dubbed “Made in Nigeria for Exports (MINE)”, and was signed by Professor Benedict Oramah, the President of the Africa Export and Import Bank, Kayode Pitan, the Managing Director of Bank of Industry, and Uche Orji, the Managing Director of Nigerian Sovereign Investment Authority.

The project focuses on three regions, or Special Economic Zones, of Nigeria – Enyimba Economic City, Funtua Cotton Cluster, and Lekki Model Industrial Park, according to the local paper named Leadership.

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“Under my direct supervision, the Minister of Industry, Trade and Investment is implementing Project MINE (Made in Nigeria for Exports) as a presidential special priority intervention using Special Economic Zones to achieve the objectives of boosting manufacturing’s share of GDP to 20%, generating $30bn in annual export earnings, and creating 1.5 million new jobs all by 2025,” stated Nigeria’s President, Muhammadu Buhari.

“In order to achieve these ambitious objectives, we are implementing a comprehensive plan including, but not limited to, the following: we have set up the Nigeria SEZ Investment Company Limited as a vehicle for participating in Public Private Partnerships involving federal and state governments and local and foreign private investors.”

“This company will develop new Special Economic Zones all over the country, offering advanced infrastructure and facilities at competitive costs.”

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