Nigeria's deal with Afreximbank to boost textile-apparel industry

20 Jun '24

1 min read

Nigeria's deal with Afreximbank to boost textile-apparel industry

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Nigeria has signed a $3.5-billion agreement with Afreximbank to boost the textile industry and promote the use of CNG vehicles, among other initiatives, a minister announced on X recently.
The pact will help accelerate Nigeria's journey to becoming a fully industrialised nation, attract more investment to states and boost investor confidence.

Nigeria has signed a $3.5-billion agreement with Afreximbank to boost the textile industry and promote the use of compressed natural gas (CNG) vehicles, among other initiatives, according to the country’s minister of industry, trade and investment Doris Uzoka-Anite.

The deal was signed with the international financial institution during the 31st Afreximbank Annual Meeting in Nassau, The Bahamas, she mentioned on X (formerly Twitter).

“This landmark agreement is a major step towards fulfilling President Bola Ahmed Tinubu’s vision for a diversified and prosperous Nigerian economy,” she wrote.

The agreement will help accelerate Nigeria’s journey to becoming a fully industrialised nation, attract more investment to states, fostering regional development, and boost investor confidence by offering guarantees for investments.

As part of revamping the textile and apparel industry, the agreement, in partnership with Arise Integrated Industrial Platforms, aims at creating up to $3.3 billion in project capital expenditure and generate jobs for youth.

Fibre2Fashion News Desk (DS)

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