The half a billion dollar financing support from the Export-Import Bank of China (CEXIM) to Nigeria is targeted at helping Nigeria improve its energy generation, an official in the Nigerian government said.
“This is a partnership that will provide a credit line of up to $500 million towards the establishment of modular refineries and flare gas recovery program in the country,” Director/Chief Executive Officer, Bank of Industry, Olukayode Pitan, said.
“The aim is to ensure availability of refined petroleum products within the country, monetize gas flare, reduce cost of products in the mid-term and provide employment for Nigerians,” he also said.
According to him, the agreement with the Chinese bank is aimed at creating over 100,000 jobs in Nigeria’s oil and gas sector. “It is a decisive move that will advance Federal Government’s Modular Refineries and Flare Gas Recovery Program,” he added.
The News Agency of Nigeria reported that Pitan signed a Memorandum of Understanding with the Chinese bank in Beijing on Sunday, stating that part the facility would be utilized to finance the purchase of equipment and machinery.