Nigeria Signs $30 Billion Export-Financing Deal

The Nigerian 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.

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

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

The Nigeria SEZ Investment Co., 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, this was reported by THISDAY newspaper who covered the event.

Source: Voice of Nigeria