The Bank of Industry (BOI), Nigeria’s leading Development Finance Institution (DFI), and the Export-Import Bank of China (CEXIM) have signed a Memorandum of Understanding (MoU) on a $500 million financing support.

Speaking on the development on Sunday, the bank’s Managing Director/Chief Executive Officer, Mr. Olukayode Pitan, said the partnership has an enormous job-creation potential.

“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 programmes in the country,” he said.

Pitan, who signed the MoU on behalf of BOI in Beijing in China, said he was delighted to be part of the beginning of a new development programme.

He described the partnership as the next chapter of a long-term trading relationship with China through CEXIM.

“This agreement is set to create 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 Programme.”

Pitan disclosed that, as part of the MoU between BOI and CEXIM, the facility would be utilised to finance the purchase of equipment and machinery.

He said such purchases would be from China by investors and project owners of modular refineries in Nigeria.

“The aim is to ensure availability of refined petroleum products within the country, monetise gas flare, reduce cost of products in the mid-term and provide employment for Nigerians,” the BOI MD/CEO said. (NAN)