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The Bank of Industry (BOI) has signed a Memorandum of Understanding (MoU) with the Export-Import Bank of China (Chine Exim Bank) for a $500 million financing support. The Managing Director and CEO of BOI, Olukayode Pitan, who disclosed this, said the partnership is expected to create jobs for Nigerians.

“This agreement is set to create 100,000 jobs in Nigeria’s oil and gas sector,” Pitan said. “It is a decisive programme that will advance Federal Government’s Modular Refineries and Flare Gas Recovery Programme.” 

Pitan, who signed the MoU on behalf of the BOI in Beijing last week, described it as the next chapter of a long-term trading relationship with China through China Exim Bank. He added that the deal will provide a credit line of up to $500 million towards the establishment of modular refineries and flare gas recovery programme in the country.

The BOI Managing Director also said, as part of the MoU between the BOI and CEXIM, the facility would be utilised to finance the purchase of equipment and machinery. Such purchases would be made by investors and owners of modular refineries projects in Nigeria from China.

“The aim is to ensure the 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 CEO of BOI said.