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BoI and CEXIM to Fund Modular Refineries

Thursday, September 13, 2018

Nigeria’s Bank of Industry (BoI), and the Export-Import Bank of China (CEXIM), signed a MoUto provide a credit line of up to $500 million towards the establishment of modular refineries, and Flare Gas Recovery Programs in the country.

BoI’s MD and CEO, OlukayodePitan, emphasized the job creation potential of this partnership while speaking at the signing ceremony in Beijing.Pitan said the agreement is set to “create over 100,000 jobs in Nigeria’s oil and gas sector.” The agreement also advances the government’s modular refineries and flare gas recovery program.

As part of the MoU between BOoI and CEXIM, the facility will be utilized to finance the purchase of equipment and machinery 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, monetize gas flare, reduce cost of products in the mid-term, and provide employment for Nigerians.