BoI Secures 180 Billion Naira Loan To Drive Small-Scale Refineries
Do you still remember
that Nigeria has set 2019 target to end fuel importation?
If you have forgotten, government seems not to have forgotten.
This may be why the Bank of Industry, BoI has signed a memorandum of understanding with the Export-Import Bank of China for the provision of a $500 million, about 180 billion naira loan towards the establishment of modular refineries in Nigeria.
The government is believing that the establishment of the modular refineries will not only help to end importation of petroleum products but also discourage illegal bunkering activities in the Niger Delta region.
To date, a total of 38 operating licences have already been granted by the Federal Government to establish modular refineries in the Niger Delta.
The facility is expected to stimulate economic growth, drive investments and provide jobs for Nigerians
A statement by the Bank of Industry on Saturday said the facility would be utilised to finance the purchase of equipment and machinery from China by investors and project owners of modular refineries in Nigeria.
It said the aim was to ensure the availability of refined petroleum products within the country, monetise gas flare, reduce cost of products in the midterm and provide employment for Nigerians.
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