Nigeria Signs $30 Billion Export-Financing Deal, ThisDay Reports

(Bloomberg) -- Nigeria’s federal 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, Lagos-based ThisDay newspaper reported.

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

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, ThisDay cited President Muhammadu Buhari as saying in a signing ceremony speech at 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, the newspaper cited the president as saying.

Spokesmen for the presidency and the Ministry of Trade, Industry and Investment couldn’t be reached outside of business hours for comment. An Afrexim Bank official declined immediately to comment.

To contact the reporter on this story: Tope Alake in Lagos at talake@bloomberg.net

To contact the editors responsible for this story: Sophie Mongalvy at smongalvy@bloomberg.net, Tom Lavell, James Amott

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