Nairametrics reports that to implement the Flare Gas Recovery Programme and establish modular refineries, a $500 million loan facility has been secured by the Federal Government from the Export Import Bank of China through the Bank of Industry (BOI).
The Chief Executive of BOI, Olukayode Pitan, states that the development, which is expected to facilitate growth in Nigeria’s oil and gas sector, will create over 100,000 jobs in the Nigerian energy sector. Modular refineries, which will be established with the help of the credit facility, will be instrumental to ending importation of petroleum products and discouraging illegal oil bunkering.
The availability of refined petroleum products within the country will reduce cost of products and produce employment for Nigerians. The loan will help reinforce the Nigerian government’s determination to stimulate economic growth and drive investment.
The Memorandum of Understanding (MoU) signed between the Bank of Industry and Export Import Bank of China, highlights the fact that the loan facility will be used to finance the purchase of equipment and machinery from China by investors of modular refineries in the country.
This initiative is set to encourage the Federal Government’s determination to end the importation of refined oil into the country, and provide more jobs for Nigerian citizens by 2019.