Business
Bank Chief Okays $500m China Loan
The $500 million financing facility secured from the Export Import Bank of China (CEXIM) is another milestone in Federal Government’s drive to stimulate economic growth, investments and provide jobs for Nigerians.
The Managing Director/Chief Executive Officer of Bank of Industry (BOI), Mr. Olukayode Pitan said yesterday that the move was a great step forward to economic recovery.
The facility was for the establishment of modular refineries and flare gas recovery programme in the country.
“The establishment of modular refineries is part of FG’s plan to end importation of petroleum products and to discourage illegal oil 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,’’ Pitan said.
The BOI MD/CEO 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.
“This is part of the MoU between BOI and CEXIM. The aim is to ensure availability of refined petroleum products within the country, monetise gas flare, reduce cost of products in the mid-term and provide employment for Nigerians.
“To date, 10 modular refineries are at advanced stages of development in the Niger Delta. This facility will ensure that more modular refineries are constructed,’’ he said.
Pitan went on to explain how the facility could be accessed by interested operators.
“This is via letters of credit issued for the delivery of specified modular refineries and gas processing equipment to qualified Nigerian companies establishing petrochemical facilities under the Modular Refineries and Gas Flare Recovery Programme,’’ he said.
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.