September, 10
Federal Government Secures N179.9bn Loan From China for Modular Refineries
The Federal Government has secured a $500 million (N179.9 billion) facility from the Export Import Bank of China (CEXIM) through the Bank of Industry (BOI) for the establishment of modular refineries and the Flare Gas Recovery Programme in Nigeria.
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This agreement was completed in the course of the talks at the FOCAC Beijing Summit, 2018.

According to BOI's Managing Director, Mr Olukayode Pitan, the aim of the agreement 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.

"This agreement is set to create over 100,000 jobs in Nigeria's Oil & Gas sector - a decisive move that will advance the Federal Government's Modular Refineries and Flare Gas Recovery Programme," he said.

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