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 on Tuesday that the move was a great step forward to economic recovery.

The News Agency of Nigeria (NAN) reports that 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.

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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 expain 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.