The Federal Government has secured a $500 million loan facility from the Export Import Bank of China through the Bank of Industry to establish modular refineries and implement the Flare Gas Recovery Programme.
The establishment of modular refineries is part of the federal government’s strategy for ending importation of petroleum products and discouraging illegal oil bunkering in the Niger Delta.
CEO of Bank of Industry, Olukayode Pitan said the credit arrangement reinforced the government’s determination to stimulate economic growth, drive investment, and provide jobs for Nigerians.
