China Eximbank signs $500 million MoU with Nigeria’s Bank of Industry for modular refineries and gas flare recovery

$500K USD

Funder	Export-Import Bank of China (China Eximbank)
Recipient Organization	Bank of Industry Limited (BOI)
Country	Nigeria
Start Date	Sep 01, 2018
End Date	May 21, 2033
Duration	5,376 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`98121`

Grant Description

China Exim Bank signs $500 million credit facility with Nigeria’s Bank of Industry for modular refineries in 2018 In September 2018, the Export-Import Bank of China (China Exim Bank) signed a Memorandum of Understanding (MoU) with Nigeria’s Bank of Industry (BOI) to establish a credit facility worth up to USD 500 million.

The purpose of the facility was to support Nigeria’s oil and gas sector by: 1) developing modular refineries to expand refining capacity; 2) instituting gas flare recovery programs to reduce waste and environmental impact; 3) financing equipment and machinery purchases for Nigerian firms in the sector.

📋 Staff Comments

1. Evidence shows an MoU / facility agreement, but no clear disbursement data.

📚 Sources & References

2020 Annual Report & Accounts
Bank of Industry
Export-Import Bank of China sign MoU on $500m financing support
FG Secures $500m China EXIM Bank Loan for Modular Refinery
Gas Flare Recovery
BOI signs $500 million MoU with Export-Import Bank of China Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.