Overview

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

Commitments (Constant USD, 2023)$503,148,147

Commitment Year•2018Country of Activity•NigeriaDirect Recipient Country of Incorporation•NigeriaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Pipeline: Pledge

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Sep 1, 2018

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Policy Banks

Export-Import Bank of China (China Eximbank)

Receiving agencies

State-owned Banks

Bank of Industry Limited (BOI)

Loan desecription

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

Interest type•Unknown

Narrative

Full Description

Project narrative

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.