The Bank of Industry (BoI) has signed a Memorandum of Understanding with the Export-Import Bank of China for a $500m facility to start modular refineries.
This was revealed in a statement by the BoI on Saturday where it noted that the refineries are part of Nigeria's efforts to stop the importation of petroleum products.
The BoI also said the move would curb illegal bunkering in the Niger Delta and ultimately grow the economy.
In addition, the BoI noted that 10 modular refineries were at an advanced level of development in the Niger Delta.
About 38 operating licenses have been issued by the Federal Government to create modular refineries in the Niger Delta.