Nigeria to invest $20 bln in the infrastructure sector in the next 10 years

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(Ecofin Agency) – In the coming ten years, Nigeria will invest $20 billion into its infrastructures, the trade and investment minister Okechukwu Enelamah (photo) indicated this week during a press conference.

 “Our target is that we’d like to see infrastructure spending increase to the $10- $20-billion range over the next 5 to 10 years because we think that’s the level of our need,” the minister said according to statements relayed by Bloomberg.

Let’s note that the government recently launched a new development strategy aimed at diversifying its economy that mostly relies on oil exports. In January 2019, the Global Construction Review announced the launch of a project aimed at building 19 roads in 11 states in the framework of a public-private partnership.

Citing the finance minister Zainab Ahmed, Bloomberg indicated that the country was planning bond issuances to finance the investment strategy. In addition, an interministerial committee should also be set to seek the fundings required for this project.  

For 2019, the government submitted an infrastructure -investment- focused budget of $8,830 billion.

Moutiou Adjibi Nourou  

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