Abuja/Lagos — Nigeria plans to spend $20bn on infrastructure over the next 10 years and will introduce an infrastructure bond in 2019 as Africa’s biggest oil producer seeks to address challenges in revenue generation. “Our target is that we’d like to see infrastructure spending increase to the $10bn-$20bn range over the next five to 10 years because we think that’s the level of our need,” Okechukwu Enelamah, the minister for trade and investment, told reporters on Wednesday in the capital, Abuja. The government will partner with other stakeholders to raise funding. A committee comprised of the ministers of finance, budget, trade and investment, and works, housing and power, as well as other government agencies, was immediately set up to work out modalities. They “will work together to get their recommendations to the cabinet on how to increase our infrastructure spending significantly”, Enelamah said. President Muhammadu Buhari, who was re-elected in February, is seeking legislators...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.