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...

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