Nigeria Backbone Infrastructure Limited has announced plans to invest $172 billion over 22 years into various infrastructure sectors, including mineral resources, energy, agriculture, housing, and transportation. This investment will use alternative financing options, as stated in a release from the multinational company.
Key points include:
– President Bola Tinubu’s administration is committed to boosting foreign direct investment and exploring alternative funding for infrastructure.
– The Minister of Industry, Trade and Investment announced last year that $30 billion in foreign investment commitments had been secured, but the country still needs $3 trillion to address its infrastructural deficit over 30 years.
– Group CEO Henry Owonka stressed the need for a joint venture model to attract more investors and align with government infrastructure initiatives, avoiding reliance on sovereign guarantees.
– The company plans to invest an additional $4 billion in the mining sector, focusing on mineral exploration and the acquisition of accurate geological data to help diversify the economy away from oil dependency.
– Chief Operations Officer Clement Kwegyir-Afful reiterated that this investment is crucial for bridging Nigeria’s significant infrastructure gap.