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Nigeria investing N2.7 Trillion in new infrastructure, says Osinbajo


[FILE PHOTO] Vice Prseident Yemi Osinbajo

Vice President Yemi Osinbajo has said that the country is currently investing in capital infrastructure, particularly roads, power, rail, and health, adding that government is investing about N2.7 trillion in new infrastructure.

This is even as the Africa Development Bank (AfDB) revealed that the Africa-to-Africa investments in 2018 have hit $12 billion.

Osinbajo made this known yesterday, while speaking with journalists on the sideline of the first Africa Investment Forum (AIF), organised by the African Development Bank (AfDB), in Johannesburg, South Africa.

The VP, who was also a panelist at the ‘Presidential Investment Chat’, told journalists that though it might be difficult to see a rail project up in six months, because they are long-term in nature. He added that the Federal Government is doing everything possible to sustain the current growth trajectory.
According to him, “government will invest in ports, starting from Lagos and then gradually to others. Government wants to ensure that goods are moved from the ports safely to the hinterlands, without damaging the roads.” 
Osinbajo, who described the AIF as an implementation meeting of various investments plans, said Nigeria is in discussion with AfDB on possible support for the Eko Atlantic Project, which is a major infrastructure project estimated to worth $2.12 billion. 

He also mentioned the Grass Fertilizer Petro-Chemical project, estimated to worth $3 billion. He noted that, though these projects are private-led, government is providing the needed support to ensure they materialise and succeed.  
Speaking, the President of AfDB, Dr. Akinwumi Adesina, said it has become highly imperative to fast track investments in Africa, saying the focus has been to ensure Africa creates wealth and unleash prosperity for its people.

Adesina revealed that a total of 45 investment deals worth $32 billion were closed for the Continent from various investors.

These investments, he said would go into sectors including transport, utility, agriculture, project and water, housing and financial services.
According to him, “just like the lion walks the Savanna lands of Africa, assured of its place and confident in its capacity; so must Africa arise, confidently overcome all obstacles and surge forward through investments.
“Mountains loom large and prevent us from seeing the lush plains. Mountaineers don’t get deterred. They persevere and carefully climb them, managing the risks and adeptly they reach the mountain crest, from where they see the hidden lush plains.
“In the same way, let us not be deterred by the scale of the investment challenges. Rather let us deploy our resources, collectively, de-risk investments and accelerate the closure of project deals. Like drops of water they will soon fill the investment buckets.
“And those investment buckets will be clean — very clean. We are ensuring transparency; we are ensuring accountability, we are ensuring fairness. We plan to introduce innovative technologies to help improve transparency, traceability, immutability and integrity of all transactions,” Adesina stated.
Commenting on trade and transport towards regional integration, the AfDB President noted that with a population of more than 1.2 billion and a combined GDP of $3.4 trillion, an integrated Africa with more open borders will accelerate the development of the continent in unprecedented ways.

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