Nigeria : state vows to invest 1 billion dollars in urgent strategic projects

Muhammadu Buhari, President of the Federal Republic of Nigeria. Photo : Presidency

NEWSROOM (ADV) – The Nigerian government has earmarked 1.3 billion U.S. dollars to fund five critical projects across the country, Minister of Information and Culture Lai Mohammed said here Tuesday.

Mohammed told media that the projects would be funded under the Presidential Infrastructure Fund (PIF) to be managed by the Nigerian Sovereign Investment Authority.

He said that with seed fund of 1.3 billion dollars PIF would be used to ensure that the five critical projects that had hitherto suffered funding shortage would be adequately funded.

The projects were the Lagos-Ibadan Express Way, Abuja-Kano Road, the East-West Road, the Mambila Power Project and the Second Niger Bridge, according to the minister.

“As we speak today, the fund for early works on the Mambila project is assured and for the other four projects, we are sure of meeting up with their completion deadlines,” he added.

According to him, the current administration had so far borrowed 10 billion dollars to fund infrastructure in the African country.

© Bur-csa – A.H / N.A – African Daily Voice (ADV)