FG calls on foreign investors to raise $140 billion for infrastructure funding

The Minister of Industry, Trade and Investment, Okechukwu Enelamah, has disclosed that the Federal Government is currently in search of foreign investors and financiers to fund infrastructure projects valued at $140 billion.

Speaking at the opening ceremony of the maiden USA Fair 2019 in Lagos, Enelamah said the government is interested in building modern infrastructures which would enable businesses to thrive and ultimately improve their contributions to the economy.

The minister said this while addressing the team of American companies who visited Nigeria to explore business opportunities through the USA Fair, an initiative of the U.S.

“We have realised that there is need for more investments to cover the infrastructure deficit in the country. We are trying to figure out how to raise $140 billion to achieve this over the next four to five years. This is something the government is taking a very hard look at and we are thinking of how to partner with great countries like America as well as other nations and businesses around the world.”

Many investments promises: According to Enelamah, there have been many investment promises by foreign investors yet to materialise. He stated that in 2018, over $90 billion worth of investments were announced and are still being expected.

 “Over $90 billion worth of investments were announced by entities who wanted to do business in Nigeria, and they are still being expected.

“The question is what do we do to convert those promises to real investments? We currently have about $20 billion investments which we are working to close and that is from many years. There has also been a growing and steady rise in investor confidence, but again, this investor confidence must be converted into real investments. I would like you to tell us what it takes to do business with you and we will be ready to work with you.” 

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