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FG Woos Investors With $78.5 bn Projects In Power, Transport, Others

BY CHIKA OKEKE, Abuja
L-R: Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso and Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele at the ongoing IMF-World Bank Annual Meetings in Bangkok recently.

The Federal Government has beckoned on investors with mouth-watering packages, underscoring its commitment to create jobs and accelerate  economic growth.

Valued at $78.5 billion, the 65 projects cut across the key economic sectors such oil and gas, power, transport, agriculture, manufacturing, mining, technology, healthcare and urban services.

These were highlighted at the ongoing IMF-World Bank Annual Meetings in Bangkok, by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, and the Governor of the Central Bank of Nigeria (CBN), Mr Olayemi Cardoso. 

Oyedele disclosed that a dedicated deal room was established to provide investors with project details, funding requirements and direct access to relevant authorities.

The minister hinted that further reforms would address electricity pricing, transmission constraints, agricultural productivity and regulatory inefficiencies to improve the business environment.

He identified lower inflation, reduced borrowing costs and improved fiscal and monetary coordination as essential to achieving sustainable economic growth.

Oyedele outlined the Economic Development Incentive  (EDI), which provides tax credits to qualifying businesses under the reformed tax framework.

He enjoined investors to prioritise long-term investments in productive sectors capable of creating jobs and expanding domestic capacity.

Cardoso informec that reducing inflation is crucial to protecting household purchasing power, particularly among low-income Nigerians.

The CBN governor argued that monetary and structural reforms had improved capital market performance and strengthened confidence in Nigeria’s financial system.

He stated that banks raised about N4.6 trillion during the recapitalisation exercise, with approximately 72 per cent of the funds sourced from the domestic capital market.

Nigeria is targeting economic growth of seven per cent by 2027/2028, alongside increased oil production and expanded infrastructure investment.

The Federal Government also plans to raise oil production to three million barrels per day and increase its infrastructure stock to 75 per cent of Gross Domestic Product (GDP).

Cardoso pointed out that stronger external reserves improved Nigeria’s capacity to withstand external economic shocks.

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