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Nairaland Forum / Nairaland / General / Politics / Nigeria Planning $25bn Infrastructure Fund (347 Views)
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Nigeria Planning $25bn Infrastructure Fund by trinel(m): 8:02am On Oct 30, 2015 |
Nigeria planning $25bn infrastructure fund:
Abuja - Nigeria plans to set up a $25bn
inf rastructure fund to invest in the
transport and energy sectors in Africa's
most populous nation, a spokesperson for
Vice President Yemi Osinbajo said on
Thursday.
Laolu Akande said money for the planned
fund would come from local and
international sources including Nigeria's
sovereign wealth fund and domestic
pension funds.
"The vice president disclosed that other
sovereign wealth funds have already
indicated an interest in the fund, which
would be used to address the nation's
decaying road, rail and power
infrastructures," said Akande.
He did not say when exactly the fund
would be set up.
The nation of 170 million people is Africa's
top oil producer, but it requires
infrastructure development to help boost
economic growth.
The West African nation's economy, the
biggest on the continent, has been
hammered by the fall in oil prices. The
country relies on crude exports for around
70% of government revenues.
Osinbajo, who has been asked to oversee
economic policy by President Muhammadu
Buhari, referred to the infrastructure fund
proposals while speaking to diplomats,
including ambassadors from Italy and
Canada, the vice presidency said in a
statement.
Osinbajo also reiterated the
administration's view that Nigeria's
currency, the naira, does not need to be
devalued, the statement said.
"It is not a solution. We are not exporting
significantly. The way things are,
devaluation will not help the local
economy," he was quoted as saying.
His comments come days after former
central bank governor Lamido Sanusi said
Nigeria would have to devalue and loosen
monetary policy to stimulate its economy.
The naira was officially devalued last
November and underwent a de facto
devaluation again in February.
Godwin Emefiele, the current central bank
governor, has repeatedly said the currency
was "appropriately" priced and has ruled
out another naira devaluation.
Reuters |
Re: Nigeria Planning $25bn Infrastructure Fund by porka: 8:44am On Oct 30, 2015 |
[size=13pt]What happened to the '£13b' found with Diezani? Why setup this fund when they can easily collect that from her? [/size] |
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