Nigeria's $21.7 billion investment plan for infrastructure

The Nigerian government announced a $21.7 billion external financing plan for infrastructure projects, as stated by Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele. He clarified that this funding is categorized as "investment, not borrowing," despite its impact on Nigeria's balance sheet.

The breakdown includes approximately $10.6 billion allocated for transportation projects such as the Sokoto-Badagry and Lagos-Calabar highways, and the Kano-Kaduna rail line. Additionally, $7.9 billion is expected from multilateral and bilateral partners, including a $5 billion component from the World Bank at around 2.1 percent interest.

Oyedele also pointed out that Nigeria has raised petrol prices roughly 3,050 times over fifty years without resolving the subsidy issue, underscoring the necessity of the recent subsidy removal. The government is preparing the 2027 budget for presentation before the end of the year, alongside a commitment of N45 billion towards airport biosecurity in response to the recent Ebola outbreak.