Nigeria Seeks $78.5 Billion for 65 Investment Projects

Nigeria has announced a portfolio of 65 investment projects requiring a total of $78.5 billion in capital, aimed at attracting both domestic and foreign investors to stimulate job creation and economic growth. This portfolio was presented at the IMF-World Bank Annual Meetings in Bangkok by Taiwo Oyedele, the Minister of Finance and Coordinating Minister of the Economy, and Olayemi Cardoso, the Governor of the Central Bank of Nigeria.

The projects cover multiple sectors, including oil, gas, power, transport, manufacturing, mining, agriculture, technology, healthcare, and urban services. A dedicated deal room has been established to provide investors with project details and direct access to relevant authorities.

Key projects include Project Reliaxx, requiring $1.7 billion, and the Lagos Greenline Railway, needing $1.29 billion. Oyedele emphasized the importance of reforms in electricity pricing and agricultural productivity to enhance the business environment.

Cardoso noted that Nigeria aims for a 7% economic growth rate by 2027/2028, alongside increased oil production and infrastructure investment.