The Federal Road Maintenance Agency on Tuesday declared that it had been unable to access the over N64bn road maintenance fund that was meant to come from a particular percentage of petroleum products sale. FERMA’s Managing Director, Nurudeen Rafindadi, who disclosed this in Abuja after the inauguration of the board of the agency, noted that …read more →
Infrastructure Financing
Nigeria Needs To Invest $100bn Per Annum for the Next Six Years
Nigeria needs to invest $100bn per annum for the next six years in order to achieve optimum result in closing infrastructure gaps across the country, the Bureau of Public Enterprises has said. The Director General of BPE, Mr Alex Okoh, said this when he received a delegation from the World Bank led by Senior Economist …read more →
First Bank, Azuri partner to bring solar systems to millions
First Bank of Nigeria Limited and Azuri Technologies, a leader in pay-as-you-go solar technology, has announced a unique partnership that will help deepen financial inclusion in Nigeria while bringing affordable, reliable and clean power to millions of Nigerians. Under the partnership, Azuri’s solar home TV product will be co-branded and co-marketed by First Bank and …read more →
Willing-Buyer, Willing-Seller Arrangement Will Solve Nigeria’s Power Challenges – Osinbajo
The Federal Government has declared that the willing-buyer- willing-seller policy is one of the surest steps to addressing Nigeria’s power challenges. Vice President, Prof. Yemi Osinbajo, noting that power remains very critical to national development, said if the generation companies do not have the resources to produce electricity; other companies can take up the responsibility …read more →
$138.9m gas infrastructure plant will boost LPG usage in Nigeria
The federal government late last year announced plans to achieve a 40 per cent energy switch from the consumption of Premium Motor Spirit (petrol), Dual Purpose Kerosene (kerosene) and Automotive Gas Oil (diesel), to the use of LPG, but the switch will cost not less than 138.9 million US dollars or 50 billion Naira. This …read more →
AfDB approves additional $2 billion funding for infrastructure projects in East Africa
The African Development Bank (AfDB) and the African Development Fund (ADF) have approved two billion U.S. dollars to fund infrastructure projects in the East African Community (EAC) over the next three years. The funding for the implementation of new and on-going priority infrastructure projects in the region was disclosed by EAC Secretary General Ambassador, Libérat Mfumukeko. This move …read more →
Nigeria seeks US $1tr to modernise its energy infrastructure
The Vice President Professor Yemi Osinbajo has said that Nigeria would need at least US $1trillion to modernize its energy infrastructure. At the opening ceremony of the National Energy and Climate Change summit at the State House in Abuja, Osinbajo, who was represented by the Minister of Science and Technology, Dr. Ogbonnaya Onu, said that the …read more →
Investment Opportunities in Nigeria’s Transmission network
The transmission network system requires a significant amount of investment for expansion of wheeling capacity, improving reliability, stability and reducing transmission losses. The Private Sector investment will be required in the following areas to achieve the goals of the electric power reform programme of the government. Transmission Network expansion; Dualization of critical lines to create …read more →
Nigeria injects N98.85bn Sukuk bond into road construction
The Federal government of Nigeria is set to use N98.85bn (US $274.6m) Sukuk bond to construct 642.69 kilometres of roads across in the country and further support the government’s capital spending on road projects already captured in the 2018 budget. Minister of Power, Works and Housing, Mr. Babatunde Fashola confirmed the reports and said the cheque for the money was …read more →