+
Nigeria inks billions in Indian infrastructure deal
ECONOMY & POLICY

Nigeria inks billions in Indian infrastructure deal

Nigeria has recently sealed a substantial deal with Invest India, an Indian investment agency, to bolster infrastructure initiatives encompassing power, railways, warehousing, and ports within the country. This agreement, signed on September 6, is anticipated to catalyse industrialisation in Nigeria's agriculture and manufacturing sectors, ultimately reducing the nation's reliance on imports. 

Lazarus Angbazo, the CEO of the Infrastructure Corporation of Nigeria Limited (InfraCorp), stated that the primary aim is to enhance the productivity of Nigeria's agricultural sector by ushering in industrialisation. Agriculture currently constitutes approximately 40% of Nigeria's economy. 

This deal marks another step in a series of collaborations between the two nations as Nigeria, with a population exceeding 200 million, seeks to address its infrastructure deficit and stimulate economic growth, requiring an estimated $3 trillion investment over 30 years. InfraCorp, a government-backed infrastructure investment entity, is co-owned by the Central Bank of Nigeria, Africa Finance Corporation (AFC), and Nigeria Sovereign Investment Authority, focusing primarily on transport and logistics, with an initial investment potential of up to N163 billion ($212 million). 

The partnership aims to expand Nigeria's ports to significantly increase container processing capacity, a crucial step for a nation of its size. However, specific financial details of the deal have not been disclosed.

Nigeria has recently sealed a substantial deal with Invest India, an Indian investment agency, to bolster infrastructure initiatives encompassing power, railways, warehousing, and ports within the country. This agreement, signed on September 6, is anticipated to catalyse industrialisation in Nigeria's agriculture and manufacturing sectors, ultimately reducing the nation's reliance on imports. Lazarus Angbazo, the CEO of the Infrastructure Corporation of Nigeria Limited (InfraCorp), stated that the primary aim is to enhance the productivity of Nigeria's agricultural sector by ushering in industrialisation. Agriculture currently constitutes approximately 40% of Nigeria's economy. This deal marks another step in a series of collaborations between the two nations as Nigeria, with a population exceeding 200 million, seeks to address its infrastructure deficit and stimulate economic growth, requiring an estimated $3 trillion investment over 30 years. InfraCorp, a government-backed infrastructure investment entity, is co-owned by the Central Bank of Nigeria, Africa Finance Corporation (AFC), and Nigeria Sovereign Investment Authority, focusing primarily on transport and logistics, with an initial investment potential of up to N163 billion ($212 million). The partnership aims to expand Nigeria's ports to significantly increase container processing capacity, a crucial step for a nation of its size. However, specific financial details of the deal have not been disclosed.

Related Stories

Gold Stories

Next Story
Real Estate

Glass, Reframed!

Glass façades, quintessential aesthetic building envelopes globally, have been widely adopted in India as well. But when the focus is high-performance building systems that deliver energy efficiency, comfort and architectural identity, glass isn’t the only preference. Combination solutions, involving glass and some other material, improve façade outcomes. Some combinations come at comparable prices, some at a higher price. Here is a selection of performance-oriented solutions...To read the full story Click Here ..

Next Story
Infrastructure Urban

Beyond Building Faster

India’s cities are expanding at an unprecedented pace, bringing new infrastructure and development opportunities while also intensifying challenges around mobility, public spaces, liveability and supporting infrastructure. The question, therefore, is not simply whether India can build faster, but whether it can build cities that work better.At a CW webinar, Are We Designing Better Cities – or Just Building Faster?, moderator Ar. Samir Shaikh, Founding Principal, AR&UD Studio, brought together perspectives from design, development, master planning and technology...To read the full artic..

Next Story
Infrastructure Transport

Risk is the Roadblock

For an industry often described as capital-intensive, India’s roads and highways sector faces an interesting paradox: Capital is available, but not every form of capital is willing to take every kind of risk.The discussion on Financing Roads & Highways in a Capital-Constrained Era, moderated by Suneet K Maheshwari, Managing Partner, Udvik Infra, and Independent Board Director, brought together Pratik Panwala, Vice President, Investments, NIIFL; Vishal Gupta, Senior Vice President - PA&SF, SBI Capital Markets; Sandeep Upadhyay, Managing Director - Infrastructure Advisory, Centrum Capi..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code