Foreign investors release $14bn for projects in Nigeria

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A group of international investors has approved the release of $14bn for key projects expected to speed up the economic revival of Nigeria.

The money is part of $200bn pulled together by the group under the aegis of Greenstone Capital International Africa and Tacnero Global to be injected into five African countries including Nigeria.

A statement by the group obtained on Monday listed some of the projects to be executed with the funds in Nigeria as construction of massive housing schemes in Festac and Ibeju-Lekki areas of Lagos; agriculture development programmes in Osun and Ogun states; an international airline and a world-class pharmaceutical industry also in Osun State.

It added that the money would be warehoused in Standard Chartered and two other Nigerian banks for immediate project execution in the country.

The group’s Legal Adviser, Greg Anumenechi, was quoted to have said this, saying the investors were still committed to strategic sectors of the country’s economy such as agriculture, aviation, health, solid minerals, marine, power and petroleum.

Other African countries to benefit are Ghana, Democratic Republic of Congo, Somalia and South Africa, according to the statement.

The investment, tagged AMPLE, will be extended to real estate, industries, information technology, parks, education and the expansion of Nigeria’s version of Silicon Valley.

Anumenechi said the investors had already received the approval for a Silicon Valley University in Lagos State, adding that they were investing in the development of clean energy to serve the entire country as well as building an ultra-modern modular refinery for oil and gas development.

He stated that the Silicon Valley Charis International University was described by a British Chartered Accountant, Anthony Owens, as the first in Africa for the ICT Industrial Park.

According to the statement, with the release of part of the funds, it is expected that the project will commence immediately.

Anumenechi said, “It will create jobs as many Nigerians will be engaged in the construction process and upon completion, the project will, in turn, boost the internally generated revenue for the country.”

The statement said the injection of the funds into Nigeria and the other African countries for business development would generate over two million employment opportunities in Africa, with Nigeria taking the chunk because of its enormous potential.

Source: Punch Newspapers

 

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