Nigeria bullish on infrastructure plans

The government of Nigeria has approved plans to spend NGN80 billion (US$260 million) on improving its road infrastructure across 12 states.

The plan also includes access roads to the Second Niger Bridge, linking Asaba in Delta State and Onitsha in Anambra State.

Agreement on funding the plan was reached during a meeting of Nigeria’s Federal Executive Council (FEC), which was attended by the country’s president, Muhammadu Buhari.

Following the meeting, the Minister of Power, Works and Housing, Babatunde Fashola, said, “The approval is for 12 roads in various states including Numan, Jalingo roads connecting Adamawa‎ and Taraba states, replacement of bridges at Mayachi along Gusau-Sokoto road in Zamfara states, construction of roads in Bauchi, Plateau, Osun, Kwara, Kano, Oyo, Enugu, Kaduna, Kano.”

The minister said the Council had also approved various power projects, including the Katsina Wind Energy Farm project, which was originally awarded in 2010, but stalled following the kidnapping of the project manager.

“We have revived the project,” he said. “A new contracting team is back on site.”

In his speech, the minister also touched on the problems of the Niger Delta, saying the government was looking at “how to ensure there is a stable and predictable foreign exchange policy for the sector so that it is somewhat protected from sudden head winds of the volatility of the foreign exchange market.”

Fashola said a new programme for the region would bring confidence to the market and stimulate stimulate the appetite that currently exists globally for Nigeria’s power sector.

“We see a lot of people who want to invest but some of them are tied to what other international financial institutions do‎ and the institutions are also waiting to see us commit to these things,” he said.