News

Nigeria: Lagos to raise $291m via issuance of Bond to finance Infrastructural projects

Nigeria: Lagos to raise $291m via issuance of Bond to finance Infrastructural projects
  • Comments   -   Friday, 14 July 2017 - 19:10

(Ecofin Agency) - In Nigeria, the Lagos state government has revealed plans to raise N100billion ($290 million) in bond offering to finance critical infrastructural projects in the state, according to the Commissioner of Finance, Economic Planning and Budget, Akinyemi Ashade.

We have a lot of projects in the area of tourism. We have the facelift of Lagos Marina, Onikan, and the construction of about six theatres in the state. We also have stadium to be constructed in order to engage the youths. We have key roads to be constructed also. We have the elderly care homes and other projects. We will focus on special taxes, consumption taxes, and find out other ways which would help us in furthering the 2018 budget,” he said at the 2018 budget consultative forum organized by the Ministry in Lagos.

He added that the state government was aware of the huge infrastructural deficit in the budget adding that the state has a very stable revenue base, but the challenges are huge. “In terms of Foreign Direct Investment (FDI) the numbers are not in. But Lagos is a viable destination for investment. We know that there are quite a lot of projects that foreign investors are involved in. We always are open for business.”

According to him, in 2016 the state raised about N47billion ($136 million) through bond offerings.

Anita Fatunji

SELECT a.* FROM #__k2_items AS a WHERE a.published = 1 AND (a.catid IN (1174, 1215, 1175, 1176, 1177, 1178, 1179, 1180, 1181, 1182, 1216, 1183, 1184, 1185, 1186, 1187, 1188, 1189, 1190)) AND a.trash = 0 ORDER BY a.created DESC LIMIT 4
In Zambia, Muchinga Power Company Limited (MPCL) will spend $900 million to develop...
Read more |  20 September 2017
Accelerate land procedures. This is the wish of Tunisia’s minister of State...
Read more |  20 September 2017
From 2017 to 2019, the African Development Bank (AfDB) will back Gabon’s...
Read more |  20 September 2017
Most Read | 7 days |
1 month |
1 year
SELECT a.* FROM #__k2_items AS a WHERE a.published = 1 AND a.created > '2017-09-14 01:28:09' AND (a.catid IN (1174, 1215, 1175, 1176, 1177, 1178, 1179, 1180, 1181, 1182, 1216, 1183, 1184, 1185, 1186, 1187, 1188, 1189, 1190)) AND a.trash = 0 ORDER BY a.hits DESC, a.created DESC LIMIT 5
SELECT a.* FROM #__k2_items AS a WHERE a.published = 1 AND a.created > '2016-09-21 01:31:27' AND (a.catid IN (1174, 1215, 1175, 1176, 1177, 1178, 1179, 1180, 1181, 1182, 1216, 1183, 1184, 1185, 1186, 1187, 1188, 1189, 1190)) AND a.trash = 0 ORDER BY a.hits DESC, a.created DESC LIMIT 5
SELECT a.* FROM #__k2_items AS a WHERE a.published = 1 AND (a.catid IN (1174, 1215, 1175, 1176, 1177, 1178, 1179, 1180, 1181, 1182, 1216, 1183, 1184, 1185, 1186, 1187, 1188, 1189, 1190)) AND a.trash = 0 ORDER BY a.created DESC LIMIT 4, 4
listofid2=37452,37451,37450,37449,
reference=37452,37451,37450,37449,0
The first is the renowned business mogul and Africa’s richest man, Aliko...
Read more |  20 September 2017
Starting from January 1, 2018, foreigners interested in visiting the Republic of...
Read more |  19 September 2017
Recently, a team of land experts from the World Bank visited Sikensi,...
Read more |  19 September 2017

Copyright Agence Ecofin © 2015. All Rights Reserved.