(Ecofin Agency) - Nigeria will need $36 to $40 billion to complete its rail interconnectivity project. This was revealed by Rotimi Amaechi, the transport minister last week.
According to the official, this fund is required to connect the capital cities of all the states in Nigeria but, the country being unable to provide such resource, the project was delayed.
Last Friday, the said government announced that it would invest $20 billion in its infrastructures in the next ten years. Such announcement was in line with the government's strategy initiated since 2015 and which places a special emphasis on infrastructure investments.
Recently, the government has multiplied railway construction projects. In 2018, it announced that it wanted to raise $15 billion for a railway linking Port-Harcourt and Maiduguri.
With a 2019 budget of NGN8,830 billion, there should be more infrastructure projects. Let’s note that to fund the spending plan, the government is planning new bond issuances and concessional loans.
Moutiou Adjibi Nourou