Nigeria’s Mining, Agriculture Sectors Get Boost With $172bn Investment
The investment, utilising alternative financing options, will be allocated to mineral resources, energy, agriculture, housing, and transportation sectors for the next 22 years, a statement by a private company Backbone Infrastructure Nigeria Limited said on Saturday.
The Group Chief Executive Officer, Henry Owonka, said the company with foreign partners is seeking approval for a joint venture model to facilitate its planned investment in the country.
Owonka emphasised that the company intends to align with the current administration’s infrastructure plan, highlighting that a consistent influx of investment, as proposed by the company, is preferable to isolated investments by other investors especially in the mining sector.
The CEO stated plans for the mining sector noting that the company is ready to invest $4bn, “to explore mineral resources but we need data and that is also one of the offers we proposed so that we can bring in our expertise and help the government obtain accurate data and then we can explore those minerals.
“This partnership”, he said “will help the government plan to reduce dependence on crude oil. We also doing this across all the ministries because it’s a $172bn investment drive.”
In a presentation, the Chief Operations Officer, Ministry of Solid Minerals Development, Clement Kwegyir-Afful, explained that the investment drive is to reduce the huge infrastructural gap in the country.