Nigeria to release N750b capex fund this week

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A total of N750 billion would be released this week to Ministries, Departments and Agencies (MDAs) of government for implementation of capital projects contained in the 2017 Budget.

If the capital release is made as planned, it will bring total sum so far relaesed by the Federal Government for capital projects this year to N1.2 trillion comprising N450 billion earlier released.

The Minister of Finance, Mrs Kemi Adeosun, spoke in Abuja yesterday when she received a delegation of 30 French firms and investors that expressed interest to invest in key sectors of the Nigerian economy.

She said: “What the government is doing is to provide enabling infrastructure that would bring potential into reality. Last year, we released N1.3 trillion of capital and so far this year we have released N450 billion and this week we will release another N750 billion. This will take the release to N1.2 trillion by the end of the year.”

The head of the French delegation, Mr Philippe Labonne, said French investors have indicated interest in investing in key sectors of the economy such as banking, infrastructure, renewable energy, agriculture and youth empowerment.

The decision of the firms to invest in Nigeria he said was in keeping with French government directive for French frims to increase their investments in Nigeria.

To achieve their investment objective, Labonne said most of the French frims would form strategic partnerships with their Nigerian counterpart because “the Nigerian economic environment has been encouraging following the recent stability in Nigeria’s foreign exchange market.”

He added that the investors were in Nigeria “to assess the investment environment in Nigeria to enable us take advantage of Nigeria’s investment opportunities. We have about 30 firms in this delegation in sectors such as infrastructure, services, agriculture and banking and the purpose of this meeting is to identify key sectors where we can invest.”

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