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FG Seeks $78.5bn Investment for 65 Projects, Targets 366,763 Jobs

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FG Seeks .5bn Investment for 65 Projects, Targets 366,763 Jobs
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By staff Reporter Rukevwe Odeh

 

 

The Federal Government has unveiled plans to attract $78.5 billion in private-sector investment to finance 65 projects across key sectors of the Nigerian economy, with the initiative expected to generate approximately 366,763 jobs.

 

The investment drive was presented by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, alongside the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, during the ongoing International Monetary Fund (IMF) and World Bank Group Annual Meetings in Bangkok, Thailand.

 

According to information published on the Federal Ministry of Finance’s investment platform, the proposed projects cover oil and gas, electricity, manufacturing, mining, transportation, agriculture, technology, healthcare and urban development.

 

The energy sector accounts for the largest share, with 25 projects requiring funding, while industry, manufacturing and mining account for 17 projects. Transport and maritime infrastructure have eight projects, agriculture and agro-processing account for six, while technology, healthcare and urban services make up the remaining nine.

 

To facilitate investment, Oyedele disclosed that the government had established a dedicated Nigeria Deal Room to provide prospective investors with project information, financing requirements and direct access to relevant government officials.

 

Among the major investment opportunities is Project Reliaxx, a crude oil evacuation and midstream infrastructure project estimated to require $1.7 billion. The proposed Lagos Greenline Railway is valued at $1.29 billion, while a fertiliser production project by Multipurpose Industrial Platforms Limited requires approximately $2.69 billion.

 

Other projects include a $1.25 billion integrated steel upgrade by Premium Steel and Mines, a $355.6 million artificial intelligence data centre powered by flare gas, and a $105 million agro-processing and cold-chain export hub in Giri, Abuja.

 

The proposed New Port City development is also part of the investment portfolio, with an estimated capital requirement of $1.6 billion.

 

Oyedele said the government would continue implementing reforms to address challenges affecting investment, including electricity pricing, transmission limitations, low agricultural productivity and regulatory inefficiencies.

 

He also highlighted the Economic Development Incentive, which offers tax credits to eligible businesses under Nigeria’s reformed tax framework, as part of efforts to encourage investment in productive sectors.

 

Meanwhile, Cardoso emphasised the importance of reducing inflation to protect the purchasing power of Nigerians, particularly low-income households.

 

The CBN governor also disclosed that banks raised approximately ₦4.6 trillion during the banking sector recapitalisation exercise, with about 72 per cent of the funds sourced from the domestic capital market.

 

He further stated that Nigeria was targeting economic growth of seven per cent by 2027/2028, alongside plans to increase crude oil production to three million barrels per day and expand infrastructure investment.

 

Separately, the World Bank Group indicated that it was working to mobilise up to $5.79 billion in private financing for Nigeria during the 2026 fiscal year, with programmes expected to support about 850,000 direct and indirect jobs.

 

However, the success of the Federal Government’s $78.5 billion investment initiative will depend on its ability to secure the proposed funding, overcome implementation challenges and translate the projects into tangible economic benefits for Nigerians.

 


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Delta Govt Commends Ayakoromo Bridge Progress, Targets December 2027 Completion

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Delta Govt Commends Ayakoromo Bridge Progress, Targets December 2027 Completion
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By staff Reporter Rukevwe Odeh

 

 

The Delta State Government has expressed satisfaction with the progress of construction on the Ayakoromo Bridge across the River Forcados, reaffirming its commitment to ensuring the project is completed by December 2027.

The Commissioner for Works (Highways and Urban Roads), Comrade Reuben Izeze, gave the assurance on Thursday during an inspection of the project alongside engineers from the state Ministry of Works.

Izeze acknowledged the challenges posed by the difficult terrain and weather conditions but commended construction firm Setraco for the progress recorded so far.

He said the ministry’s engineers had confirmed that construction was progressing according to schedule, while the quality of engineering work remained encouraging.

The commissioner, however, urged the contractor to intensify efforts to ensure timely completion without compromising construction standards.

He also commended ministry engineers for maintaining effective supervision during his temporary absence, stressing the importance of continuous monitoring to guarantee quality and adherence to the agreed timeline.

According to him, the bridge is expected to provide significant relief to residents of Egbo-Ide in Ughelli South Local Government Area and Ayakoromo in Burutu Local Government Area.

Speaking during the inspection, Setraco’s Project Manager, Nabil Chahiene, expressed confidence that the bridge would be completed by December 2027.

The Ayakoromo Bridge contract was awarded on December 16, 2022, at a cost of more than ₦39 billion.

The project is designed to establish a vital transportation link between the two communities, which are separated by the River Forcados.

Upon completion, the bridge is expected to ease transportation difficulties, improve the movement of people and goods, boost economic activities and enhance access to essential services for residents of the benefiting communities and neighbouring areas.

The state government has reiterated the need for sustained supervision and adherence to construction standards to ensure the project is delivered within the approved timeframe.


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PAP: Resolve BVN Issues With Banks, Attend Verification, IPDI Tells Aggrieved Delegates

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PAP: Resolve BVN Issues With Banks, Attend Verification, IPDI Tells Aggrieved Delegates
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By staff Reporter Rukevwe Odeh

 

 

The Ijaw Peoples Development Initiative (IPDI) has urged aggrieved delegates of the Presidential Amnesty Programme (PAP) to resolve their Bank Verification Number (BVN) issues with their respective banks and attend the programme’s verification exercise rather than resorting to protests.

The group said BVN-related challenges were not the responsibility of the Presidential Amnesty Office, insisting that affected beneficiaries should address the issues with their banks and present themselves for verification.

In a statement, IPDI maintained that protests would not resolve the alleged payment challenges, stressing that the affected individuals must comply with the verification process to establish their eligibility for stipends.

“No protest can solve your problem. Go and solve your BVN problems with your banks. Your BVN problems were not created by the amnesty office,” the group stated.

IPDI explained that the BVN requirement was introduced through banking policies and government directives, adding that beneficiaries were responsible for ensuring their BVNs were properly linked to their accounts.

The group also commended the PAP office for making provisions for accommodation and transportation to enable individuals in various camps to participate in the verification exercise.

However, IPDI alleged that some camp leaders were threatening protests because they were unwilling to undergo verification, claiming that the exercise could expose irregularities in their beneficiary records.

According to the group, some of the individuals allegedly involved in the planned protests had been using fictitious names to obtain bulk payments fraudulently.

IPDI further claimed that no genuine camp had complained about stipend payments, maintaining that the verification exercise was necessary to establish the authenticity of beneficiaries.

The group stated that the PAP office had demonstrated willingness to address legitimate concerns, urging affected individuals to cooperate with the process.

It also alleged that some camp leaders were resisting verification because they wanted to continue receiving bulk payments for individuals whose names had allegedly been used to collect stipends since 2009 and 2010.

IPDI called on the public and the National Security Adviser (NSA) to disregard what it described as attempts to generate public sympathy through protests.

The group reiterated that beneficiaries with genuine BVN-related problems should resolve them with their banks and participate in the verification exercise to facilitate the resolution of their payment challenges.


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Tompolo-Led PBAT Movement Takes Tinubu Campaign to Ekiti

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Tompolo-Led PBAT Movement Takes Tinubu Campaign to Ekiti
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By staff Reporter Rukevwe Odeh

 

 

The Tompolo-led PBAT Door-to-Door Movement is set to take its mobilisation campaign for President Bola Tinubu’s re-election to Ekiti State, with a rally scheduled for Thursday, October 29, in Ado-Ekiti.

The programme, billed for the Ekiti Parapo Pavilion, is expected to feature the distribution of campaign vehicles and materials to strengthen grassroots mobilisation ahead of the 2027 presidential election.

The movement is led by its Grand Patron, High Chief Government Oweizide Ekpemupolo, popularly known as Tompolo, and is extending its activities to Ekiti following the inauguration of its structures in Plateau State on Wednesday.

The Plateau event, held in Jos, also featured the unveiling of 25 vehicles to support the movement’s outreach activities.

The Ekiti rally forms part of the movement’s ongoing efforts to expand its organisational presence across states and support the campaign for President Tinubu and Vice President Kashim Shettima ahead of the 2027 general election.

Through its door-to-door approach, the movement aims to strengthen its grassroots network and coordinate campaign activities at the community level.


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