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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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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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Delta TUC Honours Oborevwori Over 13th-Month Salary

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Delta TUC Honours Oborevwori Over 13th-Month Salary
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By staff Reporter Rukevwe Odeh

 

 

Union Confers ‘Ukodo the Pace Setter’ Title on Governor, Urges Workers to Reciprocate Gesture

The Trade Union Congress (TUC), Delta State Council, has honoured Governor Sheriff Oborevwori with the title “Ukodo the Pace Setter” in recognition of his administration’s decision to institutionalise the payment of 13th-month salaries to public servants.

The union said the initiative would provide additional financial support for workers and their families amid rising living costs and prevailing economic challenges.

In a statement signed by the state chairman, Comrade Wilson Asekutu, the TUC described the legal backing for the additional salary as a demonstration of the government’s recognition of workers’ contributions to the growth and development of Delta State.

According to the labour organisation, the decision reflects the governor’s commitment to policies that deliver tangible benefits to workers and improve their welfare.

The union noted that employees who feel valued and adequately supported are more likely to remain motivated, productive and committed to their responsibilities.

It also reaffirmed its readiness to collaborate with the state government in promoting good governance, sustainable development and improved living conditions for workers and residents.

However, the TUC stressed that its engagement with the government would continue to be guided by mutual respect, constructive engagement and social dialogue.

The labour body urged the Oborevwori administration to sustain consultations with organised labour and implement policies that would strengthen workers’ purchasing power, improve productivity and protect their dignity.

It also called on public servants to reciprocate the government’s gesture through dedication, discipline and improved service delivery.

“Your Excellency, you have taken a bold step in workers’ welfare. You have set a pace. Ukodo the Pace Setter,” Asekutu said on behalf of the union’s leadership and members.

The recognition underscores the TUC’s appreciation of the governor’s decision to provide additional financial benefits to public servants and its call for sustained government-labour cooperation.


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FG Pays ₦1.23trn Power Sector Debt, Targets 19,000MW Transmission Capacity

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FG Pays ₦1.23trn Power Sector Debt, Targets 19,000MW Transmission Capacity
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By staff Reporter Rukevwe Odeh

 

 

The Federal Government has paid ₦1.23 trillion out of the ₦3.3 trillion owed to electricity generation companies as part of efforts to address financial challenges in the power sector and improve electricity supply across the country.

The Minister of Power, Joseph Tegbe, disclosed this on Wednesday while briefing State House correspondents after the Federal Executive Council meeting presided over by President Bola Tinubu in Abuja.

Tegbe explained that the payment was aimed at easing liquidity challenges affecting the electricity industry, particularly those linked to gas supply to power plants.

He said the government was also working to expand Nigeria’s electricity transmission capacity from approximately 5,000 megawatts to 19,000 megawatts within the next two years.

According to the minister, the Federal Executive Council had approved three major transmission infrastructure projects to strengthen the national grid and improve electricity delivery.

The projects include the construction of underground and overhead double-circuit transmission lines at the Katampe Transmission Substation in Abuja, the supply of three high-capacity power transformers for the Egbin Transmission Substation serving the Lagos axis, and the upgrade of the 35.6-kilometre McPherson–Shagamu transmission line.

Tegbe said the projects were part of a broader strategy to improve the capacity and reliability of Nigeria’s electricity transmission network.

He added that the government had commenced a technical audit of power infrastructure across three major energy zones to identify ageing facilities requiring repairs, replacement or upgrades.

The zones include the Lagos–Ibadan axis, the Abuja–Kaduna–Karu corridor, and the Benue–Enugu–Port Harcourt corridor.

The minister noted that the Lagos–Ibadan axis alone accounts for approximately 50 per cent of the country’s electricity demand, making infrastructure improvements in the area particularly important.

He also disclosed plans to develop an east-west super grid connecting Sokoto through Funtua, Abuja, Akwanga and Benue to Epe in Lagos State.

The proposed project is expected to strengthen electricity transmission links between different parts of the country and enable more power to reach consumers.

In another development, President Tinubu has directed the Ministry of Power to facilitate the clearance of more than 300 containers of electricity equipment abandoned at ports nationwide, some for as long as 20 years.

Tegbe said technical experts would inspect the containers to determine which equipment remained functional and could be deployed to support the national grid. Obsolete materials would be disposed of appropriately.

He further announced that a new National Control Centre was under construction in Osogbo, Osun State, to replace the existing facility, which has been in operation for 64 years.

The new centre is expected to improve real-time monitoring and coordination of the national electricity grid.

The Federal Government said the measures were part of its broader efforts to address longstanding challenges in the electricity sector, strengthen transmission infrastructure and improve power supply to Nigerian households and businesses.


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