Firm to invest $172bn in Nigeria’s infrastructure, others

A multinational company, Backbone Infrastructure Nigeria Limited, has said that it has concluded plans to invest $172 billion to develop infrastructure across sectors in the country. Backbone said the investments would utilise alternative financing options, which would be allocated to mineral resources, energy, agriculture, housing and transportation sectors for the next 22 years, a statement […]

A multinational company, Backbone Infrastructure Nigeria Limited, has said that it has concluded plans to invest $172 billion to develop infrastructure across sectors in the country.

Backbone said the investments would utilise alternative financing options, which would be allocated to mineral resources, energy, agriculture, housing and transportation sectors for the next 22 years, a statement by the company indicated yesterday.

The Group Chief Executive Officer of Backbone, Henry Owonka, said the company, in partnership with foreign partners, was seeking approval for a joint venture model to facilitate its planned investment in the country.

Owonka said, “The company has expressed interest in investing in a range of commodities. We are seeking approval for a joint venture model, because in that way we can draw more investors not only in the country, but also outside the country. Because when you have a joint venture with the government, it’s better, and that’s what we are seeking rather than for them to just issue land to us. Subsequently, the partnership will cut across all the infrastructure sectors because it’s a $172bn investment drive.”

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Also, the Chief Operations Officer of Backbone, Clement Kwegyir-Afful, said that the investment drive was to reduce the huge infrastructural gap in the country.

He said, “We are going to bring in innovative ways of funding through Financier Engineering to raise funds that would address the infrastructure gap. To do this will require a significant amount of money. So, over the next 22 to 23 years, we are looking to invest $172bn. If you break this down yearly, that works to $6bn every year.”