FG TO RELEASE N750 BILLION FOR CAPITAL PROJECTS - CALIPHATE MEDIA

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Wednesday, 13 December 2017

FG TO RELEASE N750 BILLION FOR CAPITAL PROJECTS



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ABUJA (CALIPHATE) - Nigeria Minister of Finance, Mrs Kemi Adeosun yesterday said the Federal Government was about releasing N750 billion for capital projects to ministries, departments and agencies (MDAs) of government as contained in the 2017 budget.
The Federal Government had earlier this year released the sum of N450 billion for the capital projects.
 The Finance Minister made the disclosure at a meeting in Abuja with a delegation of investors from France.

According to Adeosun, with the new release of funds the government would have invested N1.2trillion in infrastructure in the country. She also told the delegation that made up of representatives of over 30 French companies, who expressed readiness to invest in key sectors of the Nigerian economy, that the government is doing everything to provide the enable infrastructure and enabling environment to investors
“Last year (2016), 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 and this will take the release to N1.2 trillion by the end of the year.” She said.
 The Head of the French delegation, Mr Philippe Labonne, said the investors had indicated interest in key sectors of the economy such as banking, infrastructure, renewable energy, agriculture and youth empowerment. He said the decision of the companies to invest in Nigeria was taken following a directive by government of France for French companies to increase their investments in Nigeria.

He described the Nigerian economic environment as encouraging, following the recent stability in the country’s foreign exchange market. To achieve their investment objective, Labonne said, most of the French companies would form strategic partnerships with their Nigerian counterparts. He said: “We are here to assess the investment environment in Nigeria to enable us to take advantage of the opportunities. “We have about 30 companies 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. “We are interested in many areas such as energy, agriculture, services, especially toward youths and we will identify other areas subsequently”

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