Nigeria is looking to secure a $140bn loan from US and other countries to tackle the country’s infrastructural decay, according to Vice President Yemi Osinbajo.
The Vice President said revamping Nigeria’s infrastructure over the next four years is a priority for government – Osinbajo said, Nigeria and the US have a responsibility to work together for the greater good of the world Vice President Yemi Osinbajo has disclosed that Nigeria is looking up to the US and other countries of the world for a loan of up to $140 billion to tackle the country’s infrastructure decay.
Osinbajo made the disclosure on Tuesday, May 21 in Lagos at the opening ceremony of the USA Fair 2019, a trade and investment expo exclusively for Nigeria and America.
Osinbajo, who was represented by the trade and investments minister, Dr Okechukwu Enelamah, said revamping Nigeria’s infrastructure over the next four years is a priority for government. The vice president said within the same time frame, the government would also try to deploy modern infrastructure for job creation and ease of doing business in the country. He said: “We are interested in building modern infrastructures. Our president has pointed that if we build infrastructure, Nigerians will do well. It is the singular most important thing we can do to create jobs.
“We spent over N3.5 trillion in the last three years. We are trying to figure out how to raise $140billion that Nigeria needs to catch up with infrastructure deficit over the next four years. “This is what the government is taking a hard look at and thinking of how to partner great countries like America and other nations around the world”.
Osinbajo stressed that the US cannot be ignored by any forward looking economy, as it remained the largest economy in the world. He pointed out that partnership with the USA, in this instance, is so strategic. He added that “Nigeria also remained the largest economy in Africa and one that the USA cannot also ignore.”
He said: “So we both have a responsibility to work together for the greater good of not just our two countries but the world at large. “We are committed to nurturing and building this relationship. We want the best for both countries. This is the reason we have worked with our partners in Commercial Department to launch the commercial and investment dialogue. “This is a high level engagement to our government and businesses for both Nigeria and US to eliminate critical hindrances to bilateral trade and investment.”
On his part, the US ambassador, Stuart Symington, said there were similarities between the economies of America and Nigerian; including an intense entrepreneurial drive, a firm commitment to free market principles and a clear vision for doing well by doing good.
He said: “USA Fair 2019 is a prime opportunity to celebrate these mutual ideals and to drive both our economies forward through increasing trade and investment that have already put more people to work in both nations.”
It was previously reported that the minister of finance, Zainab Ahmed, said that the federal government would take another external loan of $247.3m for the development of infrastructure. The Federal Executive Council (FEC) made the approval at its sitting in Abuja on Wednesday, April 17. The development comes despite the fact that Nigeria’s current debt stands at N24.38trn.
