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Backbone Infrastructure Nigeria Limited, a multinational company, has announced its plan to invest $172 billion in developing various infrastructure sectors in the country.
This investment, using alternative financing options, will be allocated to mineral resources, energy, agriculture, housing, and transportation sectors over the next 22 years.
President Bola Tinubu's administration has reaffirmed its commitment to increasing foreign direct investment inflows into the country and promoting alternative financing for essential infrastructure projects.
Despite securing $30 billion in commitments from foreign investors, Nigeria still needs investments to bridge its infrastructural gap, which is estimated at $3 trillion over 30 years.
The Group Chief Executive Officer, Henry Owonka, stated that the company is seeking approval for a joint venture model with foreign partners to facilitate its planned investment in the country.
Owonka emphasized the company's intention to align with the current administration's infrastructure plan, highlighting the preference for a consistent influx of investment over isolated investments by other investors, especially in the mining sector.
He also mentioned that the company is exploring innovative ways to collateralize the country's abundant natural resources without depleting the foreign reserves.
