News / Nigeria to boost infrastructure through a sovereign fund

Nigeria to boost infrastructure through a sovereign fund

🕔 September 7, 2010

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Hello,It's time for Africa. There is a huge need for infrastructure in the continent. And the Nigerian government is understanding it very well.With that purpose Nigeria has proposed a Sovereign Wealth Fund to be financed with oil revenue that would be set up in October with US$1 billion to help pay for infrastructure.The oil-financed infrastructure fund would encourage foreign investment in the power industry and abolish fuel subsidies and is targeted at helping to galvanise economic growth of 10 per cent.Nigeria, Africa's most populous and major oil producer would also sell its first global bond of $500 million in October.President Goodluck Jonathan had said the government planned to dissolve the state power monopoly and expand electricity generation through private investment to ease shortages.The demand for electricity is put at more than 6,000 megawatts but production had been epileptic and far below 2,500 megawatts, causing shut down and relocation of industries.The Sovereign Wealth Fund would replace the Excess Crude Oil Account, which the government had often used to finance expenditure.Aganga said the Excess Crude Oil Account should reach about $1 billion by the end of the year, from between $500 million and $800 million currently.Source: http://www.afriqueavenir.orgYou can follow me also on Twitter.Regards

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