Tuesday, May 24, 2022
MARKET UPDATE
Advertisement

TheCable

FG releases additional N750bn for capital projects

FG releases additional N750bn for capital projects
December 11
20:29 2017

Kemi Adeosun, minister of finance, says the federal government has released an additional N750 billion for the implementation of capital projects to ministries, departments and agencies (MDAs).

The minister made this known on Monday while speaking to a delegation of investors from France.

This brings to N1.2 trillion, the total money released for capital projects in the 2017 budget.

The federal government had initially released N450 billion.

Advertisement

“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.

Philippe Labonne, head of the French delegation which consisted of 30 companies, said investors have indicated interest in sectors such as banking, infrastructure, renewable energy, agriculture and youth empowerment.

He said the decision of the companies to invest in Nigeria was taken following France’s directive that its companies should increase their investments in Nigeria.

Advertisement

Labonne described the Nigerian economic environment as encouraging, considering the recent stability in the foreign exchange market.

To achieve their investment objective, Labonne said, most of the French companies would form strategic partnerships with their Nigerian counterparts.

 

Advertisement

0 Comments

No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment