Nigeria has signed a multi-billion dollar deal with an Indian investment agency to support infrastructure projects including power, rails, warehousing and ports in Africa’s most populous nation. The agreement, signed on September 6 with Invest India, should help the West African country industrialize its agriculture and manufacturing sectors and cut reliance on imports.
“We are looking at increasing the productivity of our agricultural sector by industrializing it,” said Lazarus Angbazo, chief executive officer of Infrastructure Corporation of Nigeria Limited (InfraCorp). Agriculture represents about 40% of Nigeria’s economy, he added.
It’s the latest in a string of deals between the two nations as Nigeria, a country of more than 200 million people, seeks to plug an infrastructure deficit and stimulate economic growth. To do this, it needs at least $3 trillion over 30 years, Angbazo said. “We’ve got a gap of about $125 billion annually and we’re probably spending somewhere in the neighborhood of about $10 billion a year,” he said.
Source: bnnbloomberg.ca