Onwuka Nzeshi
12 May 2008
Abuja — Africa Investor (AI), a Pan-African business group, has begun mobilisation of N585 billion ($5 billion) towards development of infrastructure in Nigeria.
The group said given the deplorable state of key social infrastructure in Nigeria and many other African countries, the building, expansion and maitenance of roads, railways, bridges, power stations and even telecommunication infrastructure can no longer be left to government alone. Chairman, African Investor, Alhaji Bamanga Tukur, said the group will remain committed to promoting development and investments in Nigeria, adding that the country has become a choice investment destination for global funds and foreign direct investment in Africa.
He spoke at a media chat to herald the forthcoming AI Nigeria Infrastructure Investors Projects Summit, slated to hold in Abuja, from June 16 to 17, 2008.
Tukur, a former governor of the defunct Gongola State and Chairman, African Business Roundtable, said the Summit was in response to President Umaru Musa Yar'Adua's recent charge to the private sector to take deliberate efforts in driving the investment process to meet Nigeria's infrastructure financing deficit, estimated at about N9billion per annum over the next few years. Investors from European Union and United States of America have indicated interest to attend the summit, while key players in the Nigeria's financial sector, namely Zenith Bank, Vetiva Capital and Oceanic Bank have indicated interest.
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