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Nigeria: Banks Target $5bn Investment On Nigerian Infrastructure
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Vanguard (Lagos)
13 May 2008
Posted to the web 13 May 2008
Luka Binniyat
Lagos
Four Nigerian banks and some foreign partners have agreed to pool about $5 billion for a start to invest in Nigerian infrastructure through the Build Operate and Transfer (BOT).
The banks are Zenith, Oceanic and Stanbic Banks and Vevita Capital management.
The extent of the involvement of participating banks and their partners will be made known during "Africa Investor Nigeria Project Summit in Abuja next month.
Speaking at a Press conference in Abuja yesterday, Simon Griffiths of "Africa Investor", the convener of the summit, said all Nigerian Pension Scheme managers, relevant Government agencies and some States government have indicated interest in coming so as to canvas for partnership.
"Over a hundred of private and public sector vetted infrastructure projects will be presented to potential investors at the summit with governmental and industry representatives showcasing projects and revealing how to process the project process", he said, adding that, "the summit aims to facilitate project implementation and match project developers and sponsors with investors through dynamic interactive sessions."
He said that the summit is in response to the recent call by President Umaru Yar'Adua's for the private sector to take advantage of the enormous infrastructural gap that exist in Nigeria and invest about $6 billion yearly for the next few years.
Projects for investment drawn up include transportation, ICT, real estates, energy and aviation.
Speaking on the summit, Dr. Bamangar Tukur, Chairman of Africa Investor, said, "Nigeria infrastructure is without doubt the tool that will drive the Nigerian economic regeneration, and through the Nigeria summit, the private sector is responding to President Yar'Adua's recent call for businesses to drive the infrastructure investment process to meet Nigeria's infrastructure financing deficit which is estimated to require $6 to $9 billion per year over the next few years".
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Speakers at the summit will include, Central Bank Governor, Prof. Charles Soludo, Zenith Bank's CEO, Chief Jim Ovia and Chuka Eseka, CEO of Vevita Capital Management, among others.
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