The Nigerian Government has approved financing packages worth about $2.96 billion, €200 million, and ₦215 billion to support key sectors of the economy, including transportation, agriculture, power, infrastructure, and micro, small and medium-sized enterprises (MSMEs).
The Minister of Finance and Coordinating Minister of the Economy, Prof. Taiwo Oyedele, disclosed this while briefing State House Correspondents after Monday’s Federal Executive Council (FEC) meeting, presided over by President Bola Ahmed Tinubu at the Presidential Villa, Abuja.
He said the Council considered 14 memoranda from the Ministry of Finance, with the approvals grouped into five strategic areas aimed at advancing the administration’s Renewed Hope Agenda through targeted investments, improved infrastructure, and expanded access to financing.
“For Council, we made very strategic decisions, which I have decided to categorise under five headings,” he said.
Oyedele said FEC approved ₦215 billion to complete investments in the Presidential Compressed Natural Gas (CNG) initiative, including CNG buses, electric vehicles, CNG-powered tricycles and vehicle conversion centres.
“The first one is to do with transportation, how to bring the cost of transportation down,” he said, adding that the approvals would allow the remaining investments under the programme to proceed.
The Council also approved financing arrangements worth $900 million for agricultural development, covering rural technical and vocational training, Special Agro-Industrial Processing Zones (SAPZ) and agricultural value chain projects.
“Altogether, we have different financing arrangements coming to a total of 900 million U.S. dollars,” Oyedele said.
In the power sector, FEC approved a $160 million financing facility for rural solar energy projects, with the Islamic Development Bank providing $150 million and the Niger State Government providing $10 million as counterpart funding.
“This is a 160 million U.S. dollar facility for Niger State solar development projects,” he said.
Council further approved a $1.2 billion financing facility for Section Two of the Sokoto–Badagry Super Highway, which spans 11 states, to improve connectivity, ease logistics and support economic development.
To expand access to finance for small businesses, FEC also approved €200 million and $500 million in financing through the Development Bank of Nigeria (DBN).
“We always have to think about how to support that sector because supporting them is supporting ourselves and our country,” Oyedele said, adding that the financing would provide affordable credit to small businesses. “ he added.
