Shell Energy Entrepreneurs banner Yudala banner
FG releases N1.2trn for 2017 capital expenditure

By Rachael Ishaya on 11/12/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 324

•Finance Minister Kemi Adeosun
•Finance Minister Kemi Adeosun

The Federal Government will release this week additional N750 billion for capital projects to ministries, departments and agencies (MDAs) of government as contained in the 2017 budget, Minister of Finance, Kemi Adeosun, said.

Government had earlier this year released N450 billion for the capital projects.

Adeosun, gave indication of the fresh release at a meeting in Abuja with a delegation of investors from France.

Adeosun told the delegation, made up of representatives of 30 companies, that with the injection of N750 billion into capital vote, government would have invested N1.2 trillion on infrastructure in the country.

She also told the delegation, who expressed readiness to invest in key sectors of the Nigerian economy, that “what the government is doing is to provide enabling infrastructure that will bring potential into reality.

“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.”

The Head of the French delegation, Mr Philippe Labonne, said the investors had indicated interest in key sectors of the economy such as banking, infrastructure, renewable energy, agriculture and youth empowerment.

He said the decision of the companies to invest in Nigeria was taken following a directive by government of France for French companies to increase their investments in Nigeria.

He described the Nigerian economic environment as encouraging, following the recent stability in the country’s foreign exchange market.

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

He said: “We are here to assess the investment environment in Nigeria to enable us to take advantage of the opportunities.

“We have about 30 companies in this delegation in sectors such as infrastructure, services, agriculture and banking and the purpose of this meeting is to identify key sectors where we can invest.

“We are interested in many areas such as energy, agriculture, services, especially toward youths and we will identify other areas subsequently.”

Before the meeting with Adeosun, the delegation had earlier met with Ms Yewande Sadiku, the Executive Secretary, Nigerian Investment Promotion Commission.

Sadiku had told them that Nigeria remained a top destination of capital inflows in the African continent.

She said “Nigeria is strategically located in Africa to serve the needs of many countries as regional hub to the continent.

“We have a compelling population that provides the market which means that Nigeria can serve as manufacturing hub for investors.”

She expressed delight over the interest of the investors in Nigeria, noting that France was one of the many countries that Nigeria was targeting in its investment strategy.

On investment inflows, Sadiku said France appeared as number 10 on the chart and represented about N1 billion of the capital inflows into Nigeria. (NAN)

Source News Express

Posted 11/12/2017 10:29:25 PM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

 

You may also like...
States’ debt burden rises to over N3.342trn •Lagos,...

EDC announces 9th SME Conference

Herdsmen disown Benue killers

Boko Haram faction seeks grassroots support

Kabiru Sokoto: Limits of demagoguery

Omokri: Between loyalty and insanity, By Femi Odere...

Defence Chief vows to flush out Boko Haram...

Aviation Ministry’s bullet-proof cars scandal acid test for...

Malnutrition a major cause of death among women,...

Buhari’s Chief of Staff seriously sick: Report

Ekwueme to remain under close medical attention: Family...

Corruption: Education Minister orders probe of UNN, YabaTech,...

 

Latest News Fulani herdsman apprehends militant on jailbreak mission to Ogwashi prison Asset declaration: Saraki’s trial resumes Feb. 6 500 junior police officers get motorcycles Reps probe IGP over unlawful arrest, detention of Elombah Brothers Lagos donates 30 power bikes to security agencies Our visit to Buhari unconnected with Obasanjo’s statement — Tinubu, Akande INEC sensitises Enugu communities on voters’ registration, accountability in governance Planning committee for Nigeria’s hosting of African Tourism Ministers inaugurated Oby Ezekwesili, BBOG activists not arrested — Police Militants kill 2 policemen, cart away gunboats, arms Leather industry can create 700,000 jobs — Minister Dogara makes case for 2nd Niger Bridge

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (316,755 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (307,466 views) Shameless Genevieve Nnaji exposes breasts in public (245,832 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (201,968 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (190,549 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (180,128 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (156,202 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (140,633 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (136,450 views) Lagos plane crash: Journalist releases victims’ names (124,947 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (122,379 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (119,246 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (33) Business (2,858) Business Verdict (32) Columnists (792) Complaints & Requests (94) Enterprise & Opportunities (201) Entertainment (432) Features (542) Global Business Monitor (222) International (1,754) Interviews (139) Live Commentary (28) Love Matters (100) News (32,132) Opinion (870) Pidgin (10) Politics (4,373) Religion (667) Sports (1,410) Stock Watch (26) AMA & Al Jazeera Global Update

 

CBN Banner advert

CBN Words on marble

 

 

Football president George Weah puts Liberian army to the test

 

APO Group Partner

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!