All posts by Michael Patotschka

Nigeria

Nigeria gets nearly $ 1 bn loan of the World bank for irrigation projects

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The Federal Executive Council on Wednesday has approved three foreign loans totaling $ 945million meant to improve irrigation system, prevent flooding in Ibadan, Oyo State and provide water for Bauchi, Ekiti and Rivers States. The money comes from the International Development Association, an arm of the World Bank for irrigation and drainage projects, Minister of State for Finance Bashir Yuguda said.

Nigeria, Africa’s biggest economy, is trying to expand agricultural production with the aim to reduce it’s dependence on crude oil exports, which account for more than 70 percent of the country’s revenue. According to the National Bureau of Statistics Agriculture is employing more than 60 percent of the population, representing about 22 percent of the gross domestic product,.

About one million Nigerians are to benefit from the project in the three states.

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Nigeria, South Africa

Sub-Saharan spending to grow 10 % a year

Overall infrastructure spending in sub-Saharan Africa is projected to grow by 10 % a year over the next decade and will exceed  $ 130 bn  by 2025, says a PWC report. Nigeria and South Africa dominate the infrastructure market, but Ethiopia, Ghana, Kenya, Mozambique and Tanzania are also poised for growth.

South Africa’s spending will grow to $ 60 bn by 2025, having grown by 10 % average a year, but it may lose share relative to Nigeria because of Nigeria’s better fiscal position and oil revenues. Overall infrastructure spending in Nigeria is expected to grow from $ 23 bn to $ 77 bn in 2025.

Source:  African Business, november 2014

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