President Muhammadu Buhari of Nigeria is seeking approval from parliament to borrow nearly 7$bn. A $5.85bn loan from China would be used to modernize Nigeria’s railways and a $1.07bn loan from the World Bank would help fund reconstruction in the northeast, which has been ravaged by insurgency. Nigeria is experiencing the first recession in 25 years.
Source: African Business, May 2017
By Emmanuel Elebeke & Grace Udofia
The Institute of Appraisers and Cost Engineers, (IA&CE), has said that Nigeria would require about $2.9 trillion investment in the next 30 years to close current infrastructure gap in the country. The engineering economists disclosed this at the 2015 National Technical Conference of the IA&CE which took place in Abuja.
The body also called on Federal Government to follow internationally acceptable standard procedures in the concept, design, development and execution of engineering projects in the country.
Continue reading $2.5trillion address Nigeria’s infrastructure gap — IA&CE
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
Nigeria is set to construct the first and largest industrial park in Africa. Located in Delta State, the park will house industries producing methanol, fertilisers, petrochemicals and other related products.
Source: African Business, no. 109, July 2014
The Mozambican Tax Authority reports that sophisticated new scanners have been installed at border posts and airports to combat smuggling and crime.
The international airports at Maputo, Beira, Tete and Vilanculos, as well as the Maputo corridor road in the Ressano Garcia area now have inspection systems to improve customs security. The systems will be rolled out soon at more airports and a number of ports and border crossings.
The president of Mozambique Tax Authority, Rosario Fernandes, said in officially launching the system at Chingodzi Airport in Tete that the devices would help control entry and exit of goods in line with best practices worldwide.
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