Central Bank of Nigeria provides funding for new power projects

31 July 2012

The Central Bank of Nigeria has announced that it is helping to fund some major infrastructure projects in the west African state, which is seeking rapid economic expansion, Vanguard reports.

To this end, the Bank has agreed to lend as much as N171.12 billion to 30 power and airline projects in Nigeria through the Bank of Industry, BOI.

Meanwhile, the government is actively seeking to stimulate private sector involvement in the sectors, both of which are seen as key to sustainable growth.

"The CBN provided N300 billion facility for investment in debentures which was issued by the Bank of Industry, BOI, in accordance with section 31 of the CBN Act 2007, for investment in power and airline projects," explained  Lamido Sanusi, the governor of the Central Bank of Nigeria.

A number of other infrastructure projects are currently going on elsewhere in Nigeria, with the government determined to accelerate economic expansion in the country.

Category: General