Femi Gbajabiamila: The Nigerian Government’s Investment in Vital Infrastructure

Olufemi Gbajabiamila is a Nigerian politician and a former Member of the House of Representatives. In 2023, Femi Gbajabiamila was appointed Chief of Staff to the Nigerian President. Olufemi Hakeem Gbajabiamila formerly represented the Surulere I constituency in the 10^th National Assembly. Under the leadership of Nigeria’s President Bola Ahmed Tinubu, many innovative policies have been implemented to create jobs and boost economic prosperity across the country.

 

In September 2023, Bloomberg UK revealed that Nigeria had entered into a multi-billion-dollar deal with an Indian investment agency. The partnership will support infrastructure projects across Nigeria, including the creation and expansion of ports, warehousing, energy and railways.

 

The agreement negotiated between Invest India and the government of Africa’s most populous nation was signed on 6^th September 2023. The move is predicted to help Nigeria industrialise its manufacturing and agriculture sectors, enabling it to cut reliance on foreign imports, a spokesperson suggested.

 

Lazarus Angbazo serves as CEO of Infrastructure Corporation of Nigeria Limited. He suggested that the move came as part of government plans to boost productivity of the country’s agricultural sector through industrialisation. In Nigeria today, agriculture contributes 40% of the country’s GDP. As Mr Angbazo pointed out, to have the biggest impact, ‘that’s where we’re going to have to start.’

 

The agreement marks the latest in a series of deals made between India and Nigeria, a country with a population of over 200 million citizens. The Nigerian Government has implemented a range of far-reaching, forward-looking policies to stimulate economic growth and plug the infrastructure deficit, a goal that will cost at least $3 trillion over three decades according to Lazarus Angbazo.

 

Infrastructure Corporation of Nigeria Limited is an infrastructure investment vehicle that is backed by the government and co-owned by the Central Bank of Nigeria, the Nigerian Sovereign Investment Authority and Africa Finance Corporation. The agency’s primary goal is to boost logistics and transport via a potential investment of circa $212 million.

 

The collaboration between Invest India and the Nigerian Government is predicted to help the West African country expand its ports, allowing it to process more shipping containers. The move forms part of a raft of measures implemented by President Bola Ahmed Tinubu, with Vice President Kashim Shettima having recently reiterated the President’s commitment to massively boosting the country’s infrastructure.

 

Speaking at his home in Maiduguri, where he welcomed members of the All Progressives Congress, Borno Elders Forum and other stakeholders to Ramadan Iftar, Vice President Shettima highlighted President Bola Ahmed Tinubu’s commitment to meeting the basic needs and requirements of the nation, overseeing government policies that would immensely benefit all. The Vice President cited power supply challenges in parts of Borno as being of specific concern to the President. He also pointed out that the country’s economy had shown a gradual bouncing back on most frontiers, highlighting it as a testament to the people’s trust in their leadership. Alhaji Gambo Gubio, Chairman of the Borno Elders Forum, also spoke at the event, expressing his deep belief and trust in the President and his Vice President.

 

As part of the administration’s plans to position Nigeria as a major player in the global technology industry, President Bola Ahmed approved plans to convert a Nigerian Federal Government property situated in San Francisco, USA, into ‘Nigeria Startup House’, a Nigerian Digital Technology Exchange Programme hub. One of several resolutions passed at a Federal Executive Council meeting at the Presidential Villa in Abuja on 14^th May 2024, the creation of the Nigerian Startup House will play a pivotal role in promoting the economic interests of Nigeria on the global stage, as well as improving the positioning and visibility of Nigeria’s startup ecosystem to attract expertise and funding from global markets.