Connect with us

News

BINL Plans $172bn investment in Nigeria’s Infrastructure, Energy, Real Estate, Mining

Published

on

BINL Plans $172bn investment in Nigeria’s Infrastructure, Energy, Real Estate, Mining

By: Michael Mike

Backbone Infrastructure Nigeria Limited, has announced its intention to invest $172 billion in Nigeria to develop various infrastructure sectors in the country.

According to a statement by the multi-national company on Saturday, this investment, utilising alternative financing options, will be allocated to mineral resources, energy, agriculture, housing, and transportation sectors for the next 22 years.

The administration of President Bola Tinubu has openly reaffirmed its commitment to enhancing foreign direct investment inflows into the country, while also promoting alternative financing for the construction of essential infrastructure projects.

Last year, the Minister of Industry, Trade and Investment, Doris Aniete, said the government has secured $30bn in commitments from foreign investors.

Despite this amount, Nigeria still requires investments to reduce its infrastructural gap in the region of $3 trillion over a period of 30 years according to the implementation of the National Integrated Master Plan.

The Group Chief Executive Officer, Henry Owonka, said the company with foreign partners is seeking approval for a joint venture model to facilitate its planned investment in the country.

Owonka emphasised that the company intends to align with the current administration’s infrastructure plan, highlighting that a consistent influx of investment, as proposed by the company, is preferable to isolated investments by other investors especially in the mining sector.

He said: “What we are looking for is for us to structure our program of investment, we are not looking for a sovereign guarantee which will deplete the foreign reserves but innovative ways to collateralize those natural resources that the country has in abundance. The president has verbally approved our request.

“The company expressed its interest in investing in the range of commodities. We are seeking approval for a joint venture model because in that way we can draw more investors not only in the country but also outside the country. Because when you have a joint venture with the government, it’s better and that’s what we are seeking rather than for them to just issue land to us.”

The CEO stating plans for the mining sector, noted that the company is ready to invest $4bn, “to explore mineral resources but we need data and that is also one of the offers we proposed so that we can bring in our expertise and help the government obtain accurate data and then we can explore those minerals. This partnership will help the government plan to reduce dependence on crude oil. We also doing this across all the ministries because it’s a $172bn investment drive.”

In a presentation at the Ministry of Solid Minerals Development, the Chief Operations Officer, Clement Kwegyir-Afful, explained that the investment drive is to reduce the huge infrastructural gap in the country.

He noted that: “The current administration is looking for several investments to come in through the private sector to reduce the infrastructure gap. The NBIL have come together as a team to support the government achieve this mandate without any sovereign guarantee.

“We want to help address the energy gap through the use of renewables, so one of our subsidiaries focuses on renewable and how we can address that. We are going to bring in innovative ways of funding through financier engineering to raise funds that would address the infrastructure gap.”

The statement also read: “Minerals exploration is one area the government want to use to create another source of revenue shifting from oil and that is one strong area that we want to focus on. It will raise a different form of revenue.

“To do this will require a significant amount of money, so over the next 22 to 23 years, we are looking to invest $172bn dollars. If you break this down yearly, that works to $6bn every year in investment out of the numerous numbers the president is looking for.

“We have grouped our project into phases; the first one will be the ones that have the most impact on Nigeria’s landscape, so we are looking at hospitals, renewable energies, mineral exploration and exportation because that is where we have huge concerns and also some of the deep sea ports,” he added.

BINL Plans $172bn investment in Nigeria’s Infrastructure, Energy, Real Estate, Mining

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

International

Algeria Calls for Continued Development, Stronger Ties with Nigeria

Published

on

Algeria Calls for Continued Development, Stronger Ties with Nigeria

By: Michael Mike

Algeria’s Ambassador to Nigeria, Hocine Mezoued has reaffirmed his country’s commitment to sustainable development and stronger ties with Nigeria.

He gave the commitment in Abuja at the commemoration of the 71st anniversary of the outbreak of the National Liberation Struggle and Algeria’s National Day celebration.

The event drew senior representatives of the Nigerian government, members of the diplomatic corps, legislators, and other distinguished guests.

In his address, Ambassador Mezoued paid homage to the more than five million Algerian martyrs who lost their lives during the 132-year anti-colonial struggle, noting that the November Revolution remains “an inexhaustible source of pride and patriotism” for the Algerian people.

He emphasized that Algeria’s victory in securing independence in 1962 laid the groundwork for a nation strongly focused on development. He said: “Since its independence, Algeria has implemented national strategies and major development projects that have yielded remarkable achievements in human, economic, social, and environmental spheres.”

The envoy while underlining the country’s economic strength, noted that Algeria is currently the third-largest economy in Africa, with a GDP estimated at around US$300 billion, and projections to reach US$400 billion by 2027, backed by positive macroeconomic indicators.

He stated that despite its economic ambitions, Algeria has maintained its social welfare commitments, claiming that citizens continue to enjoy free access to education and healthcare, along with government-supported efforts to ensure decent housing for all.

Mezoued’s message highlighted both the historical significance of Algeria’s struggle for independence and the nation’s forward-looking drive toward modernization and prosperity.

On his part, the Speaker of Nigeria’s House of Representatives, Rt. Hon. Tajudeen Abbas expressed the country’s commitment to deepening diplomatic and parliamentary cooperation with Algeria as both nations continue to strengthen their longstanding ties.

The Speaker, who was represented by the Chairman of the Nigeria–Algeria Parliamentary Friendship Group Committee, Hon. Abubakar Babazango, in goodwill message described the anniversary as a moment of deep significance for Algeria and the entire African continent. He paid tribute to the courage and resilience of the Algerian people, whose struggle for liberation, launched 71 years ago, remains “an enduring symbol of hope” for oppressed peoples worldwide.

He said: “This day reminds us of the unity and sacrifice of the Algerian people who rose with determination to reclaim their freedom and dignity.”

He highlighted the strong diplomatic ties between Nigeria and Algeria, noting that both countries share a history of solidarity and a common vision for peace, development, and prosperity in Africa. He emphasized the role of the Nigeria–Algeria Parliamentary Friendship Group in fostering collaboration across key sectors, including trade, education, energy, and cultural exchange.

He said: “As we mark this historic occasion, may the friendship between Nigeria and Algeria continue to grow in unity and progress.”

The event was attended by members of the diplomatic corps, government officials, legislators, and other distinguished guests.

Algeria Calls for Continued Development, Stronger Ties with Nigeria

Continue Reading

Crime

Vigilante in Yobe gunned down Fulani herder over alleged destruction of farmland

Published

on

Vigilante in Yobe gunned down Fulani herder over alleged destruction of farmland

By: Zagazola Makama

A Fulani herder has been shot dead and a vigilante injured following a confrontation between herders and security operatives in Jakusko Local Government Area of Yobe State.

Sources told Zagazola Makama that at about 9:00 a.m. on Tuesday, a group of Fulani herdsmen were allegedly destroying farmlands in Lafiya, Saban, Garin, Sara, Jaba and Muguram villages.

According to him, a joint patrol team comprising the police, Joint Task Force (JTF) and vigilantes was immediately deployed to the affected areas.

“Upon arrival at the scene, one of the herders attacked a vigilante, Saidu Yau of Lafiya village, with a machete, inflicting a deep cut on his left thigh.

“The same herder also attempted to attack a soldier, Private Adamu Ismail, attached to the JTF. The soldier, in self-defence, fired at the attacker, leading to his death,” said the sources.

The sources said that both the injured vigilante and the herder were rushed to the General Hospital, Jakusko, for medical attention.

“The herder was confirmed dead by a medical doctor, while the injured vigilante is responding to treatment,” the sources added.

Police sources said the remains of the deceased herder had been released to the Sarkin Fulani, Hon. Hassan Lamido Manu, pending the arrival of the family.

He said investigation into the incident was ongoing to ascertain the circumstances and prevent further clashes.

Vigilante in Yobe gunned down Fulani herder over alleged destruction of farmland

Continue Reading

News

PEBEC Commends FRSC on Nationwide Clearance of Driver’s Licence Backlog

Published

on

PEBEC Commends FRSC on Nationwide Clearance of Driver’s Licence Backlog

By: Michael Mike

The Presidential Enabling Business Environment Council (PEBEC) has commended the Federal Road Safety Corps (FRSC) for the improvement in the issuance of driver’s licences nationwide and clearance of the backlog.

A statement on Wednesday by Director General, Presidential Enabling Business Environment Council (PEBEC), Princess Zahrah Mustapha Audu acknowledges the prompt and comprehensive actions taken by the FRSC in response to service delivery concerns regarding delays in the production of driver’s licences nationwide.

The statement read: “Following PEBEC’s formal communication on November 7, 2025, the FRSC initiated a full internal review and identified the delays within the national driver’s licence production system. PEBEC commends the Corps for swiftly restoring system functionality and implementing enhanced monitoring mechanisms to prevent future disruptions.

“The Council welcomes FRSC’s successful clearance of accumulated backlogs and its increase in daily production capacity to 15,000 licences, an important milestone in improving service efficiency. Of particular significance is the FRSC’s introduction of the Contactless Biometric Capture System, a forward-looking innovation that aims to deliver permanent driver’s licences within 48 hours, effectively eliminating the need for temporary licences. This aligns strongly with PEBEC’s mandate to drive regulatory efficiency, enhance transparency, and improve citizen experience in public service delivery.”

“PEBEC encourages all applicants whose licences have been produced to visit FRSC centres nationwide and pick up their permanent driver’s licences, in line with the nationwide sensitization campaign by FRSC for the collection of over 294,000 unclaimed licences. This will help decongest service centres, improve turnaround times, and support the Corps’ ongoing efforts to enhance operational efficiency,” the statement added.

“The Council reiterates its commitment to collaborating with Ministries, Departments, and Agencies (MDAs) to ensure seamless, responsive, and business-friendly service delivery across Nigeria,” the statement further stated.

PEBEC Commends FRSC on Nationwide Clearance of Driver’s Licence Backlog

Continue Reading

Trending

Verified by MonsterInsights