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BINL Plans $172bn investment in Nigeria’s Infrastructure, Energy, Real Estate, Mining
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
Support For Local Enterprise Catalyst For Sustainable Economy – VP Shettima
Lauds SecureID’s 20-year milestone in manufacturing, tech solutions
By: Our Reporter
Vice President Kashim Shettima has pledged President Bola Ahmed Tinubu’s dedication to the health and survival of Nigerian enterprises, describing them as catalysts for a sustainable economic future.
He commended SecureID, the country’s leading smartcard manufacturing company, for its two decades of excellence in manufacturing and digital solutions.
Speaking on Monday during a tour of the SecureID Smartcard and Digital Solutions Facility in Lagos to mark its 20th anniversary, VP Shettima described the company as a shining example of Nigeria’s industrial and technological potential.
He praised the company’s evolution from a local startup to a continental leader in digital solutions, now capable of producing 200 million cards annually, including Nigerian international passports and voter identification cards.
He said, “This enterprise embodies the promise of what our nation can achieve when our innovative minds are given the support to compete with the rest of the world. From a humble local startup to a continental leader, SecureID has proven that with vision, dedication, and hard work, Nigerian businesses can stand tall on the global stage.”
Emphasizing that economic growth is inseparable from enterprise development, the Vice President noted that “time and again, His Excellency, President Bola Ahmed Tinubu, has demonstrated beyond words that the health and survival of our enterprises are the true catalysts of a vibrant economy.
“We can no longer afford to pay lip service to supporting businesses, regardless of their scale,” the VP stated, citing examples of government interventions designed to spur industrial expansion, including fiscal reforms and the Manufacturing Sector Fund, which encourages investment in key industries.
He maintained that the Tinubu administration has introduced strategic measures to bolster the nation’s economy, ensuring that enterprises like SecureID can thrive and drive national development.
“SecureID is proof that Nigeria is not just a consumer nation but a creator of world-class solutions. This is the standard we must uphold to transform our economy, create opportunities, and raise the living standards of millions of Nigerians,” the Vice President stated.
Reaffirming the government’s commitment to fostering an environment where businesses can flourish, Senator Shettima assured that the administration is ready to help local industries fulfill their potential.
“We will continue to support enterprises by fostering an environment where innovation thrives and where every citizen has the opportunity to succeed,” he added.
Highpoint of the occasion was the tour of the company’s production facility by the Vice President, accompanied by the Deputy Governor of Lagos State, Dr Kadri Obafemi Hamzat and other dignitaries present at the event.
Also present were the Group Managing Director of SecureID Ltd, Kofo Akinkugbe and Chairman of the company, Mr Dotun Suleiman; the Managing Director of Bank of Industry, Olasupo Olusi; Managing Director of Nigerian Railway Corporation, Mr Kayode Opeifa; President of the Manufacturers Association of Nigeria, Otunba Francis Meshioye, and representatives of commercial banks, among others.
Support For Local Enterprise Catalyst For Sustainable Economy – VP Shettima
Yobe Honored with Multiple Awards at 46th Kaduna International Trade Fair
By: Our Reporter
Yobe State has been recognized for its outstanding contributions at the recently concluded 46th Kaduna International Trade Fair, themed “Promoting Efficiency in Manufacturing, Agriculture, and Trade through Digital Transformation.”
The Executive Governor of Yobe State, Hon. Mai Mala Buni, CON, was honored with multiple awards at the event, which showcased economic opportunities and investment prospects in the state.
Buni was represented at the ceremony by the Honourable Commissioner for Commerce, Industry, Tourism, and Solid Minerals, Rt. Hon. Kaigama Umar.
Presenting the awards, the Chairman of the organizing committee and First Deputy President of the Kaduna Chamber of Commerce, Industry, Mines, and Agriculture (KADCCIMA), Alhaji Farouk Suleiman Farsman, commended Yobe State for its dedication and hard work.
He emphasized that the commitment demonstrated by the state’s participants and exhibitors contributed significantly to the success of the trade fair.
In recognition of these efforts, Yobe State received the Presidential Award, Commitment and Dedication Award as well as the Leadership Award.
Additionally, Potiskum Local Government of Yobe State was honored with the Best Exhibitor of Agricultural Products award.
The recognition clearly demonstrated Yobe State’s growing role in trade, agriculture, and investment, reinforcing its commitment to economic development and transformation.
Yobe Honored with Multiple Awards at 46th Kaduna International Trade Fair
Bandits Kill Four, Abduct Several in Zamfara Attacks
By: Zagazola Makama
At least four people have been killed, including two children, while several others were abducted in a series of attacks by suspected bandits across Zamfara State.
Intelligence sources told Zagazola Makama that the attacks, which occurred between Sunday night and Monday morning, February 24, 2025, targeted communities in Gusau and Bukuyyum local government areas.
In Shemori Village, Mada District, bandits kidnapped six women at about 8:30 p.m. on Sunday. Early Monday morning, another group of gunmen stormed Kairu Community in Zugu District, killing two residents and abducting an unspecified number of people.
Around the same time, bandits attacked Hayin Bajumi in Mada Town, Gusau LGA, where they set ablaze the house of one Aliyu Usman. The fire killed two of his children, five-year-old Ishaq Aliyu and two-year-old Jafar Aliyu.
The attackers also kidnapped Usman’s neighbor’s wife and her one-year-old baby before fleeing.
Bandits Kill Four, Abduct Several in Zamfara Attacks
Support For Local Enterprise Catalyst For Sustainable Economy – VP Shettima
Yobe Honored with Multiple Awards at 46th Kaduna International Trade Fair
Bandits Kill Four, Abduct Several in Zamfara Attacks
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