Latest news with #WaleEdun
Arabian Post
10-07-2025
- Business
- Arabian Post
Nigeria's Coastal Highway Passes $747 m Funding Milestone
Nigeria has secured a $747 million syndicated loan, led by Deutsche Bank, to fund the initial 47.47‑kilometre phase of its flagship coastal highway spanning from Victoria Island to Eleko Village in Lagos. The Ministry of Finance confirmed the financing on Wednesday, marking a record for road infrastructure funding in the country. Lenders in the syndicate include First Abu Dhabi Bank, African Export‑Import Bank, Abu Dhabi Exports Office, ECOWAS Bank for Investment and Development, Nexent Bank and a consortium of Zenith Bank branches. Coverage for partial political and commercial risk is provided by the Islamic Corporation for the Insurance of Investment and Export Credit. The highway is built under an Engineering, Procurement, Construction and Financing contract awarded to Hitech Construction Company. Officials report that over 70 per cent of Phase 1 Section 1 is complete, utilising Continuously Reinforced Concrete Pavement designed to deliver at least 50 years of durability with minimal upkeep. ADVERTISEMENT Nigeria's Finance Minister, Wale Edun, described the syndication as emblematic of sustained confidence from international investors in Nigeria's reform agenda and infrastructure vision. He highlighted that the structure exemplifies the country's embrace of public–private partnerships, stating that it 'positions the country as ready for a full transition to the design, development, financing as well as operations and management of critical public infrastructure'. Minister of Works, David Umahi, added that the financing sets a 'strong precedent' for future infrastructure partnerships, signalling global affirmation of Nigeria's economic advancement and governance standards. Hitech Construction's Managing Director, Dany Abboud, emphasised the standards-setting nature of the project. He said Nigerian engineering, backed by structured international finance, 'can meet global standards,' with CRCP providing cost-efficiency and resilience. ICIEC's CEO, Khalid Khalafalla, noted that the sovereign risk coverage facilitates vital infrastructure development, easing congestion, expanding trade and boosting inclusive growth across West Africa. The broader Lagos–Calabar Coastal Highway is projected to stretch approximately 700 km from Lagos to Calabar, with estimated total costs around $11 billion and an eight‑year delivery timeline. The government is also finalising a toll‑based concession framework to ensure the project's operational sustainability and attract private capital. Implementation of CRCP technology and investor‑backed financing reflects a shift towards durable, future‑proof infrastructure capable of servicing Nigeria's growing population and trade needs while fostering regional economic integration and logistics efficiency.
Zawya
09-06-2025
- Business
- Zawya
Nigeria, Japan strengthen food security ties with $110mln JICA facility
In a bid to bolster Nigeria's food security, the Federal Government has strengthened its collaborative initiative with the Japan International Cooperation Agency (JICA). This partnership is aimed at supporting the country's food production systems and enhancing resilience amid global supply challenges. The initiative took a significant step forward as the Minister of Finance and Coordinating Minister of the Economy, Wale Edun and the Minister of Agriculture and Food Security, Senator Abubakar Kyari, met with senior representatives of JICA to advance the implementation of the Food Security Emergency Loan Support Programme. The JPY 15 billion facility (approximately $110 million) aims to support Nigeria's food production systems and enhance resilience amid ongoing global supply challenges. With the rainy season now underway, both Ministers emphasised the importance of swift, coordinated action to maximise impact for farmers and rural communities. JICA welcomed the government's commitment to delivery and requested formal clarification on proposed implementation adjustments. It was jointly agreed that core production activities would proceed immediately under the existing framework, while additional components, such as aggregation and financing, would be reviewed in line with the original loan agreement. This partnership underscores the commitment of both governments to addressing food security challenges and improving the livelihoods of millions of Nigerians, while also driving economic growth and development in the country. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
Zawya
09-06-2025
- Business
- Zawya
Nigeria: Land reforms key to unlocking state-level revenue potential, job creation — Edun
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has welcomed UN-Habitat's technical support in shaping modern, investable urban spaces. Also, he underscored the importance of land reforms in creating jobs, enhancing state-level revenue, and enabling public-private collaboration in cities overdue for structured renewal. The minister reaffirmed this in his office in Abuja when he received a delegation from the United Nations Human Settlements Programme (UN-Habitat), led by the African Regional Director, Mathias Spaliviero for a strategic dialogue on accelerating land reforms and sustainable urban development in Nigeria. Mohammed Manga, Director, Information and Public Relations said the conversation focused on the catalytic role of land titling, documentation, and spatial planning in unlocking investment into Nigeria's urban infrastructure and housing sectors. UN-Habitat expressed strong support for the Federal Government's renewed commitment to the Nigeria Land Titling and Documentation Programme, which is designed to improve land security, expand the tax base, and stimulate private capital flows into real estate, agriculture, and logistics. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
Zawya
27-05-2025
- Business
- Zawya
ICIEC pledges to support Nigeria's economic agenda
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), has pledged to support Nigeria's economic agenda by de-risking major infrastructure investments and unlocking financing for private sector-led development. The Director of Legal Affairs of ICIEC, Mr Hassan Idris, reaffirmed ICIEC's commitment to supporting Nigeria's economic agenda, when he led a high-level delegation from the Corporation to visit the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, on Monday in his office in Abuja. Idriss highlighted ICIEC's readiness to provide credit and political risk guarantees that can catalyse both domestic and international capital flows into projects that drive growth and job creation. Earlier, Edun explained the Federal Government's economic blueprint as part of efforts to deepen financial collaboration and accelerate the delivery of priority infrastructure across the country. The Minister emphasised the importance of leveraging risk mitigation tools to crowd in private investment, particularly in sectors such as energy, transportation, and housing. Mr. Edun said, 'We appreciate ICIEC's continued support for initiatives that directly improve productivity and livelihoods. By backing commercially viable, socially impactful infrastructure, ICIEC is helping Nigeria build a more inclusive economy, one where the private sector is empowered to create jobs and drive innovation'. Mohammed Manga, Director, Information and Public Relations, said the visit marks a renewed commitment to aligning financial instruments with President Bola Ahmed Tinubu's infrastructure priorities and signals stronger cooperation in mobilising resources that deliver real, measurable benefits to the Nigerian people.
Ya Biladi
22-05-2025
- Business
- Ya Biladi
US eyes investment In Nigeria-Morocco gas pipeline
The United States has shown strong interest in the gas pipeline project linking Morocco to Nigeria, according to media reports from Abuja. The Trump administration is showing «interest in investing in the Nigeria-Morocco Gas Pipeline (NMGP) project», said Nigeria's Minister of Finance and Economy, Wale Edun, during a press conference. This week, the minister visited Washington to attend the 2025 Spring Meetings of the International Monetary Fund and the World Bank. His Moroccan counterpart, Nadia Fettah Alaoui, also participated in the gatherings. The project enjoys the backing of Nigeria's federal government, in contrast to the difficulties faced by the Nigeria-Niger-Algeria pipeline, which has been hampered by crises in the Sahel and strained relations between Abuja and Niamey, and more recently between Niamey and Algiers. As a reminder, Amina Benkhadra, Director General of the National Office of Hydrocarbons and Mines (ONHYM), presented the significant progress of the West African Gas Pipeline (WAGP) on March 6 in Washington. Her presentation took place during an event organized by an American think tank on the sidelines of the «Powering Africa Summit», which focused on energy partnerships between the United States and Africa.
