Nigeria will set up a US$25-billion infrastructure fund to invest in the country’s transport and energy sectors.
Reuters news agency cited Laolu Akande, Nigerian presidential spokesperson, as saying that the funding would be withdrawn from local and international sources, including Nigeria's sovereign wealth fund and domestic pension funds.
"Vice president, Yemi Osinbajo, disclosed that other sovereign wealth funders had already indicated an interest in the fund, which would be used to address the nation's decaying road, rail and power infrastructures," said Akande.
The plans come in the wake of falling oil prices, as Nigeria relies on crude exports for around 70% of government revenues. Infrastructure development will help boost economic growth, said Akande.
