Nigeria FEC Approves $2.76 Billion, €200 Million and N215 Billion for Transport, Power and MSMEs
Updated
Updated · msmeafricaonline.com · Jun 25
Nigeria FEC Approves $2.76 Billion, €200 Million and N215 Billion for Transport, Power and MSMEs
1 articles · Updated · msmeafricaonline.com · Jun 25
Summary
$2.76 billion, €200 million and N215 billion in financing won Federal Executive Council approval to fund transport, agriculture, renewable energy, infrastructure and MSME support under President Bola Tinubu’s economic agenda.
$1.2 billion was cleared for Section Two of the Sokoto-Badagry Super Highway, while another $900 million will go to transport financing aimed at cutting mobility and logistics costs.
$900 million for agriculture will back Special Agro-Industrial Processing Zones, rural technical training and value-chain development, and $160 million will fund rural solar electrification.
N215 billion was approved for the Presidential CNG Initiative to procure CNG buses, electric vehicles and tricycles, and expand conversion centres nationwide.
€200 million plus $500 million will be channelled through the Development Bank of Nigeria to widen affordable credit for MSMEs, which the government says should help firms expand and create jobs.