FG has invested $10bn in infrastructure development – Osinbajo

Vice President Yemi Osinbajo has disclosed that the Federal Government has invested close to 10 billion dollars in infrastructure development in the last three years.

Speaking on Tuesday at the opening session of the Direct Investors Summit Nigeria, the vice president said the investment which focused on road projects, power and a new national rail network, was unprecedented.

He said: “We have in the last three years invested close to 10 billion dollars in infrastructure development”.

“Our focus is on roads, power and a new national rail network; all of which will help guarantee increased access to markets and reduced operating costs for businesses.”

Osinbajo said the inspiring news is that the country has emerged from the recession and is determined more than ever to make up for lost time and missed opportunities.

He said the focus on agriculture had attracted billions of dollars in investments in the last three years in rice mills, sugar plantations, fertiliser blending plants, among others.

“Nigeria’s foreign reserves are now almost 50 billion dollars, up from 30 billion dollars when we assumed office.

“Our Sovereign Wealth Fund has in the last two years seen its first new inflows since it was established in 2011,” he said.

Credit: Concise