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Nigerian government is eyeing part of a $60 billion infrastructure fund under the USIDFC

Steven Mnuchin and President Buhari in Riyadh (Twitter/@AhmadBeello)
  • Nigerian President Muhammadu Buhari is willing to take additional capital from the US development finance institution. 
  • The government says the fund will help to upgrade critical infrastructure.
  • The United States International Development Finance Corporation (USIDFC) was set up by President Donald Trump in 2018, with a $60 billion fund investment in developing countries. 

The Nigerian government is eyeing to access the $60 billion infrastructure fund under the new United States International Development Finance Corporation (USIDFC).

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Nigerian President Muhammadu Buhari on Wednesday expressed the willingness of the government to mobilise additional capital from development finance institutions for the upgrade of critical infrastructure in the country.

Garba Shehu, Senior Special Assistant to the President on Media and Publicity, made this known in a statement issued on Thursday, October 31, 2019.

The statement added that the president met with U.S Treasury Secretary, Steven Mnuchin, in Riyadh where they had positive discussions on investments in Nigeria under the USIDFC.

“Nigeria will leverage on the U.S facility to address current challenges confronting her power sector as well as general upgrade of infrastructure,” the statement quoted President Buhari.

The two leaders also discussed how to strengthen Nigeria’s ongoing collaboration with the United States on stopping terrorist financing.

In 2018, President Donald Trump set up International Development Finance Corporation - a development finance institution - with a $60 billion fund to invest in developing countries. The move, foreign analysts, said it was a direct counter to China's spending spree in Africa.

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