AMBC

Taiwo Oyedele, minister of finance and coordinating minister of the economy, on Wednesday, June 3, announced that Nigeria has received multiple funding offers from investors and institutional lenders, including the Africa Finance Corporation (AFC), the African Development Bank (AfDB), and Afreximbank.

In a statement, Oyedele said the current market environment presents an opportunity for the country to refinance some of its expensive debts while mobilising additional funds.

“We think that the timing is good for us to be able to maybe even refinance some of our expensive past debts, but also to raise more funding for our development at this critical time,” the minister said.

Oyedele said any decision to issue a Eurobond or pursue other commercial financing would depend on prevailing market conditions, the funding amount sought, and how quickly the government needs to access the market.

“We will balance that over time. We have a lot of offers, there is a lot of interest in Nigeria by investors, which is good for us,” Oyedele said.

“We have also institutional lenders. We have these various organisations from the Africa Finance Corporation (AFC) to the African Development Bank (AfDB) to Afreximbank. We also have deals with other countries. So we have many options.”

The finance minister said the government would weigh the cost and risks of available funding options and determine whether they are best suited for specific projects or broader financing needs before making a decision.

He said the goal is to get the best results from every dollar or every naira that we spend.

Dangote Industries Limited has commenced preliminary processes for the development of a proposed 10,000-hectare deep seaport at the Olokola Free Trade Zone, marking a major expansion of its push into maritime infrastructure, logistics and export-driven industrialisation.

The project, which forms part of the group’s Vision 2030 strategy, is designed to position the conglomerate as a globally recognised industrial and manufacturing powerhouse, according to a statement from the company.

Located within Ogun State and extending toward Ondo State along Nigeria’s Atlantic coastline, the proposed seaport is expected to serve as a major logistics hub for imports, exports and regional trade.

A delegation from Dangote Industries Limited, led by the Managing Director of Infrastructure and Logistics, Capt. Jamil Abubakar, has begun stakeholder engagements with host communities in both states ahead of project ex*****on.

Speaking during engagements with host communities, Abubakar said the project would transform economic activity and create opportunities across the region.

“The Olokola Port project is a major step in opening up Nigeria’s economic potential, strengthening trade, reducing pressure on existing ports and supporting industrial growth. It will create real opportunities for host communities through jobs, business activities and long-term developments across both Ogun and Ondo states,” Abubakar said.

He added that the port’s location gives it strategic importance in regional and global trade.

“With its strategic location, Olokola would serve as a key gateway for exports and imports, boosting Nigeria’s competitiveness in regional and global trade. This project reflects our commitment to building infrastructure that benefits both the people and the economy at large.”

According to the company’s statement, the proposed seaport is expected to support multiple industrial and export-oriented activities across several sectors.

These include the export of fertilisers, petrochemicals and refined petroleum products, as well as future liquefied natural gas exports. It will also facilitate the importation of heavy industrial equipment required for large-scale industrial development.