The Federal Government is ready to explore more ways of funding the upgrade of critical infrastructure in the country, one of which is the United States International Development Finance Corporation (USIDFC)
In connection with this, President Muhammadu Buhari, has expressed the willingness of his administration to mobilise additional capital from development finance institutions for the upgrade.
According to a statement signed by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, Buhari made this commitment during his meeting with U.S. Treasury Secretary, Steven Mnuchin, on Thursday.
Buhari held a meeting with Mnuchin, in Riyadh, Saudi Arabia, on the margins of the Future Investment Initiative Forum, to discuss investments in Nigeria under the new U.S. financing initiative.
The President and Mnuchin also discussed areas of strengthening Nigeria’s ongoing collaboration with the United States on stopping terrorist financing.
According to the statement, President Buhari vowed that Nigeria will leverage on the U.S facility (USIDFC) to address current challenges confronting the power sector as well as the general upgrade of infrastructure.
United States International Development Finance Corporation (USIDFC), provides $60 billion for investments in developing nations.
The Nigerian leader also requested the continued support of the U.S. to Nigeria, especially in accessing the $60 billion infrastructure fund under the USIDFC.