Nigeria’s Infrastructure Renaissance and New Funding Plan, by Zekeri Laruba Idakwo
As Nigeria strives to reshape its economic trajectory and close its infrastructure gap, President Bola Ahmed Tinubu’s newly approved six-year external borrowing plan has laid out an ambitious roadmap, backed by transformative capital projects spanning transportation, energy, ports, security, and youth empowerment.
Approved by the National Assembly, the plan outlines over a dozen major federal and state-level infrastructure projects, to be funded through multilateral and bilateral credit windows. This bold financing strategy not only targets economic revitalisation but also aims to deliver tangible social impact across Nigeria’s geopolitical zones.
At the heart of the plan is a $3 billion allocation for the revitalisation of the 2,044km Eastern rail corridor, stretching from Port Harcourt to Maiduguri. Long neglected, this rail line is critical to unlocking trade, mobility, and industrial synergy across the South East, North Central, and North East zones. In the commercial nerve center of Lagos, the $2 billion Lagos Green Light Rail project, already in motion under the Lagos Metropolitan Area Transport Authority (LAMATA), will receive a further boost, positioning the megacity for a future of cleaner, faster urban mobility.
Energy infrastructure is another major focus. A combined $2.21 billion has been earmarked for the development of Eastern and Western Super Grids. These investments are expected to stabilise national electricity transmission and reduce losses in the distribution chain. Additional allocations include $116 million for transmission lines to evacuate 700MW from the Zungeru Hydropower Plant, and $100 million for Chinese-backed Presidential Power Initiative projects to upgrade electricity distribution infrastructure.
One of the largest road projects under the plan is the Akwanga–Jos–Bauchi–Gombe dual carriageway, slated to receive $1.33 billion. With a four-year timeline, this corridor will enhance trade and ease transport between North Central and North East Nigeria. Further east, $508 million will modernise critical eastern port infrastructure, aiding decongestion and expanding maritime commerce beyond Lagos. Meanwhile, $596.2 million has been set aside to procure rolling stock for the Kaduna–Kano rail corridor, bolstering the broader national rail development strategy.
Based on Tinubu’s recognition of the importance of inclusive development, the plan also caters for social sector. $100 million has been allocated for the National Youth Entrepreneurship Investment Programme, with African Development Bank (AfDB) backing and a five-year roll-out period. Another $45 million will go into the Sokoto State Health Infrastructure Project, also supported by the AfDB, while $50 million will support Yobe State’s Integrated Climate Action Project, advancing resilience in a region vulnerable to climate shocks.
National security and food resilience are not left out. The plan includes $540 million for the Nigeria Border Security Project (Phase II) and $700 million for the Lagos-Calabar Coastal Highway, a signature project linking South West to South South. In addition, ¥150 billion (Yen) has been secured for the Emergency Food Security Programme, in partnership with Japan’s International Cooperation Agency (JICA).
Notably, key road and security projects, including the Lekki Access Road (7th Axial Road) and the Lagos-Calabar Highway, will be delivered through Export Credit Agencies, reflecting Nigeria’s growing confidence in blending sovereign borrowing with private and international financing instruments.
President Tinubu’s infrastructure-centric borrowing blueprint could be a game changer for Nigeria’s development journey. With strategic distribution across sectors and states, the plan reflects a deliberate shift toward unlocking long-term value, if implemented transparently and efficiently. As the nation awaits ground-level execution, this financial roadmap may mark the dawn of a new era in infrastructure-driven growth, job creation, and regional integration.