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A multi-billion-dollar overhaul of Nigeria’s transport network is gaining pace as the country looks to plug infrastructure gaps and stimulate economic growth.

As with many hydrocarbons producers, lower energy receipts have put downward pressure on government spending, prompting Nigeria to look to private sector and foreign financing to help fund its rail and aviation projects.

Boosting private sector participation

In statement released in January, Kemi Adeosun, minister of finance, said the government would work to create a more business-friendly environment, enabling public-private partnerships “to thrive in the country”.

To this end, the government announced plans in November to set up a $25bn infrastructure fund for bankable, long-term projects in the transport and energy sectors, with funding to come from domestic pension funds, international investors and Nigeria’s own sovereign wealth fund (SWF).

The country’s SWF manages around $bn, according to the SWF Institute, a US-ba