PRESIDENT Bola Tinubu’s administration is seeking $78.5 billion from local and international investors to finance 65 proposed projects across Nigeria, with the initiatives expected to generate 366,763 jobs.
The projects, published on the Federal Government’s Projects Nigeria investment portal, cover five broad sectors, with energy and transport accounting for the bulk of the capital required.
Oil, gas and power projects represent the largest funding category, with 25 initiatives requiring $36.4 billion. Transport and maritime projects account for another $25 billion across eight proposals.
Agriculture and agro-processing projects are seeking $9.8 billion for six initiatives, while 17 projects in industry, manufacturing and mining require $6.6 billion. The remaining nine projects, covering technology, health and urban services, have a combined funding requirement of approximately $700 million.
Tinubu announced the investment opportunities in a post on X on Friday, urging investors to examine the proposals and engage directly with their promoters through the government’s portal.
The President said the government was prepared to work with prospective investors to address obstacles that could delay implementation and help translate the proposed investments into jobs and economic opportunities.
The scale of the funding requirement, however, is concentrated in a relatively small number of projects. Seventeen of the 65 initiatives require more than $1 billion each, with their combined capital needs estimated at $72.3 billion, representing over 90 per cent of the total investment target.
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Energy and transport dominate funding needs
The proposed Ondo Modular Refinery in Ilaje, Ondo State, has the highest funding requirement among the listed energy projects, at $15 billion.
It is followed by the Ace 3 MTPA Floating Liquefied Natural Gas project in Delta State, which requires $5.5 billion, and the NPK and Urea Import Substitution project, covering Ondo, Akwa Ibom and Bayelsa states, with a funding target of $4.69 billion.
Other major energy proposals include the $3 billion IESL LNG project in Akwa Ibom State and the $2.69 billion MIPL Ammonia and Phosphate project in Ikot Abasi, Akwa Ibom State.
In transport and maritime, the Strategic Deep Sea Ports initiative has the largest stated capital requirement, at $11.5 billion. The National Inland Waterways project follows with an estimated $10 billion requirement.
The transport portfolio also includes railway developments in Lagos, Anambra, Calabar, Obudu, Enugu and Ogun, alongside a proposed Lagos–Kano rail cargo service.
Agriculture’s largest proposal is the One Million Hectare Tree Crops project, which is seeking $6.14 billion for a nationwide initiative. The Fish City Seafood Export Hub follows with a funding requirement of $3 billion.
In industry, manufacturing and mining, the proposed New Port City in Eleme, Rivers State, requires $1.6 billion. The PSML Integrated Steel Upgrade in Delta State is listed at $1.255 billion, while the Katsina Green Economic Zone and Zamfara Solid Minerals Pre-Export Finance projects each require $1 billion.
The PELIA Flare-Gas AI Data Centre in Delta State leads the technology, health and urban services category, with a projected cost of $355.6 million.
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Government outlines investment structures
The Projects Nigeria portal presents different financing options for the listed initiatives, including public-private partnerships, project finance, equity investment, debt financing and climate finance.
The identified project sponsors include federal government agencies, state governments represented through the Nigeria Governors’ Forum, private-sector companies and the Nigeria Sovereign Investment Authority.
Some project profiles also contain financial indicators intended to help investors evaluate potential returns and risks. These include internal rate of return, multiple on invested capital, debt service coverage ratio, net present value and payback period.
The availability of these details varies by project, while the listing of an initiative does not in itself establish that its funding has been secured or that construction has commenced.
South South leads in project distribution
The projects are spread across Nigeria’s six geopolitical zones, although the distribution is uneven.
The South South has the highest number, with 17 projects, followed by the South West with 11. North Central and North West each account for seven projects, while the South East has six and the North East has five.
Four projects cover multiple geopolitical zones, while another eight are classified as nationwide, multi-state or geographically unspecified.
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The government’s challenge will be to convert the investment proposals into funded projects, particularly the large-scale energy and transport developments that account for most of the capital being sought.
The projected 366,763 jobs represent the employment potential attached to the proposals, rather than confirmed jobs already created.
The following projects and funding requirements are listed on the Projects Nigeria investment portal.
1. Oil, gas and power — 25 projects
| No. | Project | Funding required |
|---|---|---|
| 1 | Ondo Modular Refinery, Ilaje, Ondo State | $15.00bn |
| 2 | Ace 3 MTPA Floating LNG, Escravos, Delta State | $5.50bn |
| 3 | NPK and Urea Import Substitution, Ondo, Akwa Ibom and Bayelsa states | $4.69bn |
| 4 | IESL LNG Project, Akwa Ibom State | $3.00bn |
| 5 | MIPL Ammonia and Phosphate Project, Ikot Abasi, Akwa Ibom State | $2.69bn |
| 6 | Project Reliaxx, crude evacuation and midstream, Rivers and Delta states | $1.70bn |
| 7 | UTM Floating LNG, Warri South, Delta State | $1.50bn |
| 8 | Edo Condensate Refinery, Ikpoba-Okha, Edo State | $345.0m |
| 9 | Global Gas Cawthorne Channel Plant, Rivers State | $300.0m |
| 10 | Quaint Power and Infrastructure, Plateau State | $300.0m |
| 11 | MMELT Diebu Creek Gas Project, Bayelsa State | $271.4m |
| 12 | Fradro Trunk A Gas Pipeline, Edo, Delta, Anambra and Enugu states | $224.1m |
| 13 | First Metro 200 MW Power Plant, Lagos State | $218.8m |
| 14 | Ebonyi 100 MW Gas Power Plant, Oferekpe, Ikwo, Ebonyi State | $153.0m |
| 15 | Oyo Gas Distribution Network, Oyo State | $100.0m |
| 16 | Valiant 500 TPD LNG Plant, Ore, Ondo State | $85.1m |
| 17 | Ibom Power Company, Ikot Abasi, Akwa Ibom State | $71.0m |
| 18 | VTT LNG, Gelegele Gbene, Edo State | $60.1m |
| 19 | Elebele Power Plant, Ogbia, Bayelsa State | $58.0m |
| 20 | Imo CNG Virtual Pipeline, Ngor-Okpala, Imo State | $50.0m |
| 21 | NUPRC Upstream Renewable Power, Rivers, Bayelsa, Delta and Akwa Ibom states | $30.0m |
| 22 | LNG Arete Mini-LNG, Ajaokuta, Kogi State | $27.3m |
| 23 | Amari CNG Stations, Aba, Abia State | $19.8m |
| 24 | Taraba Hydropower Project, Taraba State | $5.0m |
| 25 | Sokoto 33 kV Feeder Rehabilitation, Sokoto State | $1.0m |
2. Transport and maritime — 8 projects
| No. | Project | Funding required |
|---|---|---|
| 26 | Strategic Deep Sea Ports, Badagry, Ibom, Ondo, Agge and Bakassi | $11.5bn |
| 27 | National Inland Waterways | $10.0bn |
| 28 | Lagos Greenline Railway | $1.29bn |
| 29 | Anambra Intra-City Rail | $1.40bn |
| 30 | Traxport Lagos–Kano Rail Cargo | $155.5m |
| 31 | Calabar–Obudu Railway | $300.0m |
| 32 | Enugu Light Rail | $350.0m |
| 33 | Ogun Rail Extension | $50.0m |
3. Industry, manufacturing and mining — 17 projects
| No. | Project | Funding required |
|---|---|---|
| 34 | New Port City, Eleme, Rivers State | $1.60bn |
| 35 | Katsina Green Economic Zone | $1.00bn |
| 36 | Zamfara Solid Minerals Pre-Export Finance | $1.00bn |
| 37 | PSML Integrated Steel Upgrade, Delta State | $1.255bn |
| 38 | Harmony Glass, Ondo State | $240.6m |
| 39 | Solarge 1 GW Solar Module Plant, Calabar | $54.6m |
| 40 | Mbatiav Cement Factory, Benue State | $450.7m |
| 41 | Aba Metallurgical Complex | $23.0m |
| 42 | Adamawa Free Trade Zone | $6.5m |
| 43 | Njimtilo Industrial Estate, Borno State | $11.1m |
| 44 | Gombe Industrial Park | $131.0m |
| 45 | Gagarawa Industrial Park, Jigawa State | $6.5m |
| 46 | China Africa Industrial Economic City, Kano State | $250.0m |
| 47 | Kebbi Free Trade Zone | $2.6m |
| 48 | Ajaokuta Special Economic Zone | $500.0m |
| 49 | Yobe Cement Company | $3.3m |
| 50 | Pharmaceuticals Excipients | $70.0m |
4. Agriculture and agro-processing — 6 projects
| No. | Project | Funding required |
|---|---|---|
| 51 | One Million Hectare Tree Crops, nationwide | $6.14bn |
| 52 | Fish City Seafood Export Hub | $3.0bn |
| 53 | DEPA Programme, 21 states | $480.0m |
| 54 | Giri Agro-Processing Hub, FCT | $105.0m |
| 55 | Promakar Sorghum Expansion, Ogun State | $7.5m |
| 56 | Kaduna Green Economic and Agro-Industrial Zone | $80.0m |
5. Technology, health and urban services — 9 projects
| No. | Project | Funding required |
|---|---|---|
| 57 | PELIA Flare-Gas AI Data Centre, Delta State | $355.6m |
| 58 | Lagos Solid Waste Concession | $82.8m |
| 59 | Access Bank Affordable Housing | $74.6m |
| 60 | NUPRC Leak Detection Service | $40.0m |
| 61 | Ekiti Knowledge Zone | $80.0m |
| 62 | Kwara Innovation Hub | $3.9m |
| 63 | Lagos Smart Health Information Platform | $2.8m |
| 64 | Nasarawa Technology Hub | $5.0m |
| 65 | NUPRC Crude Fingerprinting Centre | $20.0m |
