Nigeria plans to allocate approximately $10.6 billion to transport projects under a proposed external borrowing programme worth around $21.7 billion for 2026-2027, Finance and Coordinating Economy Minister Taiwo Oyedele said on Wednesday, 28 October. The planned investments include major highway and railway links intended to expand the country’s transport capacity.
President Bola Tinubu submitted the package to parliament on 27 October. It comprises $20.52 billion in dollar-denominated borrowing and €1.045 billion, amounting to roughly $21.7 billion after conversion. The proposals cover transport, energy, healthcare, agriculture, education and digital infrastructure, with financing subject to the National Assembly’s approval process.
Highways and rail corridors take the largest share
The transport allocation includes the Sokoto-Badagry and Lagos-Calabar highways as well as the Kano-Kaduna rail corridor. Oyedele said the projects in the programme have an average implementation period of approximately five years, spreading expenditure and financing requirements over time.
The government expects to secure about $7.9 billion from multilateral and bilateral development partners. The proposed package includes around $5 billion in World Bank financing at an indicated average interest rate of approximately 2.1%.