Market Research Report Nigeria Construction Industry Trends Report 2017 | Page 4

Foreign investments are becoming increasingly vital to Nigerias economic growth.
In February 2017, the US Agency for International Development announced plans
to invest NGN305.9 billion (US$1.0 billion) in the countrys energy sector. This
investment is part of the Power Africa program, which was launched by the US
government in July 2013, with an aim to improve accessibility to sustainable and
affordable energy in Africa.
Solar energy has been Nigerias most significant source of renewable energy in recent
years. To benefit from this, several international companies are investing in the
countrys solar energy sector. In November 2016, the General Electric Company
signed a memorandum of understanding with the Nigerian government to develop
five solar power plants in Nassarawa, Taraba, Bo rno, Niger and Kebbi.
In its 2017 budget, the government placed significant emphasis on the country's
overall infrastructure development as part of its move to stimulate growth following
the recession. Accordingly, the government announced plans to invest NGN97.0
billion (US$317.1 million) to develop transport infrastructure projects.
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