Lai: FG to explore US finance corporation fund for infrastructural development

Lai Mohammed, minister of information and culture, says the federal government will explore the United States International Development Finance Corporation (DFC) in sourcing fund for its infrastructural development.

Mohammed spoke on Saturday in Washington, after a meeting with Johnnie Carson, a senior advisor at the United States Institute for Peace.

The DFC is the development finance institution of the US federal government, primarily responsible for providing and facilitating the financing of private development projects in lower and middle-income countries.

Speaking with NAN after the meeting, the minister said the decision was informed by the suggestion made by Carson, a former US assistant secretary of state for African affairs.

“In my brief, I explained to ambassador Carson that it will appear most of the infrastructural development in Nigeria today is being funded by either a loan and facility and I can see that the US is missing out,” Mohammed said.

“He responded that there is good news because the last administration approved the DFC which only guarantees loans for developing countries.

“He said DFC also go further to make funding available for certain projects in developing countries and even allow them to take equity in funding of some projects.

“ So, I told him we are going to pursue this.

“I will discuss this with my colleague, the minister of finance because what the ambassador is saying is that this is another opportunity we need to explore.”

The minister said the meeting with the US diplomat, who had served as his country’s ambassador to several African nations, afforded him the opportunity to present a number of social, economic and security issues relating to Nigeria.

“I presented what progress we have made in the area of fighting banditry, insurgency, COVID-19, corruption and correct the fake news that Muslims are persecuting Christians,” he added.

“To him, it was like preaching to the converted because he has broad knowledge about Africa, Nigeria in particular.”

According to NAN, the minister is in the US to engage with various global media outlets, global think-tanks and influencers.

The engagement is to enable the minister put across “the correct narratives” about what is happening in Nigeria, showcase government achievements and present challenges facing the country.