Nigeria needs N348 trillion to curb infrastructure shortage -ICRC DG
The Director-General of Infrastructure Concession Regulatory Commission (ICRC), Mr Michael Ohiani, has said that the country needs about N348 trillion to solve the shortage of infrastructure across the country.
Ohiani stated said this during a presentation at the 2nd Quarter 2024 Nigeria Public Private Partnership Network (NPPN) meeting held at the Justice Legbo Kutigi Conference Hall in Minna, Niger State
The theme of the meeting is “Using PPPs in Infrastructure Delivery in the States to ensure National Food Security and Economic Growth.
The ICRC Director-General disclosed that going by the Medium-term Development Plan, the country requires over N348.1 trillion investment in infrastructure.
He said the private sector would be able to provide the chunk of this investment to the tune of about N298.3 trillion while subnational governments can provide N49.7 trillion.
“This goes to shows the importance of private sector in infrastructure development,” he said.
He added that the revised National Infrastructure Investment Master Plan for the next 23 years envisaged that the country would require 2.2 trillion US dollars to bridge the infrastructure deficit in the country.
He said the various options available through which the government can raise funds is through borrowing, further repatriation of national funds and seeking further foreign intervention.
Other options he added were to raise more bonds, Sukuk, tax credit schemes, Public Private Partnership (PPP) both through solicited unsolicited proposals.
In his keynote address, Sen. George Akume, Secretary to the Government of the Federation (SGF), commended states governors for embracing the benefits and opportunities of PPP as an alternative procurement method.
Akume, represented by Simon Tyungu, a Director in the Office of the SGF, said the meeting was timely given the infrastructure deficit in the country and government’s efforts to invest in renewal and modernisation.
In his remarks, Gov. Umaru Bago, the Executive Governor of Niger state, said his administration was focusing on farming thereby taking advantage of the vast arable land in their state.
Bago, represented by Alhaji Abubakar Salisu, Head of Service, added that the state would continue to partner with the Federal government and international agencies in respect of agricultural development.
