Nigeria Needs $2.3tn to Address Infrastructure Deficit, Says FG
The Federal Government says the country need $2.3tn to address for its national integrated infrastructure masterplan.
Secretary to the Government of the Federation, Boss Mustapha, stated this in Abuja yesterday at a town hall meeting themed: ‘Nigeria’s infrastructure revolution: Road to a new future’, organised by Business Hallmark.
According to him, the 23-year masterplan (2020-2043) is for the development of infrastructure including roads, railway network and maritime sector.
The event was chaired by a former national chairman of the All Progressives Congress and former governor of Edo State, Chief John Odigie-Oyegun.
Mustapha said, “Conscious of the economic disruption caused by 2016 recession and COVID-19 as well as challenges of previous reforms, the Federal Government revised the 23 year (2020-2043) national integrated infrastructure masterplan that identified critical enablers.
“For the 23-year period, $2.3tn will be required, translating to about $150bn annually and the private sector and other partners have to provide 56 per cent, while Federal Government and state governments will provide 44 per cent of the share of the investment.
“The Federal Government has made important strides towards providing much of our infrastructure and has, in recent years, conducted several infrastructural reforms.
“Specifically, we are extending and upgrading the nation’s railway network and introducing more locomotive couches. The port sector has been converted to landlocked model and terminal.
“Similarly, Public Private Partnership style infrastructure company with an initial seed capital of N1tn envisaging to grow over time to N6tn in assets and capital has been established and will soon commence operation.
“It will be one of the premier finance entities in Africa and will be wholly dedicated to Nigeria’s infrastructure development.
“The reduction in Nigeria’s infrastructural gap will also give the country a competitive advantage under the newly signed Africa Free Continental Area Trade Agreement.”
The Minister of Water Resources, Suleiman Adamu, deplored the water crises in Nigeria saying no community in the country enjoyed water supply always.
He said, “In 1992, 30 per cent of the Nigerian population was enjoying pipe-borne water and as of 2015, it had dropped to seven per cent.
“In 2015, we were at 68 per cent national coverage for access to water and as of today, we are at 70 per cent and maybe by the time the result for 2021 comes out, we might be at 71 per cent to 72 per cent.
“As for water quality, 90 per cent of water consumed, including water from the boreholes, are contaminated and water is the basic necessity of life.”
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