FG plans $100bn infrastructure investment
At least $100billion is required annually if Nigeria plans to close the infrastructure gaps across the country anytime soon.
The Director General of the Bureau of Public Enterprises, BPE, Mr. Alex Okoh, said the amount must be invested yearly for the next six years in order to achieve optimum result in infrastructure development.
Okoh said this when he received a delegation from the World Bank led by Senior Economist (Economics and Private Sector Development), Mr. Volker Treichel.
Represented by Director, Infrastructure and Public Private Partnership Department, Sanusi Sule, the DG said that the next phase of the Reform and Privatization Programme of the federal government would focus on Public Private Partnerships with the view closing infrastructural gaps in the country.
He said that the new phase targeted reforms mostly in the utility and infrastructure sectors including water resources, railways, airports and highways.
The BPE boss, while acknowledging the huge infrastructure gap in Nigeria, estimated that the country needed to invest more than $3trillion in the next 30 years to bridge the gap.
For the next six years, he added, Nigeria needs to invest an average of $100 billion per annum.
He stated that the need for refocusing on PPP was borne out of increasing budgetary constraints to fund the development of new infrastructure and effectively maintain existing ones, deteriorating infrastructure (dilapidated roads, schools, hospitals etc.), higher public expectations in terms of efficiency and effectiveness of infrastructure service delivery.