The Director-General of the Infrastructure Concession Regulatory Commission (ICRC), J. A. Michael Ohiani, announced that Nigeria needs ₦348 trillion to address its infrastructure deficit. This announcement was made during a presentation at the Second Quarter 2024 Nigeria Public Private Partnership Network (NPPN) meeting in Minna on Wednesday.
The meeting’s theme was “Using PPPs in Infrastructure Delivery in the States to Ensure National Food Security and Economic Growth.”
Ohiani disclosed that according to the Medium-Term Development Plan, the country requires over ₦348.1 trillion in infrastructure investment. He emphasised that the private sector is expected to provide a significant portion of this investment, amounting to about ₦298.3 trillion, while sub-national governments can contribute ₦49.7 trillion.
“This highlights the importance of the private sector in infrastructure development,” Ohiani stated.
He added that the revised National Infrastructure Investment Master Plan for the next 23 years estimates that the country will need $2.2 trillion to bridge the infrastructure deficit. Ohiani mentioned various options for raising money, including borrowing, repatriating national funds, and seeking foreign intervention. Other options include raising more bonds, Sukuk, tax credit schemes, and public-private partnerships (PPP) through both solicited and unsolicited proposals.
In his keynote address, Secretary to the Government of the Federation (SGF), Senator George Akume, praised state governors for embracing the benefits and opportunities of PPPs as an alternative procurement method. Akume, represented by a director in his office, Simon Tyungu, noted that the meeting was timely given the country’s infrastructure deficit and the government’s efforts to invest in renewal and modernisation.
Governor Umaru Bago of Niger also addressed the meeting, highlighting his administration’s focus on farming to take advantage of the state’s vast arable land. Bago, represented by the state’s Head of Service, Alhaji Abubakar Salisu, added that the state would continue to partner with the federal government and international agencies on agricultural development.
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