Stakeholders in Nigeria’s infrastructure sector have called on the federal government to tap into private sector funding for infrastructural development, as the current resources at government’s disposal is too small to tackle the deficit.
They made the call during a panel discussion at the ongoing Nigerian Economic Summit titled; “Accelerating Infrastructure Development” in Abuja on Tuesday.
They also identified a lack of transparency in public procurement processes as a significant obstacle hindering investment from the private sector.
Jobson Ewalefoh, Director General of the Infrastructure Concession Regulatory Commission, highlighted that private sector involvement is essential for accelerating infrastructure growth and achieving government objectives.
“We have a lot of infrastructure gaps in Nigeria across different sectors. Be it transportation, energy, health, housing and so on. But the present revenue of the government may not take us to where we want to be,” Ewalefoh said.
“We need to put on our thinking hat and re-strategize. This made me think, the only way we can bridge the infrastructure gap in this country at this current rate, is to harness the private sector funding,” he explained.
Oyebode Oyetunde, Executive Director at the African Development Bank, noted that one of the key things Nigeria needs was to connect the ecosystem, emphasising that collaboration between the private and public sectors is required to achieve greater results in execution of any meaningful infrastructure project execution.
According to him, good governance and transparency are crucial for instilling investors’ confidence.
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