Nigeria’s huge infrastructure gap could be closed within a short period if governments offer protection for concession agreements in the construction and energy sectors.
This charge was given by the President and CEO of Africa Finance Corporation, AFC, Mr Samaila Zubairu, who noted that the financial institution had invested over $3bn in Nigeria and completed more projects in the country than the rest of Africa.
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Zubairu, who spoke during the 15th anniversary of the corporation and stakeholders symposium in Lagos, said more investors will be willing to invest in the infrastructural needs of the country if governments provide credit enhancement guarantees and safe mechanisms
While noting that the infrastructure gap in the country is huge and offers vast investment opportunities for the private sector, he advised the government to invest less in the transport and energy sectors as they are areas that can easily attract private sector funding if safe mechanisms are provided.
He said the government should focus on health, education, water, sanitation, security and other social services.
“We had an experience of government cancelling concessions; we have seen what happened at the Lekki expressway. People will be shy to do such an investment. So, the government should step up to say that if anything happens, we will compensate you.
