The Minister of Finance, Budget and National Planning, Mrs. Zainab Shamsuna Ahmed, on Monday said to bridge Nigeria’s growing infrastructure gap, the federal government intend to cede 48 percent of Nigeria’s infrastructure needs to the private sector to build and own.
The 48 percent of the infrastructure will be largely in the transportation and energy sector which account for more than 50 percent of the investments, the minister said.
In a statement released by the ministry today, it noted that the minister made the assertion at a One-Day Workshop on Maximizing Finance for Development (MFD) of Infrastructure in Nigeria organised by the World Bank Group in Abuja.
The minister noted that “It is estimated that $3 trillion infrastructure investment would be needed for the next 30 years” for Nigeria, a situation she said “it’s impossible to achieve through budgetary provision.”
The minister observed that the “Nigeria core infrastructure stock is currently estimated at 30 percent of the GDP which falls far short of the international benchmark of 70 percent.”
She said Nigeria’s aspiration and infrastructure target for 30 years (2014-2043) is aimed at increasing the current infrastructure stock from 30 percent of the GDP to at least 70 percent by the year 2043.
