President Muhammadu Buhari says Nigeria needs $1.5trn in 10 years to bridge infrastructure gap.
Gatekeepers News reports that President Muhammadu Buhari says Nigeria needs $1.5 trillion within a 10-year period to achieve an appreciable level of infrastructural development.
This was contained in a statement by presidential spokesperson, Garba Shehu.
Shehu qouted Buhari to have said this at the COP26 side event on improving global infrastructure.
COP26 is currently holding in Glasgow, Scotland.
Buhari noted that his administration has taken infrastructure expansion in Nigeria seriously.
He added that he’s being conscious of the fact that new investments in critical sectors of the economy would aid lifting 100 million Nigerians out of poverty by 2030.
Buhari said, “There is a nexus between infrastructural development and the overall economic development of a nation.
“My administration identified this early enough as a major enabler of sustainable economic development and the realisation of other continental and global development aspirations, particularly the 2030 Agenda for Sustainable Development Goals.
“On my assumption of office in 2015, Nigeria faced a huge infrastructure deficit and the total National Infrastructure Stock was estimated at 35% of our Gross Domestic Product.
“In solving these problems, we embarked on a massive infrastructure expansion programme in the areas of Health care, Education, Transportation, Manufacturing, Energy, Housing, Agriculture, and Water Resources.
“We provided more financial resources for these policies, charted new international partnerships and pursued liberalisation policies to allow private sector participation.
“We introduced the revised National Integrated Infrastructure Master Plan – a policy document that ensures our infrastructure expansion projects is cross-sectorally integrated and environmentally friendly.
‘‘Nigeria is ready for your investments in infrastructural development in the country.
‘‘My administration has established a clear legal and regulatory framework for private financing of infrastructure to establish a standard process, especially on the monitoring and evaluation process.
‘‘We look forward to working with you in this regard.”
