Michael Ohiani, director-general of the Infrastructure Concession Regulatory Commission (ICRC), says Nigeria needs N348 trillion to address its infrastructure deficit.
He said this during a presentation at the 2nd Quarter 2024 Nigeria Public Private Partnership Network (NPPN) meeting in Minna on Wednesday.
The theme of the meeting was ‘Using PPPs in Infrastructure Delivery in the States to Ensure National Food Security and Economic Growth’.
Mr Ohiani disclosed that going by the medium-term development plan, the country required over N348.1 trillion in investment in infrastructure.
He said the private sector would be able to provide a chunk of this investment to the tune of about N298.3 trillion, while the sub-national governments could provide N49.7 trillion.
“This goes to show the importance of the private sector in infrastructure development,” Mr Ohiani said.
He added that the revised national infrastructure investment master plan for the next 23 years envisaged that the country would require $2.2 trillion to bridge the infrastructure deficit in the country.
Mr Ohiani said the various options available through which the government can raise funds are borrowing, further repatriation of national funds, and seeking further foreign intervention.
Other options, he added, were to raise more bonds, Sukuk, tax credit schemes, and public-private partnerships (PPP), both through solicited and unsolicited proposals.
In his keynote address, George Akume, Secretary to the Government of the Federation (SGF), commended state governors for embracing the benefits and opportunities of PPP as an alternative procurement method.
Mr Akume, represented by Simon Tyungu, a director in his office, said the meeting was timely given the infrastructure deficit in the country and the government’s efforts to invest in renewal and modernization.
In his remarks, Governor Umaru Bago said his administration was focusing on farming, thereby taking advantage of the vast arable land in the state.
Mr Bago, represented by Abubakar Salisu, Head of Service, added that the state would continue to partner with the federal government and international agencies with respect to agricultural development.
(NAN)
