Nigeria needs $33bn to bridge infrastructure deficit –Minister

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From WALTER UKAEGBU, Abuja

Minister of National Planning and Deputy Chairman, National Planning Commission (NPC) Dr. Abubakar Suleiman, has said that the country needs about $33billion yearly to bridge its infrastructure deficit.

The Minister made this known yesterday in Abuja at a media workshop to promote and market the National integrated Infrastructure Master Plan (NIIMP).

Recall that the Federal Government had on September 11,2014 unveiled a N485 trillion 30-year (2014-2043) infrastructure master plan as a blue print for accelerated infrastructure in the country which seeks to raise the stock of infrastructure from the current level of 20 percent to 25 percent of the Gross Domestic Product (GDP) to at least 70 percent by 2043.

He stated that thereafter, the investment rate would further increase to 7.9 percent of GDP by the period 2019-2023 and remain above or close to 7 percent of GDP for the rest of the 30-year plan until 2043.

To achieve the dream, the Federal had said that it forged alliances with Africa Infrastructure Summit Group (AISG) and other key players in the public and private sectors.  The Minister explained that Nigeria would need to increase investments in infrastructure from the current $10 billion yearly to above $15.9 yearly and $51.1 billion in 2018.

The $33 billion investment figure according to the Minister is to be deployed into the critical sectors of the economy over a five-year period.

He stated that thereafter, the investment rate would further increase to 7.9 percent of GDP by the period 2019-23 and remain above or close to 7 percent of GDP for the rust of the 30-year plan until 2043.

The Minister said based on sector growth strategies, outcome targets, and international benchmarks, the total investment of about $3.0 trillion from 2014-2043 would comprise investments in energy and transport.

Others include agriculture, water and mining and housing and regional development

“The investment would be in accordance with socio-economic priorities of each region, based on needs assessment.

Suleiman explained that the present administration adopted integrated and all-inclusive approach to infrastructure delivery as practiced in some other industrialized nations to systematically facilitate and promote economic growth and development.

In effect, government understood the NIIMP, in itself as a source of massive job opportunity and wealth generation in a manner that recognized equity as well as promotes poverty reduction,” he said.

Source : SunOnline

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