The Minister of Solid Minerals Development, Dr Kayode Fayemi has said Nigeria would spend about $ 3 trillion over the next 30 years to fund the infrastructural needs of its growing economy.
He said a recent report by the National Integrated Infrastructure Master Plan, which said, Nigeria’s current core infrastructure stocks gap is, based on international benchmarks, is estimated at USD 80 billion.
A statement signed and made available to LEADERSHIP yesterday by the senior assistant to the minister, on Media,Olayinka Oyebode, quoted the minister on this on Thursday in London at a business forum organised by the Royal African Society.
The statement stated that Fayemi, who presented a keynote address titled : “Mining for Prosperity: fuelling Nigeria’s industrialisation in the 21st Century”, said the investment would allow Nigeria to close its current infrastructural gap and sustain an ideal infrastructure stock level of 70 per cent of GDP and build infrastructural assets across the seven critical sectors, roads, rail, ports, airports, power, water and ICT.
He said “iron ore and steel would account for the bulk of material inputs needed to industrialise Nigeria, just as he urged investors to take advantage of the country’s huge steel market”.
Source : Leadership