Nigeria needs $33bn to bridge infrastructure deficit –Minister

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.