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Over $3tn needed to develop infrastructure —FG

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THE Federal Government has revealed that the National Integrated Infrastructure Master Plan indicates that Nigeria requires slightly above 3 trillion dollars to increase the nation’s infrastructure stock to what it should be, grow Gross Domestic Product and improve global rankings.

Permanent Secretary, Political and Economic Affairs, Office of the Secretary to the Government of the Federation, Mr Gabriel Aduda, who made this known in Abuja, said this could only happen if public, private partnership was  engaged effectively in globally acceptable practices.

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He spoke at the opening ceremony for the workshop on PPP Financing, Policy and Law Master Class organised   by the NEOEDGE in partnership with the Infrastructure Concession Regulatory Commission (ICRC).

He said the success of government infrastructure programmesdepended on a combination of several factors among which was  a PPP knowledgeable populace, especially the practitioners in the public and private sectors.

Speaking further, he informed that the Federal Government was desirous of improving economic life through several means including infrastructure development, which held  the key to massive job creation.

“However, our good intentions are hampered by lack of adequate financing capacity for the projects. On an annual basis, we face the constraints that budgetary limitations place on us, especially on our capacity to deliver on expectations of our populace.

“In the face of such challenges, the government is left with little or no options but to look in the direction of private sector partnerships,” Aduda said.

He recalled that Office of the Secretary to the Government of the Federation and the Office of the Vice President, a few weeks ago,  organised a high level retreat on PPPs to assess the infrastructure delivery framework in Nigeria.

He said the event drew participants from government and the private sector, with experts drawn from South Africa, United Kingdom and finance sub sector, where far-reaching recommendations were made and that government intended to vigorously pursue the implementation of the recommendations

He thanked the ICRC for not letting Nigeria down in this aspect, saying he noted with pride, the efforts made to place Nigeria on the global platform.

The Permanent Secretary noted that the projects disclosure portal which ICRC launched with the World Bank was adjudged the first in the world and something to be proud of.

He said that  government intended to continually provide the necessary support to improve on the established framework for world class infrastructure delivery.

The post Over $3tn needed to develop infrastructure —FG appeared first on Tribune Online.

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