Nigeria needs N485tr for infrastructure upgrade —NPC Minister
The Minister of National Planning Commission, NPC, Dr. Abubakar Sulaiman, says about N485 trillion is required to deliver quality infrastructure across different sectors of the economy in the next 30 years. The Minister stated this yesterday, at the Public Policy Conference, entitled: Developing Africa through Innovative Infrastructure Financing held in Abuja.
He said the N485 trillion estimates were based on sectoral growth strategies, outcome targets and international benchmarks for infrastructural stock.
Of the said amount, he explained that 33 per cent ($1.0trn) is expected to go into Energy sector; 25 per cent ($775bn) to Transport; 13 per cent ($400bn) to Agricultural, Water and Mining sectors; 11 per cent ($350bn) to Housing and Regional development sectors; 11 per cent ($325bn) to ICT; 5 per cent ($150bn) to Social Infrastructure and 2 per cent ($50bn) to Vital Registration and Security.
As part of the strategy to ensure a hitch free implementation of the plan, he said the NIIMP’S 30 years planning horizon has been segmented into medium term operational plans with five years’ time frame According to him, the first operational plan, 2014-2018, has an investment outlay of $166.1 billion (N26.0 trillion).
Sulaiman, who lamented the low level of infrastructure in the country, stated that the stock of infrastructure is the pillar of any economy and promised that the present administration would pursue the implementation of the NIIMP blueprint and ensure that the current dearth of infrastructure is upgraded from the present 20-25 percent of GDP to 70 per cent, as international standard. “As at 2012 when NIIMP was conceived, the available infrastructure stock in Nigeria was estimated between 20-25 per cent of the Gross Domestic Product, GDP, which was inadequate to support socio-economic development. The global benchmark for infrastructural stock of an advanced economy is set at 70 per cent.
“The target in the NIIMP blueprint is to raise Nigeria’s stock of infrastructure from the current 20-25 per cent of the GDP to at least 70 per cent of GDP by 2043. The level of investments required to bridge the current gap and further grow Nigeria’s infrastructure has been clearly identified and articulated in the blueprint,” said the Minister. The conference was aimed at developing innovative strategies for infrastructure financing in Nigeria.
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