To close the infrastructure development gap, Nigeria requires N348 trillion, according to the ICRC DG

 

According to Michael Ohiani, the Director-General of the Infrastructure Concession Regulatory Commission (ICRC), Nigeria needs N348 trillion to address its investment infrastructure gap nationwide.

During a presentation at the Nigeria Public Private Partnership Network (NPPN) 2nd Quarter 2024 conference in Minna, Niger State, he disclosed this information.

He clarified that N49.7 trillion would be provided by the subnational governments, with the private sector projected to contribute N298.3 trillion toward the infrastructure crisis.

During the speech centered around the topic of "Using PPPs in Infrastructure Delivery in the States to Ensure National Food Security and Economic Growth," the head of the ICRC stated that the MTP indicates that the nation needs to invest over N348.1 trillion in infrastructure, highlighting the significance of the private sector in this regard. If the nation's infrastructure gap is to be filled.

The new National Infrastructure Investment Master Plan for the next 23 years, he added, indicates that the government will require almost 2.2 trillion US dollars to close its infrastructure deficit.

Chiani also enumerated the various ways the government might obtain money to fund infrastructure projects, including borrowing, more repatriation of national wealth, and pursuing foreign intervention.

Alh. Abubakar Salisu, the Head of Service, on behalf of Niger State Governor Mohammed Umaru Bago stated that his administration was emphasizing farming by utilizing the state's abundant fertile land.

In order to increase food security, the governor also stated that the state would keep working with the federal government and foreign organizations on agricultural development.