Nigeria needs N485trn for quality infrastructure — Minister (This means the funds allocated has been embezzled as usual)

Posted by admin Headlines Monday, September 15th, 2014

The Minister, National Planning Commission, Abubakar O. Sulaiman, on Thursday, said Nigeria required $3.05 trillion (N485 trillion) to deliver quality infrastructure across different asset classes in the country in the next 30 years.

Addressing a press conferencein Abuja on the National Integrated Infrastructure Master Plan (NIINMP), the minister said between now and 2018, an investment of $166.1(N26.9 trillion) would be required to deliver quality infrastructure.

In line with the reform agenda of the Federal Government, he said the private sector is expected to drive NIIMP implementation in the long run, adding also that the Federal and state governments would provide 52 per cent of the total investment required for the first five years ($86 billion), while the private sector provides the remaining 48 per cent. The minister maintained that the governments at various levels was expected to create the enabling environment for private sector participation to flourish by strengthening institutions, structures, process and capacities to ensure effective regulations, enforcement of standards and coordination of the implementation of the infrastructure master plan.

The private sector, he added, is also expected to be responsive in creating awareness, generating investment and building capacities.

He said it was in that spirit that the National Planning Commission entered into a strategic partnership with the African Infrastructure Summit Group (AISG) and Initiative for Infrastructure and Modern City Development (IIMCD).

According to the minister, improved infrastructure services would accelerate economic growth and standard of living would improve significantly, pointing out also that an estimated 600,000 additional construction workers would be required to maintain and expand existing infrastructures in the next five years and about eight million people will be needed to operate expanding infrastructures during the same period.

Sulaiman said the National Planning Commission coordinated NIIMP’s development, which was approved by the Federal Executive Council (FEC) on September 3, for implementation in order to accelerate infrastructure development in the country.

In his speech, the Principal Consulting Partner of the AISG Research Centre, Mr Onuoha Nnachi, said the infrastructure

master plan provides the capital allocation framework which identifies the required investments to bring infrastructure

in Nigeria in line with the country’s growth aspirations.

He said the NIIMP would, among other things, adopt a coordinated approach to infrastructure development, strengthen the linkages between components in the infrastructure sector and the national economy, prioritise projects and programmes for implementation in the short to medium term, strengthen the policy, legal and institutional frameworks for effective Infrastructure development and the enhancement of theperformance and efficiency of the economy.

-Tribune

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