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Nigeria: Minister – Nigeria Needs U.S.$750 Billion to Revamp Infrastructure

29-01-2009

BY CRUSOE OSAGIE AND JAMES EMEJO, 5 JULY 2013

The Minister of National Planning, Dr. Shamsuddeen Usman, has said that Nigeria will require about $750 billion investment in the next 30 years to restore its failing infrastructure.

With the investment, he said Thursday in Lagos at the Manufacturers Association of Nigeria (MAN) 41st Annual General Meeting, Nigeria would be able to achieve an accelerated transformation of its amenities that would place it at par with comparative nations such as Brazil, South Africa and India.

According to him, if Nigeria is to grow its infrastructure in line with the country’s 30 years’ master plan, it will need to invest $25 billion yearly from now till 2043, in order to grow the infrastructure stock to 70 per cent of the nation’s GDP.

Usman stated that Nigeria’s GDP by 2043 was projected to be around $2.5 trillion.

Describing the configuration of the Nigerian economic planning model, he explained that the country had a 30-year master plan, which is broken down into three phases of 10-year strategic plans and then further reduced to six phases of five-year operational plans.

Usman however stated that the nation might also consider the linear model of infrastructural development, which is the model adopted by nations such as Qatar and India, adding that if this model is adopted, Nigeria will require an investment of $ 19 billion yearly till 2043.

He explained that the impact of these models would be a rapid economic and social development for the country.

The minister identified the challenges facing the Nigeria Integrated Infrastructure Master Plan (NIIMP) to include the huge funding cost, due to dwindling public resources with overbearing recurrent expenditures; manpower requirement; local capability challenge; institutional weakness and legal and regulatory challenges.

He pointed out the prospects of the NIIMP to include the deepening of reforms in key infrastructure sectors; increasing investment in infrastructure; increasing interest of international investors and commitment of international development partners.

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Taken from AllAfrica: http://allafrica.com/stories/201307050279.html

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