Nation needs $1.5tr to bridge infrastructure gap, says Buhari

Nigeria, Kenya, others to benefit from £3b climate emergency funds
President Muhammadu Buhari has disclosed that Nigeria needs $1.5 trillion over a 10-year period to achieve an appreciable level of the National Infrastructure Stock.

He gave the figure, yesterday, in Glasgow at a COP 26 high-level side event on improving global infrastructure, hosted by President Joe Biden of the United States, EU Commission President, Von Der Leyen and UK Prime Minister, Boris Johnson.

“Nigeria is ready for your investments in infrastructural development in the country. My administration has established a clear legal and regulatory framework for private financing of infrastructure to establish a standard process, especially on the monitoring and evaluation process. We look forward to working with you in this regard,” he told world leaders at the meeting held on the margins of the climate change conference.

Buhari also declared that his administration had taken infrastructure expansion in Nigeria seriously, conscious of the fact that new investments in critical sectors of the economy would aid lifting 100 million Nigerians from poverty by 2030.”

The President welcomed the G7 group of countries for its groundbreaking plan to mobilise hundreds of billions of dollars of infrastructure investment for low – and middle-income countries.

He noted that the ‘Build Back Better World’ plan, an initiative of the G7, is expected to be a values-driven, high-standard, and transparent infrastructure partnership.

“It is our fervent hope and expectations that this plan will be pursued to its logical conclusion in order to bridge the infrastructural gap between the North and South,” he said. Buhari said further that Nigeria is determined to cut its emissions to net zero by 2060. He noted that attaining national and global climate change goals will require adequate and sustained technical and financial support to developing countries.

He said greater effort should be channelled towards assisting developing nations to meet their Nationally Determined Contributions (NDCs) commitments through pledges made by developed countries to provide at least $100 billion yearly.