Nigeria’s infrastructural deficit requires N450b, say experts
Experts have given the damning verdict that Nigeria has a huge infrastructural deficit which will require N450 billion to fix within the next 30 years.
The gurus, comprising financial eggheads and legal practitioners, handed down the stark reality at Akindelano Legal Practitioners (ALP) Seminar Series held in Lagos with the theme “PPP and Infrastructural Development: Accelerating the diversification of Nigeria’s Economy.”
Speakers and discussants include Opuiyo Oforiokuma of ARM Harith Infrastructure Investment Limited; Fred Stewart of U.S. Department of Commerce; Ousmane Dore of the African Development Bank; Patrick Mgbenwelu of the FBN Quest; Aminu Diko of Infrastructure Concession Regulatory Commission (ICRC) and Olusola Lawson of Africa Infrastructure Investment Managers (AIIM).
Others were Kalu Balogun of Pricewatercooper (Pwc) and Dayo Alao of the Nigerian Infrastructure Advisory Facilty.
Dore said there was urgent need to diversify the economy in view of the nation’s infrastructural deficit.
Alao noted that the major challenge in Public Private Partnership (PPP) projects borders on lack of transparency and procurement, adding that a guideline on engagement had been developed.
ALP partner, Akin Delano (SAN), explained that a lot of work had been done by government and international organisations to determine the infrastructural deficit in the country.
Also, John Delano highlighted the import of the event. According to him, the seminar provided opportunity for Nigerian businesses to brainstorm on topical issues and challenges besetting commerce and industry.
“We look at commercial issues, practicial issues and legal issues around industry sectors like we have done on oil and gas. We have done power and this is infrastructure,” he said.
The event considered the current gap in Nigeria’s infrastructure deficit and explored the constraints in the nation’s vision of becoming one of the largest economies in the world.
“The expanding and upgrading of Nigeria’s infrastructure have been the priority of successive governments since the advent of democracy 16 years ago.