In the face of dwindling revenue accurable from oil which is the sole source of wealth generation in Nigeria, a call has been made to seek alternative funding for the nation’s infrastructural needs.
Expressing concern over the total dependence on revenue from the oil sector, and the need to explore other areas to improve on lives of Nigerians, particularly, those residing with the nation’s seat of power, the Federal Capital Territory (FCT), Mallam Muhammad Musa Bello, FCT Minister has called for alternative funding to boost infrastructure of the city.
One of the measures Bello suggested was a collaboration between the stakeholders and the government, especially, those in private sector.
The Minister made this call recently in Abuja during an inspection tour of ongoing infrastructural works at the Guzape District.
While calling for more private sector participation in Abuja infrastructure development, the Minister, who attributed the slow pace of infrastructures to the paucity of funds noted that government alone cannot provide the needed funds.
He stressed that the expensive nature of infrastructural projects in the FCT means that private investments are urgently required to bridge the huge infrastructural gap in the capital city.
Bello said the situation now in Abuja is different from 30 years ago when people were being encouraged to come into the city and it made a lot of sense for government to provide infrastructure.
The Minister lamented that the level of infrastructure development in most districts has not matched with housing development, as many plot owners have gone in to develop their properties no minding the level of infrastructure development.
Buying into the idea, Dr. Joseph Idika, an investment analyst, while declaring support for private sector investment on infrastructure, called for a legislation that would make it difficult for government to renege on whatever agreements entered into with their partners, even, when such government is no longer in power.
According to Idika, one of the major reasons private investors are running away from partnering with government was the fact that ease of doing business in Nigeria is still at infancy.
“Not until when investors can express confidence in government at all levels before the country can get the necessary support from private investors because the ease of doing business in Nigeria is still very low.
“But immediately the environment change for the better, investors will not hesitate to bring their money, because Nigeria is a veritable ground for business opportunities”, he said.
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