Nigeria requires N348trn to address infrastructure deficit — ICRC DG

The Director-General of Infrastructure Concession Regulatory Commission (ICRC), Mr Michael Ohiani, says Nigeria requires N348 trillion to address infrastructure deficit in the country.

He said this during a presentation at the 2nd quarter 2024 Nigeria Public Private Partnership Network (NPPN) meeting in Minna on Tuesday.

Themed “Using PPPs in Infrastructure Delivery in the States to Ensure National Food Security and Economic Growth,” the meeting underscored the critical role of the private sector in bridging the infrastructure gap.

Ohiani explained that the Medium-term Development Plan estimates that N348.1 trillion is needed for infrastructure investment, with the private sector expected to contribute approximately N298.3 trillion, and subnational governments providing N49.7 trillion.

“This highlights the significant role of the private sector in infrastructure development,” Ohiani stated. He further noted that the revised National Infrastructure Investment Master Plan for the next 23 years projects a requirement of 2.2 trillion US dollars to address the infrastructure deficit.

Ohiani outlined various funding options available to the government, including borrowing, repatriation of national funds, foreign intervention, bonds, Sukuk, tax credit schemes, and Public Private Partnerships (PPP) through both solicited and unsolicited proposals.

In his keynote address, Sen. George Akume, Secretary to the Government of the Federation (SGF), praised state governors for adopting PPP as an alternative procurement method.

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Akume, represented by Simon Tyungu, a Director in the Office of the SGF, emphasized the timeliness of the meeting given the country’s infrastructure challenges and the government’s commitment to renewal and modernization efforts.

Gov. Umaru Bago of Niger State, represented by Alhaji Abubakar Salisu, Head of Service, highlighted his administration’s focus on leveraging the state’s vast arable land for agricultural development.

He assured continued collaboration with the Federal Government and international agencies to advance agricultural initiatives in the state.

The meeting emphasized the importance of PPPs in enhancing infrastructure development, ensuring national food security, and promoting economic growth in Nigeria.