The Federal Government of Nigeria has designated the sum of $2.3 trillion to the revised National Integrated Infrastructure Master plan (NIIM).
Secretary to the Government of the Federation (SGF), Boss Mustapha says the plan will last for 23 years (2020-2043) and an annual amount of $100 billion will be required, totaling $2.3trillion.
He made this known yesterday at a town hall meeting in Abuja themed: Nigeria’s Infrastructure Revolution: Road To a New Future, organised by Business Hallmark Public Policy Forum.
His words: “The economic disruption caused from 2016 and COVID-19 as well as challenges of previous reforms compelled the Federal Government to revise the 23-year 2020-2043 National Integrated Infrastructure Master Plan that identifies critical enablers which consisted micro economic framework and realistic infrastructure investment plan.
“For the 23-year period, $2.3 trillion will be required, translating to about $150 billion annually. The private sector and other partners have to provide 56 per cent, while the Federal and state governments provide 44 per cent of the share of the investment.
Mustapha also said the present administration had entered a public, private partnership (PPP) with a financial premier entity to provide an initial capital of N1 trillion with expectations that it rises to N6 trillion.
“The Federal Government has made important strides towards providing much of our infrastructure. In recent years, it has conducted several infrastructural reforms.
“Specifically, we are extending and upgrading the nation’s railway network and introducing more locomotive couches. The Port sector has been converted to landlocked models and terminals.
“Similarly, public-private partnership style infrastructure company with an initial seed capital of N1 trillion envisages to grow over time to N6 trillion in excess and capital has been established and will soon commence operation with In Franco.
“In Franco is one of the premier finance entities in Africa and would be wholly dedicated to Nigeria’s infrastructure development. The reduction in Nigeria’s infrastructural gap will also give the country a competitive advantage under the newly signed Africa Free Continental Area Trade Agreement.”
