Nigeria Spends N1.6trn Annually On Infrastracture

The Managing Director of Infrastructure Bank, Mr Adekunle Oyinloye, says the nation spends 10 billion dollars (N1.6 trillion) on infrastructure annually.

Oyinloye disclosed this in Lagos at a forum of Business Club Ikeja (BCI) while delivering a lecture on “A Roadmap for the Transformation of Nigerian infrastructure for Enhanced Productivity”.

He said this figure represented four per cent of the nation’s Gross Domestic Products (GDP) which stood at $250 billion.

Oyinloye said this figure was small when compared with China which spent 12 per cent of its GDP of about 7.3 trillion dollars on infrastructure annually.

He also said the country needs to do more in channeling resources into infrastructure spending, which he said could translate to provision of more infrastructures in future.

It is imperative to design a roadmap to address the infrastructure challenges which should be embraced by all stakeholders in the country, he said.

The bank chief said there was the need to identify the problems associated with infrastructure deficit and proffer solutions on systematic basis.

Oyinloye said that the problem of infrastructure deficit was also being addressed through technical and financial perspectives which had been generally accepted by all stakeholders in the industry.

He also called for public–private sector partnership to address the infrastructure deficit as well as ensuring that procurement for capital projects were fair and complied with international best practice.