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FG earmarks $2.3trn for infrastructure projects

By News Desk

As part measures aimed at ensuring Nigerians further enjoy dividends of democracy, the Federal Government has earmarked $2.3 trillion for infrastructure under its revised National Integrated Infrastructure Master plan (NIIM).

It explained that under National Integrated Infrastructure Master plan (NIIM) which would last for 23 years (2020-2043), $2.3 trillion would be required, translating to about $150 billion annually for the plan to materialise accordingly.

Secretary to the Government of the Federation (SGF), Boss Mustapha, noted that to bring the plan to fruition, the administration had entered into a public, private partnership (PPP) with a premier finance entity to provide an initial seed capital of N1 trillion and that it envisages that it will grow over time to N6 trillion.

Mustapha announced this yesterday in Abuja at a town hall meeting with the theme: Nigeria’s Infrastructure Revolution: Road To a New Future, organised by Business Hallmark Public Policy Forum.

He added that 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.

According to him, 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.

“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, the 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.”

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