Nigeria spends $10b annually on infrastructure

NigeriaNigeria currently spends N1.6trillion ($10b) on infrastructure per annum, Minister and Deputy Chairman of the National Planning Commission of the Presidency, Dr Shamsuddeen Usman has said.

Presenting the Draft National Intergrated Infrastructure Master Plan at a validation workshop for the masterplan in Calabar, the Cross River State capital, Usman said N480 trillion ($2.9trillion) is required to close Nigeria’s infrastructural gap over the next 30 years.

Usman who spoke through the Director of Infrastructure in the commission, Olugbenga Adigu, said in the short term, transport and energy should be prioritised as asset classes with the largest immediate economic benefit.

Nigeria, he said should be able to export electricity to other Economic Community of West African States (ECOWAS) countries by 2043 among other sectorial goals, he projected.

Secretary of the Commission, Mr Fidelis Ugbo, said in view of the country’s huge infrastructure gap which has slowed down development it became imperative for the Federal Government to respond by initiating the process for the development of the masterplan.

He said the masterplan is a 30-year plan for accelerating infrastructure development in Nigeria.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s