Nigeria needs N348trn to address infrastructure development deficit – ICRC DG

The Director-General of the Infrastructure Concession Regulatory Commission, ICRC, Michael Ohiani, has disclosed that Nigeria requires N348 trillion to tackle the investment infrastructure deficit across the nation.

He made this disclosure during a presentation at the 2nd Quarter 2024 Nigeria Public Private Partnership Network, NPPN, meeting held in Minna, Niger State.

He explained that to solve the infrastructural challenge, the private sector would be expected to provide a chunk of the investment to the tune of N298.3 trillion while the subnational governments would provide N49.7 trillion.

Speaking on the theme, “Using PPPs in Infrastructure Delivery in the States to Ensure National Food Security and Economic Growth,” the ICRC boss said: ” This goes to shows the importance of the private sector in infrastructure development and going by the Medium-term Development Plan, the country requires over N348.1 trillion investment in infrastructure. If we are to bridge the infrastructure deficit in the country.”

He also stated that the revised National Infrastructure Investment Master Plan for the next 23 years has shown that the nation would need about 2.2 trillion US dollars to bridge the infrastructure deficit in the country.

Chiani also listed different options through which the government can raise funds to carry out investment infrastructure including borrowing, further repatriation of national funds as well as seeking further foreign intervention.

Niger State Governor Mohammed Umaru Bago, represented by the Head of Service, Alh. Abubakar Salisu, noted that his administration was focusing on farming by taking advantage of the vast arable land in the state.

The governor also added that the state would continue to collaborate with the federal government and international agencies in the area of agricultural development to boost food security.