Adopting new models of investments for infrastructural development in the country is now an imperative as reliance on public expenditure alone is no longer sufficient or capable of meeting the $3 Trillion needed to bridge the infrastructural deficit over the next thirty years.
Vice President Yemi Osinbajo, stated this Thursday in his remarks at a webinar organized by the Bureau for Public Enterprises on deepening the Nigerian infrastructure stock through Public Private Partnership.
The Vice President said inspite of Government interventions over the years, Nigeria still faces a huge infrastructural deficit, which is constraining rapid economic growth, emphasising that the Federal Government recognizes this fact which is why it is considering other approaches to complement and boost financing for the development and maintenance of infrastructure in Nigeria.
The Vice President solicit the cooperation of all stakeholders for the effective implementation of the PPP programmes in the country, and explaining that as part of the new environment being created for the implementation of PPP projects, the Federal Government through the CBN, Nigerian Sovereign Investment Authority and African Finance Corporation and other financial institutions will be creating a N15 trillion Infrastructure Fund that will help to, not only unlock investment from local sources, but also attract foreign private investment in infrastructure development.
Vice President Osinbajo urged all stakeholders to always see all sides of the infrastructure challenge in Nigeria stating that “the current deficit in Nigeria’s infrastructure presents both a challenge and an opportunity, and that the Government is strongly committed to the development of the country’s infrastructure through PPP arrangements.