President Muhammadu Buhari says Nigeria needs $1.5 trillion within a 10-year period to achieve an appreciable level of infrastructural development.
According to a statement by Garba Shehu, presidential spokesperson, Buhari said this on Tuesday at the COP26 side event on improving global infrastructure.
COP26 is currently holding in Glasgow, Scotland.
The president said his administration has taken infrastructure expansion in Nigeria seriously, while being conscious of the fact that new investments in critical sectors of the economy would aid lifting 100 million Nigerians out of poverty by 2030.
“There is a nexus between infrastructural development and the overall economic development of a nation,” Buhari said.
“My administration identified this early enough as a major enabler of sustainable economic development and the realisation of other continental and global development aspirations, particularly the 2030 Agenda for Sustainable Development Goals.
“On my assumption of office in 2015, Nigeria faced a huge infrastructure deficit and the total National Infrastructure Stock was estimated at 35% of our Gross Domestic Product.
“In solving these problems, we embarked on a massive infrastructure expansion programme in the areas of Health care, Education, Transportation, Manufacturing, Energy, Housing, Agriculture, and Water Resources.
“We provided more financial resources for these policies, charted new international partnerships and pursued liberalisation policies to allow private sector participation.
“We introduced the revised National Integrated Infrastructure Master Plan – a policy document that ensures our infrastructure expansion projects is cross-sectorally integrated and environmentally friendly.”
The president welcomed the plan of the G7 countries to mobilise hundreds of billions of dollars of infrastructure investment for low- and middle-income countries.
He noted that the ‘Build Back Better World’ plan, an initiative of the G7 countries, is expected to be a value-driven, high-standard, and transparent infrastructure partnership.
Buhari also told the world leaders that Nigeria is open to investment in infrastructural development.
‘‘Nigeria is ready for your investments in infrastructural development in the country,” he said.
‘‘My administration has established a clear legal and regulatory framework for private financing of infrastructure to establish a standard process, especially on the monitoring and evaluation process.
‘‘We look forward to working with you in this regard.”