The Minister of
National Planning Commission, NPC, Dr. Abubakar Sulaiman, says about N485
trillion is required to deliver quality infrastructure across different sectors
of the economy in the next 30 years. The Minister stated this yesterday, at the
Public Policy Conference, entitled: Developing Africa through Innovative
Infrastructure Financing held in Abuja.
According
to reports, He said the N485 trillion estimates were based on sectoral growth
strategies, outcome targets and international benchmarks for infrastructural
stock.
Of
the said amount, he explained that 33 per cent ($1.0trn) is expected to go into
Energy sector; 25 per cent ($775bn) to Transport; 13 per cent ($400bn) to
Agricultural, Water and Mining sectors; 11 per cent ($350bn) to Housing and
Regional development sectors; 11 per cent ($325bn) to ICT; 5 per cent ($150bn)
to Social Infrastructure and 2 per cent ($50bn) to Vital Registration and
Security.
As
part of the strategy to ensure a hitch free implementation of the plan, he said
the NIIMP’S 30 years planning horizon has been segmented into medium term
operational plans with five years’ time frame According to him, the first
operational plan, 2014-2018, has an investment outlay of $166.1 billion (N26.0
trillion).
Sulaiman,
who lamented the low level of infrastructure in the country, stated that the stock
of infrastructure is the pillar of any economy and promised that the present
administration would pursue the implementation of the NIIMP blueprint and
ensure that the current dearth of infrastructure is upgraded from the present
20-25 percent of GDP to 70 per cent, as international standard. “As at 2012
when NIIMP was conceived, the available infrastructure stock in Nigeria was
estimated between 20-25 per cent of the Gross Domestic Product, GDP, which was
inadequate to support socio-economic development. The global benchmark for
infrastructural stock of an advanced economy is set at 70 per cent.
“The
target in the NIIMP blueprint is to raise Nigeria’s stock of infrastructure
from the current 20-25 per cent of the GDP to at least 70 per cent of GDP by 2043.
The level of investments required to bridge the current gap and further grow
Nigeria’s infrastructure has been clearly identified and articulated in the
blueprint,” said the Minister. The conference was aimed at developing
innovative strategies for infrastructure financing in Nigeria.
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