Emmanuel OchayiA report by the African Development Bank (AfDB) has revealed that Nigeria needs $3 trillion Infrastructure Investment over the next three decades to foster its economic growth.
This revelation comes alongside a shorter-term requirement of $165 billion, all aimed at catapulting Nigeria into the league of countries with world-class infrastructure networks.
Join our WhatsApp ChannelThe report titled “Infrastructure Action Plan for Nigeria: Closing the Infrastructure Gap and Accelerating Economic Translation,” has sparked discussions across various sectors in Nigeria.
Commenting on the report, Chief Economist of the Development Bank of Nigeria, Prof. Joseph Nnanna (jnr), stressed the vital role infrastructure plays in achieving growth and development.
Speaking at the 2023 Chartered Institute of Bankers of Nigeria (CIBN) Fellowship Investiture event in Lagos, Nnanna explained the significance of this infrastructure investment.
“Investment in critical infrastructure is imperative for achieving growth and development in the country, a priority underscored by the government through increased budgetary allocation for capital expenditure in recent years,” he stated.
Furthermore, he expressed concerns about actions that hinder infrastructure growth and development in the country, stressing that the repercussions are felt at both micro and macro levels. Prof. Nnanna outlined the multifaceted contributions of infrastructure to economic development, particularly in terms of industrialization.
“In contemporary times, the realization of economic growth and development hinges upon the promotion of industrialization which, in turn, relies heavily on the availability of functional infrastructure.
“To foster economic growth and development in Nigeria, the government must actively support industrialization by ensuring the provision of essential infrastructure components: such as uninterrupted electricity, a robust road network, access to water, year-round irrigation, and a reliable communication network,” he said.
Nigeria’s journey towards economic prosperity now hinges on massive infrastructure investments, with Nnanna’s insightful remarks resonating as a clarion call to prioritize and address the nation’s infrastructure deficit.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
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