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Nigeria needs N464tn for infrastructure – Surveyors

By BusinessNews Staff on November 21, 2013

The Nigerian Institute of Quantity Surveyors has said that about $2.9tn (N464tn) will be needed to address the huge infrastructural deficit in the country.

The institute’s President, Mr. Agele Alufohai, stated this on Tuesday in Abuja while briefing journalists on the forthcoming biennial meeting and conference scheduled to commence on Wednesday (today).

Alufohai said in view of the financing gap, the institute had concluded arrangements to bring together some of Nigeria’s best minds in the private and public sectors to explore the Public Private Partnership option.

He said, ‘’Private investors commit about $200bn to acquiring, building or operating infrastructure all over the world; early this year, the government of Brazil announced a plan to attract $2bn of private money to airport PPPs.

“Given our great economic potential and the extent to which it could be leveraged by expanding the provision of critical infrastructure, we have not done as much as we should. The NIQS is bringing Nigeria’s best minds in the private and public sectors to explore how PPP could play a more significant role in closing Nigeria’s infrastructure gap, which had been calculated to be around $2.9tn.”

He said the gap was so huge that it would be difficult for the government to finance it through budgetary provisions, adding that with PPP, the country would witness a massive transformation of the economy.

“An economy that is endowed with infrastructure is one that attracts investments, is more efficient and creates jobs in greater numbers.

“Nigerians suffer in many ways from poor infrastructures, which include low levels of employment, highcost of transportation and excessively long-journey times and low quality of life,” he added.

[Punch]

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