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Nigeria inaugurates Council on Infrastructure, targets 70 percent of GDP in 20 years

Vice-President (Prof.) Yemi Osinbajo, SAN

*VicePresident (Prof.) Yemi Osinbajo, SAN, says the collaboration between the Federal Government and the private sector will ensure effective coordination of the infrastructure development among all sectors of the economy to bridge infrastructure gaps in the West African country

Isola Moses | ConsumerConnect

The Federal Government has inaugurated the National Council on Infrastructure with a targeted plan of doubling Nigeria’s infrastructure stock of the Gross Domestic Product (GDP) to 70 percent as against the current level of about 35 percent by the year 2043.

ConsumerConnect reports Vice-President (Prof.) Yemi Osinbajo, formally inaugurated the Council during a virtual meeting Monday, August 22, 2022.

Prof. Osinbajo, in a statement, said: “For efficient and effective implementation of infrastructure projects, the National Integrated Infrastructure Master Plan recommended the establishment of the National Council on Infrastructure and its Technical Working Group (TWG).”

The Nigerian Vice-President also noted the collaboration between the Federal Government and the private sector would ensure effective coordination of the infrastructure development, and all sectors of the economy to bridge the West African country’s infrastructure gaps.

The membership of the National Council on Infrastructure, which the Vice President chairs include representatives of the State Governors, Federal Ministers, Heads of government agencies and members of the private sector.

The National Integrated Infrastructure Master Plan was developed to provide “an integrated view of infrastructure development in Nigeria with clear linkages across key sectors and identifies enablers for successful implementation in line with the current economic realities,” stated Osinbajo.

How Nigeria targets 70 percent infrastructure stock by 2043: Osinbajo

According to him, the National Integrated Infrastructure Master Plan takes stock of existing infrastructure, and specifically sets out the goal of raising Nigeria’s infrastructure stock to at least 70 percent by the year 2043.

The Federal Government, the Vice-President noted, launched the N15trillion Infrastructure Corporation (InfraCorp Nigeria) 2021, and President Muhammadu Buhari also signed Executive Order 7.

Osibajo said that effort had informed right policy framework and created some opportunities for Public-Private Partnership (PPP) in infrastructure development in Nigeria.

Importance of Private Sector participation in implementation

In respect of the importance of private sector participation, he also stated: “The Reviewed National Integrated Infrastructure Master Plan (2020-2043) and the National Development Plan 2021-2025 also estimated the current nation’s infrastructure stock to be between 30-35 per cent of the GDP in 2020 against 20 per cent of the GDP recorded at the inception of this administration in 2015.

“This is still a far cry from the estimated target of 70 per cent envisaged in 2043.”

Osinbajo further said that the USD$2.3 trillion estimated resource requirement for the National Integrated Infrastructure Master Plan implementation is too large to be provided from public resources alone.

On collaboration between government and the private sector in closing these infrastructure deficits, the Vice-President noted that “a well-coordinated and strategic approach will be required to harness private resources to increase the stock of Nigeria’s infrastructure to the desired level by the year 2043.

“The private sector is expected to play an increasingly important role either directly or in collaboration with the government through Public Private Partnership (PPP) with the government providing a supportive environment with stable and transparent policies, rules and regulations.”

Membership of the Council

Members of the Council include the Governor of Ekiti State and Chairman of the Nigeria Governors Forum, Dr. Kayode Fayemi; Ministers of Finance, Budget and National Planning, Zainab Ahmed; Attorney General of the Federation and Minister of Justice, Abubakar Malami; and Works, Babatunde Fashola.

Others include Minister for Power, Abubakar Aliyu; Transportation, Mu’azu Jaji Sambo; Communications and Digital Economy, Prof. Isa Ali Pantami; Water Resources, Suleiman Adamu; Aviation, Hadi Sirika; Minister of State, Budget and National Planning, Clem Agba; and Mr. Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN).

Mansur Ahmed, President of Manufacturers Association of Nigeria (MAN); President of Nigerian Association of Chambers of Commerce, Industry Mines and Agriculture (NACCIMA), John Udeagbala; Executive Vice-Chairman/CEO, Federal Competition and Consumer Protection Commission (FCCPC), Babatunde Irukera; and Managing Director/CEO, Nigeria Sovereign Investment Authority (NSIA), Uche Orji, are among other members of the National Council on Infrastructure.

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