By Milcah Tanimu
Michael Ohiani, the Director-General of the Infrastructure Concession Regulatory Commission (ICRC), highlighted that Nigeria needs a staggering N348 trillion to address its infrastructure deficit. This revelation came during his presentation at the 2nd Quarter 2024 Nigeria Public Private Partnership Network (NPPN) meeting in Minna.
The meeting, themed ‘Using PPPs in Infrastructure Delivery in the States to Ensure National Food Security and Economic Growth’, underscored the critical role of public-private partnerships (PPPs) in achieving infrastructure goals. Ohiani detailed that according to the medium-term development plan, Nigeria requires N348.1 trillion for infrastructure investment, with the private sector expected to contribute N298.3 trillion and sub-national governments N49.7 trillion.
“This emphasizes the crucial role of the private sector in infrastructure development,” Ohiani emphasized.
He further outlined the revised national infrastructure investment master plan, projecting a need for $2.2 trillion over the next 23 years to bridge Nigeria’s infrastructure gap. To raise these funds, Ohiani suggested options such as borrowing, repatriation of national funds, foreign interventions, bonds, Sukuk, tax credit schemes, and various forms of PPPs.
Secretary to the Government of the Federation (SGF), George Akume, praised state governors for embracing PPPs as an alternative procurement method, noting its timeliness given Nigeria’s infrastructure challenges and government efforts towards renewal and modernization.
Governor Umaru Bago affirmed his administration’s commitment to agricultural development, leveraging the state’s vast arable land and partnering with federal government and international agencies in this regard.
The discussions at the meeting underscored the urgency and scale of Nigeria’s infrastructure needs, highlighting PPPs as pivotal to achieving national food security and economic growth amidst these challenges.