The British government said the government of Nigeria needs to source and invest $70 billion in infrastructure every year to address deficit in the country.
Britain noted that this was the only way Nigeria can compete and bring in needed infrastructure development for business to thrive in the West African country.
The UK Department for International Development (DFID) and Nigeria Infrastructure Advisory Facility (NIAF) have also confirmed that they would provide technical support for Nigeria to encourage private-sector participation in the Transmission Company of Nigeria (TCN).
NIAF’s goal to enhance the management of Nigeria’s infrastructure development towards power sector reform, more impactful capital spending, transport roads, climate change, and urban planning and development is aligned with and invaluable to this administration
Meanwhile, Vice President, Yemi Osibanjo, has called for further support from NIAF in government’s quest for infrastructural development.
Osibanjo, who spoke at the launch of the Nigeria Infrastructure Advisory Facility (NIAF) Compendium in Abuja, stressed how NIAF was providing invaluable technical assistance across key sectors of government.
“NIAF’s goal to enhance the management of Nigeria’s infrastructure development towards power sector reform, more impactful capital spending, transport roads, climate change, and urban planning and development is aligned with and invaluable to this administration,” he said.
The team leader and Senior Economic Adviser at DFID, Richard Ough, while speaking at the event, stressed the need for government to work hard to win the confidence of the private sector to come to its aide to raise additional $70 billion to boost infrastructure.
“If we want Nigeria to have the type of take-off that economies like South Korea, China and other economies achieved, we know that there needs to be a change in the kinds of investments that come into Nigeria. The capital stock in Nigeria is low in comparison to what other countries have,” he added.
He explained further that with the current weakening of the naira, there are host of challenges associated with it, adding that much has not been said on the opportunities that the weakening of the naira may present to Nigeria to resume its place as a major export of non-oil goods.