The Director-General of the Infrastructure Concession Regulatory Commission (ICRC), Mr. Michael Ohiani, has stated the urgent need for N348 trillion to address Nigeria’s infrastructure deficit.
This announcement was made during the 2nd Quarter 2024 Nigeria Public-Private Partnership Network (NPPN) meeting, held on Wednesday in Minna.
Speaking on the theme, “Using PPPs in Infrastructure Delivery in the States to Ensure National Food Security and Economic Growth,” Ohiani emphasized the critical role of the private sector. According to the Medium-Term Development Plan, the private sector is expected to contribute approximately N298.3 trillion, with sub-national governments providing an additional N49.7 trillion.
Ohiani also referenced the revised National Infrastructure Investment Master Plan, which projects a requirement of $2.2 trillion over the next 23 years to bridge the infrastructure gap.
He outlined various funding strategies, including borrowing, repatriation of national funds, foreign intervention, raising bonds, Sukuk, tax credit schemes, and Public-Private Partnerships (PPP), both solicited and unsolicited.
Sen. George Akume, Secretary to the Government of the Federation (SGF), represented by Simon Tyungu, praised the state governors for adopting PPP as a viable procurement method.
He noted that the meeting’s timing is crucial given the country’s pressing infrastructure needs and the government’s commitment to renewal and modernization efforts.
Gov. Umaru Bago of Niger State, represented by Alhaji Abubakar Salisu, Head of Service, reiterated the state’s focus on leveraging its vast arable land for agricultural development.
He assured continued collaboration with the Federal Government and international agencies to enhance agricultural productivity.
