Lack of adequate infrastructure has been identified by the Federal Government as the major problem facing the nation’s economy, and has expressed total commitment to the development of infrastructure through Public Private Partnerships (PPP).
The Acting Director-General, Infrastructure Concession Regulatory Commission (ICRC), Mr. Michael Ohiani, said this in his keynote address at the World Stage Economic Summit 2022 held in Lagos recently. According to him, Federal Government’s commitment to infrastructural development is evidenced by the 2021-2025 National Development Plan (NDP) which sought to encourage more private sector participation in national infrastructure development.
Ohiani who presented his address virtually through Dr. Amanze Okere, Head, Special Projects and Acting Coordinatorof ICRC’s PPP Training Institute, said under the NDP the Federal Government has projected to spend N348.1 trillion on infrastructure. Out of the total projected expenditure, government will provide NGN49 trillion, while the remaining amount will be provided by the private sector.
The ICRC boss stated that infrastructure drives the economic growth and development of any nation, but Nigeria over the years, produced several Development plans, “but unfortunately, we have not yet upscaled our infrastructure stock to the level which would drive the economy as expected.
“It is also common knowledge that the Government alone cannot afford to provide the funding necessary to bring our infrastructure up to the level that it needs to be in order to stimulate much needed economic growth.”
He recalled that the Infrastructure Concession Regulatory Commission (Establishment) Act of 2005 came into existence to enable private sector participation in the development and operation of critical infrastructure, which was hitherto the obligation of the government to provide.
“Even though the global pandemic has dealt a blow to economies around the world, we in Africa and indeed Nigeria, have been blessed to have remained sturdy and focused on infrastructure spending and the necessary diversification of our economy. But we need to do more. We need more investments, more innovative ideas on infrastructure development using already proven and trusted techniques from around the world, and more commitment from the private sector towards the actualisation of these goals,” he said.