Nigeria needs $2.3trn to close infrastructure gap — ICRC

Nigeria requires $2.3 trillion over the next 23 years — roughly $100 billion annually — to bridge its infrastructure deficit, the Director General of the Infrastructure Concession Regulatory Commission, Dr. Jobson Ewalefoh, has said.

Ewalefoh disclosed this on the sidelines of the ongoing World Bank/IMF Spring Meetings in Washington DC, telling journalists that current budgetary allocations fall far short of the country’s infrastructure needs, making private-sector participation through Public-Private Partnerships indispensable.

“Nigeria’s Infrastructure Master Plan projects 70 per cent private-sector funding,” he said, stressing the need for bankable project pipelines supported by institutions such as the Global Infrastructure Facility — a G20 initiative — to mobilise investors globally.

Speaking on the PPP framework, Ewalefoh acknowledged that models must be tailored to local realities, including investment risks, the political environment, and limited appetite for long-term capital that is characteristic of developing economies.

He nonetheless struck an optimistic note on investor sentiment, attributing rising interest in Nigeria to reforms that have dismantled longstanding barriers, enhanced transparency, and improved the broader business climate.

Ewalefoh assured prospective investors of robust legal frameworks, commitment to the rule of law, contract sanctity, and policies designed to guarantee returns and reduce perceived investment risks.

He added that Nigeria’s youthful population and ongoing reform agenda position the country as a viable and attractive destination for global capital seeking emerging-market opportunities.