President Muhammadu Buhari said Nigeria needs $ 1.5 trillion over ten years to reach a sizable level of the national stock of infrastructure.
He gave the figure on Tuesday in Glasgow at a high-level COP 26 side event on improving global infrastructure hosted by US President Joe Biden, European Commission President Von Der Leyen and Prime Minister Briton, Boris Johnson.
Garba Shehu, the president’s spokesman in a statement Tuesday in Abuja, quoted the Nigerian leader as saying that “Nigeria is ready for your investments in infrastructure development in the country.
” My administration has established a clear legal and regulatory framework for private financing of infrastructure to establish a standard process, especially on the monitoring and evaluation process.
“We look forward to working with you in this regard. “
He also said his administration has taken the expansion of infrastructure in Nigeria seriously, realizing that new investments in critical sectors of the economy would help lift 100 million Nigerians out of poverty by 2030.
There is a link between infrastructure development and the overall economic development of a nation.
My administration identified this early on as a major catalyst for sustainable economic development and the achievement of other continental and global development aspirations, in particular the 2030 Agenda for the Sustainable Development Goals.
” When I took office in 2015, Nigeria faced a huge infrastructure deficit and the total national infrastructure stock was estimated at 35% of our gross domestic product.
By solving these problems, we embarked on a program of massive infrastructure expansion in the areas of health care, education, transportation, manufacturing, energy, housing, agriculture and water resources.
” We have provided more financial resources for these policies, mapped out new international partnerships and pursued liberalization policies to enable private sector participation.
“We have presented the revised National Integrated Infrastructure Master Plan – a policy document that ensures that our infrastructure expansion projects are integrated in a cross-sectoral and environmentally friendly manner,” he said. .
The president praised the G7 countries for their groundbreaking plan to mobilize hundreds of billions of dollars in infrastructure investments for low- and middle-income countries.
He noted that the “Rebuilding a Better World” plan, an initiative of the G7 countries, should be a transparent, high-level and values-driven infrastructure partnership.
“It is our fervent hope and expectations that this plan will be pursued to its logical conclusion in order to bridge the infrastructural gap between the North and the South. “
The President also took the opportunity to outline the principles, values and standards that Nigeria would like to see in infrastructure initiatives and the challenges the country has faced in partnering with donors for infrastructure development. .
“The objective of continuing to invest in quality infrastructure is to maximize the economic, environmental, social and positive development impact of infrastructure and to create a virtuous circle of economic activities while ensuring sound public finances.
“This virtuous circle can take various forms to stimulate the economy,” he said.
The Nigerian leader noted that investments in infrastructure should therefore take into account economic, environmental and social and governance aspects, guided by a sense of shared and long-term responsibility for the planet, in accordance with the 2030 Agenda for sustainable development.
He added that the positive and negative impacts of infrastructure projects on ecosystems, biodiversity, climate, weather and resource use should be internalized by integrating these environmental considerations into the whole investment process in infrastructure.
” Domestic resource mobilization is essential to close the infrastructure financing gap.
“Assistance for capacity building, including project preparation, should be provided to developing countries with the participation of international organizations.
“Investments in quality infrastructure must also be tailored to the conditions in each country and comply with local laws and regulations.
In addition, infrastructure projects must align with national strategies and nationally determined contributions for countries committed to implementing them, and with the transition to long-term, low-emission strategies, while taking into account the situation in the country, “he said.
The president also called for the environmental impact of infrastructure investments to be made transparent to all stakeholders.
According to him, this will improve the appreciation of sustainable infrastructure projects and increase awareness of the associated risks.