The Minister of Finance, Budget, and National Planning, Hajiya Zainab Ahmed, said Nigeria will need around $2.3 trillion over the next 21 years to make up for its infrastructure deficiencies.
According to Hajiya Ahmed, the updated National Integrated Infrastructure Master Plan was created to provide funding for important economic sectors like housing, agriculture, trains, and roads from 2022 to 2043.
“In the National Development Plan, we estimated the required investment to be $2.3 trillion, with an expected 86% private sector participation between 2021 and 2025,” the Minister said while speaking at a conference on Integrated Infrastructural Research for Development in Abuja Friday.
“These are downturn investment targets, but they represent the baseline requirements to build a modern Nigeria, an industrialized nation that we deserve for ourselves and also for our future generation,”
The minister further observed that extensive consultation with the private sector had created an innovative approach to financing infrastructure projects.
Ahmed said, “the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme launched in 2019 leverages private sector expertise to construct, repair, and maintain critical federal roads.
“We started the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme, launched in 2019, to leverage private sector capital via tax credits, and provide private sector expertise to construct, repair, and maintain critical road infrastructure in key economic growth corridors and industrial clusters in Nigeria.
“With this project, the road projects have been approved and are at various stages of construction to the use of tax credit to finance the rehabilitation and reconstruction of road projects across six geopolitical zones of our country.
“So far, we have issued four circles of SUKUK bonds totaling N64.5 billion, and there’s a fifth circle that is under preparation that will be worth about N250 billion. This is what we have issued so far and deployed for specific road projects across the country.”
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