President Muhammadu Buhari has stated that Nigeria requires the sum of $1.5 trillion in ten years to close its infrastructure gap.

The President disclosed this on Tuesday at the Glasgow COP 26 high-level side event on improving global infrastructure hosted by President Joe Biden of the United States, EU Commission President, Von Der Leyen and the UK Prime Minister, Boris Johnson.

President Buhari assured international investors that Nigeria is ready for their investments in infrastructural development in the country.

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‘‘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,’’ Buhari said.

He revealed that his administration is committed to infrastructure expansion in Nigeria, adding that new investments in critical sectors of the economy would aid in lifting 100 million Nigerians out of poverty by 2030.

‘‘There is a nexus between infrastructure development and the overall economic development of a nation.

‘‘My administration identified this early enough as a major enabler of sustainable economic development and the realization of other continental and global development aspirations particularly the 2030 Agenda for Sustainable Development Goals.

‘‘On my assumption of office in 2015, Nigeria faced a huge infrastructure deficit and the total National Infrastructure Stock was estimated at 35% of our Gross Domestic Product.

‘‘In solving these problems, we embarked on a massive infrastructure expansion programme in the areas of Health care, Education, Transportation, Manufacturing, Energy, Housing, Agriculture, and Water Resources,” he stated further.

President Buhari explained that his administration has provided more financial resources for these policies, charted new international partnerships and pursued liberalization policies to allow private sector participation. He further said that his government had introduced the revised National Integrated Infrastructure Master Plan – a policy document that ensures that Nigeria’s infrastructure expansion projects are cross-sectorally integrated and environmentally friendly.

“Build Back Better World” plan, an initiative of the G7 countries, is expected to be a values-driven, high-standard, and transparent 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 South.

‘‘The aim of pursuing quality infrastructure investment is to maximize the positive economic, environmental, social, and development impact of infrastructure and create a virtuous circle of economic activities while ensuring sound public finances.

‘‘This virtuous circle can take various forms in stimulating the economy,” he said.

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Last year, Vice President Yemi Osinbajo said Nigeria will need $3 trillion in the next 30 years to reduce its infrastructural deficit.

“It is clear that this deficit can only be made up by private investment. Private sector is 92 per cent of GDP, while the public sector is mere 8 per cent. So, the synergy between the public and private sector through Public-Private Partnerships (PPP) is really the realistic solution.

“The fact that only N2.49 trillion was appropriated for capital expenditure in 2020, reflects the importance of deliberate and pragmatic action to boost infrastructural spending,” Osinbajo said.

Nairametrics also reported in August this year that the African Development Bank disclosed that Africa’s slow industrialization process is caused by issues ranging from poor infrastructure to low competitiveness.