The Director-General of the Infrastructure Concession Regulatory Commission (ICRC), Michael Ohiani, has said that Nigeria requires N348 trillion to address the infrastructure deficit in the country.
He spoke during a presentation at the Second Quarter 2024 Nigeria Public Private Partnership Network (NPPN) meeting in Minna, Niger State yesterday, under the theme: ‘Using PPPs in Infrastructure Delivery in the States to Ensure National Food Security and Economic Growth’.
He said that according to the Medium-Term Development Plan, the country required over N348.1 trillion in infrastructure investment. He added that the private sector would be able to provide about N298.3 trillion of this investment, while the subnational governments could provide N49.7 trillion.
He said the various options available through which the government can raise funds were through borrowing, further repatriation of national funds and seeking further foreign intervention, in addition to raising more bonds through Sukuk, tax credit schemes, Public-Private Partnership (PPP), both through solicited and unsolicited proposals. Federal Government has said that Public Private Partnership (PPP) will become the primary tool for socio-economic development in the country.
