The Director-General of the Infrastructure Concession Regulatory Commission (ICRC), Dr Jobson Ewalefoh, stated that Nigeria aims to secure $2.3 trillion to close its infrastructure gap between 2020 and 2043. He disclosed this during a sideline interview at the IMF/World Bank Spring Meetings in Washington on Tuesday, April 16, 2026. Ewalefoh explained that the country needs $100 billion annually over 23 years to meet its infrastructure targets. He noted that current budgetary allocations are insufficient, making private sector involvement through Public-Private Partnerships (PPP) essential. The ICRC chief said Nigeria's infrastructure master plan anticipates 70 per cent of funding coming from the private sector. He stressed the need for bankable project pipelines and support from global institutions to attract international investors. Ewalefoh emphasized that PPP models must account for local challenges, including investment risks and limited long-term capital in developing economies. He highlighted Nigeria's population of about 250 million and ongoing government reforms as key factors enhancing investor confidence. The DG cited strong legal frameworks, rule of law, and contract sanctity as safeguards for investments. He pointed to growing investor interest, attributing it to reforms that have removed barriers and improved transparency. Priority sectors identified include energy, requiring $759 billion, and transport, needing $595 billion. Other critical areas are ICT, agriculture, healthcare, and education. Ewalefoh credited President Bola Tinubu for reforms creating an enabling environment for PPPs.
Dr Jobson Ewalefoh claims Nigeria needs $100 billion yearly for infrastructure, yet the same government is struggling to fund basic services today. If investors are lining up, why have projects like the Lagos-Calabar coastal road or national power grid seen no meaningful progress despite years of similar pledges? The gap between announced ambitions and visible delivery remains wide. Nigerians are still waiting to see how these promised billions will translate into drivable roads, stable electricity, or functional hospitals.
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