Nigeria possesses enough domestic capital to close its infrastructure gap if transparent investment frameworks are established, according to Nasarawa State Governor Abdullahi Sule. He made the statement in Abuja during the 2026 Infrastructure Dialogue, themed "Building Nigeria's Future: The Strategic Role of DFIs and Capital Markets in Infrastructure Financing and Economic Development." Drawing on his tenure as former Group Managing Director of Dangote Refinery, Sule cited strong investor appetite for private sector projects as proof of available liquidity. He stated that a potential public offering of 30 per cent in a $20 billion refinery would attract at least $18 billion from domestic institutions like PENCOM, banks and hedge funds. Investor confidence, he noted, hinges on returns, transparency and trust rather than physical assets alone. His administration has applied this model in Nasarawa, where revenue rose from ₦7 billion in 2019 to ₦36 billion today through improved revenue collection, road construction and an executive order requiring solid mineral firms to process raw materials locally. This policy, he said, attracted major lithium processing plants to the state. Sule emphasized that the state avoided foreign loans due to exchange rate risks. Dr Onuoha Nnachi, convener of the dialogue and Managing Partner of Deutsche Partners Holdings, cited a 2024 assessment estimating Nigeria's infrastructure deficit at $30.1 trillion, with 62 per cent in economic infrastructure that could be commercially financed. He urged governments to focus on social infrastructure while the private sector leads in economic infrastructure. Nasarawa's infrastructure fund, established by law and funded by a dedicated revenue share, was highlighted as a working model. Taraba State Governor Agbu Kefas, represented by Commissioner for Agriculture Prof. Nicholas Namessan, advocated for blended finance and green bonds to help bridge Africa's $100 billion annual infrastructure financing gap. Inspector-General of Police Olatunji Disu, represented by CP Justin Obiora, stressed that development cannot flourish without security. He said the Nigeria Police Force is deploying technology-driven surveillance to protect critical infrastructure corridors from vandalism.
Sule claims Nigeria's capital markets can fund major infrastructure, yet his own state's success relies on a policy forcing mineral processing locally — a model that depends on enforcement, not just liquidity. If domestic funds are so willing to invest, why do states still need coercive executive orders to direct private activity? The gap between available capital and actual investment may lie less in transparency and more in the state's role as compeller rather than enabler.
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