Nigeria's infrastructure gap is estimated to be around $2.3 trillion, according to Ewalefoh, who stated that the country requires approximately $100 billion annually for 23 years to bridge this gap. He made this statement during a sideline interview at the International Monetary Fund (IMF)/World Bank Spring Meetings in Washington on Thursday. Ewalefoh emphasized the importance of private sector participation through Public-Private Partnerships (PPP) in infrastructure development, as budgetary allocations have fallen short.
The country's Infrastructure master plan projects 70 per cent private sector funding, with a need for bankable project pipelines supported by institutions like the global infrastructure fund to mobilize investors globally. Ewalefoh cited the energy and transport sectors as priority areas, requiring around $759 billion and $595 billion respectively. He also mentioned ICT, agriculture, healthcare, and education as critical sectors needing substantial investment support.
Ewalefoh assured investors of strong legal frameworks protecting investments, emphasizing commitment to rule of law, contract sanctity, and policies designed to guarantee returns and reduce perceived risks in Nigeria. He commended President Bola Tinubu for initiating reforms that have created an enabling environment for PPP to flourish.
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