Nigeria needs $10bn annually to fix infrastructure –CBN

By Omodele Adigun

The Governor of Central Bank of Nigeria (CBN), Godwin Emefiele , has estimated that the nation would require about $10 billion annually to fix the nation’s dilapidated infrastructure to rejuvenate the economy.

Emefiele, who stated this in his address at the Finance Correspondents Association of Nigeria (FICAN) 2021 annual conference and 30th anniversary celebration at the weekend in Lagos, noted that the current level of infrastructure deficit remained a major constraint to economic development and attainment of average growth rate of 5 to 7 per cent required to boost productivity and sustainable growth for businesses.

Emefiele, represented by Osita Nwanisobi, the Director of Corporate Communications Department of the apex bank, said while the country’s infrastructure deficit was estimated to be about 1.2 per cent of GDP, it is projected that the Federal Government needs to commit about $10 billion annually to address the nation’s infrastructural deficit.

Speaking on the workshop’s theme: “Financing Infrastructure & SMEs for Inclusive Growth in the post-COVID-19 Economy”, the CBN boss shared his experiences at boosting the economy by stimulating investments towards the development of Small and Medium Enterprises (SMEs) and critical infrastructure in the country. “In realisation of the importance of access to finance and infrastructure to economic growth and development, the CBN has taken steps beyond its traditional macroeconomic mandates of ensuring price and financial system stability, as well as maintaining a strong external reserve.”