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By Chukwuma Umeorah
Given the importance of adequate infrastructure to the advancement of the nation’s economy, the Managing Director of Coronation Asset Management, Aigbovbioise Aig-Imoukhuede has emphasized the need to leverage Public-Private Partnership (PPP) to close Nigeria’s huge infrastructure gap.
Aig-Imoukhuede gave this advice at the launch of Coronation Group’s Infrastructure Report in Lagos on Thursday. Highlighting Nigeria’s abundant resources and entrepreneurial spirit, Aig-Imoukhuede stressed the necessity of substantial investments in transportation, power, healthcare, and education. He noted that the infrastructure deficit not only hampers economic growth and social development but also diminishes Nigeria’s global competitiveness.
“By investing in infrastructure, we do not only create jobs and stimulate economic activity, but we also enhance and stimulate productivity. In this regard, we see Public-Private Partnership as a crucial mechanism for bridging the infrastructural gap. PPP offers an opportunity to leverage resources of both the public and private sectors. With emerging private sector capital, perspectives and innovation to deliver high quality infrastructural projects that would withstand the taste of time.”
He added that the Coronation Infrastructural Report goes beyond mere statistics, but explores the challenges and opportunities of PPPs’, offering insights, recommendations and best practices for policy makers, investors and stakeholders. “Our hope is that it inspires action, foster dialogue and mobilizes investments in infrastructure across Nigeria. It is a clarion call for a collective action urging all stakeholders to come together and tackle the critical issue that affects every aspect of our society.”
In recognizing the transformative power of private sector, financing for infrastructural development the Group highlighted the importance of fostering an enabling environment that encourages private-sector participation.
Head of Research at Coronation, Guy Czartoryski, highlighted the profound commitment embedded within the Infrastructure Report to deliver comprehensive insights into the infrastructure investment landscape.
Czartoryski called on the Federal Government to provide incentives to attract more private sector players particularly by improving education with regard to Public-Private Infrastructure law. He believed that it would improve the awareness of more private sector players in financial management and diversification of investment, matching them with that of the government.
He added, “By meticulously analyzing the intricate dynamics of infrastructure investments, the Report serves as a beacon of knowledge, guiding stakeholders through the complexities of infrastructure financing across the continent.”
In a recent publication, KPMG stated that “Nigeria would require investing at least $14.2 billion annually, spanning the next 10 years, to close the country’s huge infrastructure gap, which is currently estimated at 40 per cent of Gross Domestic Product (GDP).”
