Africa Finance Corporation (AFC) has disclosed that about 51 infrastructure projects in Nigeria have reached a financial close with total investments of $38.5 billion between 1999 and 2014.
Taiwo Adeniji, The Director, Investments Group of AFC disclosed this at the 9th Annual Banking and Finance Conference. He said $18.2 billion representing 47 per cent of the total investment came in the last five years from only five projects.
He noted that the nation’s infrastructure gap had continued to widen with attendant effect on competitiveness.
While delivering a paper on ‘Financing Infrastructure in the New Era,’ Adeniji said the effect of the gap in infrastructure in Nigeria was ranked 134th out of 144 with a score 2.1/7.0 on the latest Global Competitive Report, and 127th out of 144 on the Global Competitiveness Index with a score of 3.4/7.0.
Meanwhile, in the face of the declining crude oil prices, Adeniji however suggested that government would need to prioritise and rationalise expenditures in order to maximise benefits to the nation, while stressing the need to focus resources to drive private participation in infrastructure development.
In her submission, the President and Chairman of Council, Mrs. ‘Debola Osibogun, stated that for the nation to attain economic growth, government needs to strengthen institutional capacities at the Ministries, Departments and Agencies (MDAs) level to develop infrastructure plans into bankable projects.
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