Despite the huge borrowing, the World Bank has rated Nigeria low on infrastructure. While asserting that the country’s infrastructural deficit would likely reach $3 trillion in the next 30 years, the bank noted that Nigeria’s development index is among the lowest in the world.
According to the public finance review report prepared by the world bank, Nigeria was ranked 132 out of 137 countries on infrastructure. Going by the current rate of expenditure allocation for infrastructure, the Washington Based bank noted that “it would take 300 years to close the country’s current infrastructure gap”.
“Closing Nigeria’s infrastructure gap would cost at least four percent of GDP growth per year.” the report added.
Investors King understands that infrastructure deficit and lack of basic amenities are some prevailing problems facing the country. These problems among others have created a negative impact on the economy.
In November 2022, the Chartered Institute of Bankers of Nigeria (CIBN) also noted that the lack of key infrastructure development has impeded the country’s growth potential over the years.
The CIBN’s chairman, Ken Opara stated that “Over the years, the public infrastructure deficit in Nigeria has become an issue of major concern. Generally, infrastructure is the foundation on which economic activities thrive. According to the Africa Infrastructure Country Diagnostic Report released in 2011 titled “Nigeria Infrastructure: A Continental Perspective”, about 40 percent of the productivity are caused by infrastructure constraints”.
Similarly, the Vice President, Prof. Yemi Osinbajo while seeking the collaboration of the private sector disclosed that Nigeria will need $2.3 trillion to bridge the country’s infrastructural deficit.
Osinbajo who spoke in August 2022 during the inauguration of the National Council on Infrastructure stated that only an effective collaboration with the private sector and key development stakeholders can help to beat the gap.
The Vice President thereafter used the event to highlight some of the infrastructural achievements of the present administration which include the second Niger bridge, the Lagos-Ibadan expressway, and the Abuja-Kaduna-Kano Road.
