IMF/World Bank meeting: Nigeria targets $2.3trn to bridge infrastructure gap
The Director-General of the Infrastructure Concession Regulatory Commission (ICRC), Dr. Jobson Ewalefoh, said that the country has intensified efforts to bridge its infrastructure deficit, estimated at 2.3 trillion dollars between
The Director-General of the Infrastructure Concession Regulatory Commission (ICRC), Dr. Jobson Ewalefoh, said that the country has intensified efforts to bridge its infrastructure deficit, estimated at 2.3 trillion dollars between 2020 and 2043
Ewalefoh said this during a sideline interview after the global infrastructure facility, A G20 initiative at the International Monetary Fund (IMF)/World Bank Spring Meetings, in Washington on Tuesday.
He said that Nigeria requires about 100 billion dollars annually for 23 years.
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Ewalefoh said that budgetary allocations fall short, making private sector participation through Public-Private Partnerships (PPP) critical for infrastructure development nationwide.
He said Nigeria’s Infrastructure master plan projects 70 per cent private sector funding, stressing the need for bankable project pipelines, supported by institutions like the Global Infrastructure Fund to mobilise investors globally.
According to him, discussions at the forum emphasised that PPP models must reflect local realities, including investment risks, political environment, and limited appetite for long-term capital in developing economies like Nigeria.
Ewalefoh said that Nigeria was positioning itself as a viable investment destination, citing a population of about 250 million and government reforms aimed at improving the business climate and boosting investor confidence nationwide.
The D-G also assured investors of strong legal frameworks protecting investments, emphasising commitment to the rule of law, contract sanctity, and policies designed to guarantee returns and reduce perceived risks in Nigeria.
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He said increasing investor interest following engagements, attributing it to reforms that have dismantled longstanding barriers and enhanced transparency, making Nigeria more attractive to global capital seeking emerging market opportunities.
Ewalefoh said that the energy and transport sectors are priority areas, requiring about 759 billion dollars and 595 billion dollars, respectively.
He also said that ICT, agriculture, healthcare, and education are critical sectors needing substantial investment support.
According to him, the PPP offers solutions to funding constraints, reducing reliance on limited government budgets, while enabling sustainable infrastructure financing through long-term investment recovery mechanisms by private investors.
Ewalefoh said that ongoing engagements would unlock investment flows, accelerate project delivery, and position Nigeria to achieve its infrastructure goals through strategic collaboration with global investors and development partners.
He also commended President Bola Tinubu on all the reforms that are working, especially on creating an enabling environment for the PPP.
