Experts finger lack of policy, investor-security for infrastructure deficit

As in housing  and mortgage where deficits are substantial and valued at N60 trillion and $58 billion respectively, Nigeria is also deficient in infrastructure which experts say stems from lack of enabling policy framework and security of investors.

Globally, infrastructure is one single factor that drives economic growth and development  and, unlike Nigeria where investment in it is only one percent of her GDP, nations invest heavily in infrastructure such as power, roads and rail infrastructure to catalyse growth in their economies.

Though the Act establishing the Infrastructure Concession Regulatory Commission (ICRC) in Nigeria provides for concessioning which is a vehicle for providing infrastructure in most countries, the experts say the right policy is not yet in place for concessioning of roads, rails, ports, etc in the country.

As  Africa’s biggest economy, the country lags behind other sub-Saharan countries in infrastructure spending  and according to a report I from the International Monetary Fund, Finance & Development (F&D), Nigeria is at par with South Sudan is at par with a one percent  spend, while countries like Angola, Cape Verde and Lesotho spend eight percent of their GDP on infrastructure.