• Tuesday, February 27, 2024
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FG partners private sector on infrastructure master plan to promote investments

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The Federal Government has entered into a strategic partnership arrangement with the private sector, represented by the African Infrastructure Summit Group (AISG) and the Initiative for Infrastructure and Modern City Development (IIMCD), on the Nigerian Integrated Infrastructure Mater Plan (NIIMP) in order to promote investment opportunities.

The partnership would enable the private sector market the plan to investors from across the globe, beginning with infrastructure summits planned for the year, planning minister, Abubakar Sulaiman, said on Thursday.

The minister said the summit would be unique, dynamic and an interactive platform for global infrastructure decision-makers, including representatives of national and sub-national governments, infrastructure developers, development banks, private industry leaders and investment and trade agencies.

At a press conference on the policy which was recently endorsed by the Federal Executive Council and earlier by the National Economic Council, Sulaiman said government is considering a legislative backing to ensure sustainability of the project.

According to him, legislative backing would seek to guarantee effective implementation of the N485 trillion 30-year-plan and would come as an executive bill.

“Government is very much aware of the issues of sustainability and is seriously considering taking a bill to the National Assembly as an executive bill at the appropriate time before the end of this administration,” Sulaiman told a press conference on Thursday.

Nigeria’s Infrastructure Master Plan identifies the investments required to bridge and expand Nigeria’s infrastructure across different asset classes, including energy, transport, ICT, housing, water, agriculture, mining, social infrastructure, vital registration and security over the 30-year period.

The policy seeks to deliver quality infrastructure and raise the country’s infrastructure stock for the current 20-25 percent of GDP to at least 70 percent and some N26.9 trillion investments would be required to deliver quality infrastructure in the next five years as contained in the policy document.

Sulaiman said the NIIMP does not only provide opportunities for deep-pocket infrastructure investors and developers but also holds promises for all Nigerians. He said for instance, it is estimated that about 600,000 additional construction workers would be needed to maintain and expand existing infrastructure in the next five years.