According to Zainab Ahmed, Minister of Finance, Budget, and National Planning, $2.3 trillion will be required over the next 21 years to modernize Nigeria’s infrastructure.
This information was presented by the minister at the Abuja conference on Integrated Infrastructural Research for Development.
She said that from 2022 to 2043, the updated National Integrated Infrastructure Master Plan will provide funding for important economic sectors like power, rail, roads, housing, and agriculture.
The required investment is estimated to cost $2.3 trillion in the national development plan, with an expected private sector contribution of 86% between 2021 and 2025.
These are downturn investment goals, but they serve as the foundational necessities for creating the modern, industrialized Nigeria that we want for ourselves and our children.
A methamphetamine clandestine laboratory was found in the home of another drug lord in the neighborhood, Chris Emeka Nzewi, who was apprehended on Saturday, July 30, 2022, along with a chemist named Sunday Ukah who prepared the illegal drug for him, according to Babafemi. Ugochukwu is the chairman of Autonation Motors Limited.
Ahmed went on to say that a novel strategy for financing infrastructure projects has been developed as a result of significant collaboration with the business sector.
She gave the 2019 launch of the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme as an example of a program that makes use of private sector skills to build, maintain, and repair important federal highways.
In order to leverage private sector capital through tax credits and provide private sector expertise to construct, repair, and maintain crucial road infrastructure in important economic growth corridors and industrial clusters in Nigeria, she said, “We started the Road Infrastructure Development, and Refurbishment Investment Tax Credit Scheme launched in 2019.
“With this project, road projects across six geopolitical zones of our country have received approval and are in varying phases of construction thanks to the usage of tax credits.
“So far, we have issued four circles of SUKUK bonds totaling N64.5 billion, and a fifth circle is currently being prepared and will be roughly N250 billion in value. This is what we have so far released and used for particular road projects across the nation.
