NewsExpress advert FCMB banner Fidelity bank banner NewsExpress advert
Nigeria needs $14 billion per annum to fund infrastructure —Okonjo-Iweala

By News Express on 04/11/2014

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 2,639

To fund infrastructure, Nigeria needs about $14 billion every year, out of which $10 billion should come from the federal level, the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, has said.

The minister, however, explained that this estimate is not comprehensive because it is likely to be higher when the total financial outlay needed to fund the Infrastructure Masterplan is calculated. She spoke during a training programme on Public Private Partnership’s (PPPs) organised yesterday in Abuja by the African Development Bank (ADB).

Nigeria’s current spending on infrastructure is about $6 billion. “So there is a big gap that needs to be filled. That is why PPPs are very important to Nigeria at the moment,” Okonjo-Iweala said.

According to her, “The country is already utilising PPPs in projects such as the Lekki Deep Sea Port, Lagos Ibadan Expressway, Second Niger Bridge, etc, but we need much more because our needs are so great

“Also we need to improve the PPP model to ensure that it suits the country’s needs, delivers clear benefits without leaving us with difficult problems.”

The minister one of the problematic areas as the amount of time needed to complete a PPP project. Her words: “On the average, according to studies, it takes seven years to complete a PPP project in Africa. This is too long! For policy makers and political leaders who are operating on a four year term, seven years to deliver a project which they have promised the people is not very attractive.The difference in time horizon between policy makers and technical partners needed to be reduced. PPPs need to be processed faster.

“In other words, we need better financial, legal and regulatory capacity to achieve faster results.

Another issue which we have observed is that there is s tendency to make legal requirements too complicated and load every risk on government to the benefit of investors who walk away with rewards at virtually no risk. Government must of course bear significant risk but not everything. The risks need to be shared so make the project fair and sustainable.

“Also the rate of return expectation of investors tends to be too high and this is reflected in unsustainably high costs of PPP projects. Sometimes it is as high as 30%! The consequence of this is that tolls are too high and the public understandably becomes hostile to the project and this leads to all kind of problems. There is therefore a need to have a right financial and economic framework which will ensure that investment is profitable but also benefit consumers and the economy.”

•Photo shows Okonjo-Iweala.

Source News Express

Posted 05/11/2014 12:55 AM


Share on facebook Yahoo mail icon Gmail icon Share on Google+



REVEALED: 3 natural ways to get stronger erections, last 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...


You may also like...
NiMET forecasts dry conditions for northern states today,...

NNPC resumes oil exploration in Bauchi, Gombe

Buhari scheming to jail Jonathan –Niger Delta Group...

Customs to reopen North-East posts to fight arms...

Ngilari sworn-in, assumes duty as Adamawa’s new governor...

Jonathan ends speculations about exile, returns after long...

Revealed: How poor management, wrong business model ruined...

Over 80 percent of Nigeria’s prison inmates awaiting...

Air Force targets identified Boko Haram terrorists in...

Buhari out to erase memory of annulled June...

Why Wizkid lost African award: MTV

Pensioners storm Abia govt house over unpaid pension...


Latest News Cornucopia: Jubilation as Odogwu converts to Islam, By Odogwu Emeka Odogwu Teach justice, act justly, By Asoro Abubakri Olatunji Igbo summit: Police arrest 2 suspected armed IPOB members Police capture most wanted Offa armed robbers I am not responsible for Linda Ikeji’s pregnancy — Don Jazzy 37,062 candidates shortlisted for police recruitment examination Osun Guber: 27 aspirants to contest APC primary FG launches N64m website Amnesty International backs Islamic Movement to seek justice for Zakzaky, detained members Catholic faithful to protest incessant killings in Abuja Boko Haram: UNIMAID Teaching Hospital provides skeletal services 2019: Okowa warns political aspirants on orderly campaigns


Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (345,129 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (341,775 views) Shameless Genevieve Nnaji exposes breasts in public (273,227 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (224,631 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (205,106 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (202,645 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (176,831 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (159,131 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (150,123 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (143,315 views) Lagos plane crash: Journalist releases victims’ names (139,936 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (132,331 views)


Categories Advertorials (3) African Press Organisation (81) Art & Literature (40) Business & Economy (3,143) Business Verdict (43) Columnists (853) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (497) Features (595) Global Business Monitor (273) International (1,968) Interview (149) Live Commentary (28) Love Matters (120) News (35,474) Opinion (956) Pidgin (10) Politics (5,034) Religion (743) Sports (1,512) Stock Watch (29) AMA & Al Jazeera Global Update


CBN banner

Firstmobile banner




Boko Haram commanders surrender


APO Group Partner




REVEALED: 3 natural ways to get stronger erections, last 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera