Nigeria to Spend N3 Trillion on Infrastructure – Minister

To fund the infrastructural needs of its growing economy over the next 30 years, Nigeria would have to spend about N3 trillion, according to the Minister of Solid Minerals Development, Dr Kayode Fayemi.

He disclosed this on Thursday in London, United Kingdom, at a business forum organised by the Royal African Society.

Quoting a recent report by the National Integrated Infrastructure Master Plan, Fayemi in a statement made available to journalists on Friday in Abuja, said Nigeria’s current core infrastructural gap, based on international benchmarks, is estimated at USD 80 billion.

Fayemi who presented a keynote address titled : Mining for Prosperity ‘Fuelling Nigeria’s industrialisation in the 21st Century, said, “The investment would allow Nigeria to close its current infrastructure gap and sustain an ideal infrastructure stock level of 70 per cent of GDP and build infrastructure assets across the seven critical sectors- roads, rail, ports, airports, power, water and ICT.”

According to him, “Iron ore and steel would account for the bulk of materials inputs needed to industrialise Nigeria and I urged investors to take advantage of the country’s huge steel market.

“We project a steady increase in domestic demand for steel in Nigeria in the coming decade, driven by increased industrialisation that will ignite a surge in building construction, power, automotive construction, agriculture, road and bridge building, military technology and infrastructure development, refinery investments and other heavy duty machinery.

“This ever-widening vortex of hunger for steel and iron ore is an opportunity for local and international investors to participate in the consolidation and expansion of Africa’s largest economy.”