National Development Plan For Modernize Nigeria Infrastructure Needs $2.3 Trillion- Minister of Finance

National Development Plan For Modernize Nigeria Infrastructure Needs $2.3 Trillion- Minister of Finance

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.

Speaking at the Integrated Infrastructural Research for Development conference on Friday in Abuja, the minister made this revelation.

According to her, the updated National Integrated Infrastructure Master Plan was created to provide funding for important economic sectors like housing, agriculture, train, and roads from 2022 to 2043.

She said, “In the national development plan, we have cost the investment that is required; $2.3trn with a private sector contribution of 86 per cent anticipated between 2021 to 2025.

“These are downturn investment targets, but they represent the baseline requirements to build a modern Nigeria, an industrialised nation that we deserve for ourselves and also for our future generation.”

Ahmed continued by pointing out that a novel strategy for funding infrastructure projects had been developed as a result of considerable collaboration with the business sector.

She gave the 2019 introduction of the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme as an illustration, stating that it made use of private sector know-how to build, fix, and maintain important federal roadways.

“We started the Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme launched in 2019 to leverage private sector capital via tax credits, and provide private sector expertise to construct, repair and maintain critical road infrastructure in key economic growth corridors and industrial clusters in Nigeria.

“With this project, the road projects have been approved and are at various stages of construction to the use of tax credit to finance the rehabilitation and reconstruction of road projects across six geopolitical zones of our country.

“So far, we have issued four circles of SUKUK bonds totalling N64.5bn, and there’s a fifth circle that is under preparation that will be worth about N250bn. This is what we have issued so far and deployed for specific road projects across the country.”

 

 

 

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