Secretary to the Government of the Federation (SGF), and Chairman Presidential Steering Committee on Covid-19, Boss Mustapha on Thursday during a town hall meeting in Abuja said the Federal Government has earmarked $2.3 trillion for infrastructure under its revised National Integrated Infrastructure Master plan (NIIM).
The meeting which was tagged: Nigeria’s Infrastructure Revolution: Road to a New Future, was put together by Business Hallmark Public Policy Forum.
According to the SGF, the project which is projected to last for 23 years (2020-2043) will require $2.3 trillion ($150 billion annually) for its accomplishment.
Mustapha added that the private sector and other partners have to provide 56%, while the federal and state governments provide 44 % of the share of the investment.
He said the Buhari led administration had entered into a public, private partnership (PPP) with a premier finance entity to provide an initial seed capital of N1 trillion and that it envisages that it will grow over time to N6 trillion.
He said: “The economic disruption caused from 2016 and COVID-19 as well as challenges of previous reforms compelled the Federal Government to revise the 23-year 2020-2043 National Integrated Infrastructure Master Plan that identifies critical enablers which consisted micro economic framework and realistic infrastructure investment plan.
“The Federal Government has made important strides towards providing much of our infrastructure. In recent years, it has conducted several infrastructural reforms.
“Specifically, we are extending and upgrading the nation’s railway network and introducing more locomotive couches. The Port sector has been converted to landlocked models and terminals.
“Similarly, the public private partnership style infrastructure company with an initial seed capital of N1 trillion envisages to grow over time to N6 trillion in excess and capital has been established and will soon commence operation with In Franco.
“In Franco is one of the premier finance entities in Africa and would be wholly dedicated to Nigeria’s infrastructure development. The reduction in Nigeria’s infrastructural gap will also give the country a competitive advantage under the newly signed Africa Free Continental Area Trade Agreement.”