Nigeria needs $3trn to fund infrastructural needs – Fayemi

The Minister of Solid Minerals Development, Dr Kayode Fayemi, has said Nigeria would spend about $ 3 trillion over the next 30 years to fund the infrastructural needs of its growing economy.

He said a recent report by the National Integrated Infrastructure Master Plan, which said, Nigeria’s current core infrastructure stocks gap is, based on international benchmarks, is estimated at USD 80 billion.

A statement signed yesterday by the senior assistant to the minister, on Media, Olayinka Oyebode, quoted the minister on this on Thursday in London at a business forum organised by the Royal African Society.

The statement stated that 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 infrastructural gap and sustain an ideal infrastructure stock level of 70 per cent of GDP and build infrastructural assets across the seven critical sectors, roads, rail, ports, airports, power, water and ICT.

He said, “iron ore and steel would account for the bulk of material inputs needed to industrialise Nigeria, just as he urged investors to take advantage of the country’s huge steel market”.

He added, “We project a steady increase in domestic demand for steel in Nigeria in the coming decade, driven by increased industrialisation that would 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.”