News / Nigeria's infrastructure investment to attain a sustainable development
Nigeria's infrastructure investment to attain a sustainable development
Do you remember our last post? If not, we are going to give you three key points:- By 2050, Nigeria is expected to be the 6th largest country in the world, with an estimated population of 287 million people.- An estimated US$15b is required annually to adequately fund Nigeria's infrastructure deficits.- Toll road concessions are the only application of PPP in Nigeria but the country needs the use of PPPs beyond concessions (i.e. PPP in health and social sectors, availabiity payments for roads...)InfraPPP Africa is fully commited to publish and make available for everyone all the resources you need if you want to invest in infrastructure in Nigeria, and in general, in Africa.Nigeria's growth rate has begun to experience a significant decline since the highs of 11% recorded in 2004. 2008 figures of 5% speak volumes. It could be argued that the global boom periods and recession had a part to play.Today, we came accross with a working paper that outlines what Nigeria has got to invest in infrastructure in order to entry into the top 20 economies in the world by 2020.The paper quotes an Asian Development Bank report, where this bank states that a country's infrastructure development should amount to a minimum of 6% of GDP to attain a reasonable level of sustainable development.For Nigeria to bridge the gap and reach average levels of annual growths recorded amongst Asian countries, infrastructure spending (as a percentage of GDP) must increase to 18% to bridge the gap (with Asia) in 15 years and 24% in 10 years.Failure to do so will be detrimental to development and pose significant risk to the country's vision 2020 program. Going by current rate of infrastructure development and its contribution to GDP, a more realistic target puts Nigeria's journey more along an attainable date of 2050Of course, PPPs will be very necessary for Nigeria if they want to achieve those high infrastructure investment figures.You can find the working paper right here. Download.Muyiwa Akinyosoye, the author, holds an MSc degree in International Construction Management. He is a management partner at an Infrastructure consultancy firm (Greenhill Technical Servives Ltd).Thanks for visiting us again and again. As this content is for you, we want you to leave a message and tell us what your favourite content is.Follow us on twitter!