Nigeria's Infrastructure Investment Needs Hit U.S.$878 Billion

Jul 27, 2017 | The Guardian; All Africa

Nigeria has significant infrastructure investment gap put at $878 billion out of $97 trillion global needs, to address economic growth and existing shortfalls from now till 2040.

This is necessitated by a growth forecast at a yearly average rate of 4.1 per cent of Gross Domestic Product (GDP) and population increases at a yearly rate of 2.4 per cent during the same period. Yesterday, a report by G20's Global Infrastructure Hub (GI Hub), covering infrastructure investment needs globally and individually for 50 countries and seven sectors, said Nigeria's share of the global gap also include, electricity spending at over $267 billion by 2040. According to the report, every year, $3.7 trillion is expected to be invested in infrastructure to meet the demands of an accelerating global population, the equivalent of total yearly GDP of Germany. Correspondingly, Nigeria is expected to make an average of about $38.2 billion yearly for the next 23 years to beat the gaps. Worrisome however, is the fact that government's spending, based on current trends suggests a shortfall of $221 billion, representing about 24 per cent of the requirement, according to the report. The report, Global Infrastructure Outlook, which reveals the cost of providing infrastructure to support global economic growth has pointed out that $18 trillion, almost 19 per cent, of the $97 trillion, would be unfunded if current spending trends continue. Read more on All Africa. Source: All Africa