Implementing the Federal Government’s Infrastructure Action Plan (IAP) would require at least some $350 billion within ten years to accomplish, the African Development Bank (AfDB) has estimated.
AfDB expects this infrastructure funding would come from government, private sector, sovereign wealth fund, state enterprises, donor organisations, households, among others.
“Full implementation of the proposed IAP would require $350 billion of development expenditure between 2011 and 2020. At $350 billion, the development cost of the IAP is larger than any previously published estimate for overcoming the infrastructure gap in Nigeria.
“About $15 billion will be required for capacity building and technical studies that support the design and implementation of the programme”, consultant for the AfDB, Russell Cheetham, said yesterday in Abuja.
Presenting the bank’s report on closing infrastructure gap and accelerating economic transformation in Nigeria, he said out of the sum, capital expenditure would gulp about $285 billion for the rehabilitation of existing infrastructure and construction of new facilities in order to meet existing and future demand.
An additional $50 billion would be required for investment in the transport fleet of the country, including aircraft, tankers for transport of LNG, locomotives and rolling stock for the railways.
According to him, the report looked at the various sectors including roads, ports, aviation, rails, gas pipe line, transport and urban transport as he expressed hope that their findings would align with the vision of the government.
Other sectors also looked at were electric power, rural energy, human resource management, irrigation, among others.