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President Muhammadu Buhari remarked on Tuesday that during a ten-year period, the country Nigeria will require 1.5 trillion dollars to achieve an acceptable level of the National Infrastructure Stock.
According to a statement signed by presidential spokesperson Garba Shehu, President Buhari gave the figure in Glasgow at a COP 26 high-level side event on improving global infrastructure hosted by US President Joe Biden, EU Commission President Von Der Leyen, and UK Prime Minister Boris Johnson.
The statement reads;
There is a nexus between infrastructural development and the overall economic development of a nation.
‘My administration identified this early enough as a major enabler of sustainable economic development and the realization of other continental and global development aspirations particularly the 2030 Agenda for Sustainable Development Goals.
‘On my assumption of office in 2015, Nigeria faced a huge infrastructure deficit and the total National Infrastructure Stock was estimated at 35% of our Gross Domestic Product.
In solving these problems, we embarked on a massive infrastructure expansion programme in the areas of Health care, Education, Transportation, Manufacturing, Energy, Housing, Agriculture, and Water Resources.
We provided more financial resources for these policies, charted new international partnerships and pursued liberalization policies to allow private sector participation.
We introduced the revised National Integrated Infrastructure Master Plan – a policy document that ensures our infrastructure expansion projects is cross-sectorally integrated and environmentally friendly.
According to the Nigerian president, infrastructure investment should consider economic, environmental, social, and governance factors, led by a sense of shared, long-term responsibility for the world, as outlined in the 2030 Agenda for Sustainable Development.
It is our fervent hope and expectations that this plan will be pursued to its logical conclusion in order to bridge the infrastructural gap between the North and South.
The President also used the occasion to outline the principles, values and standards Nigeria would like to see from infrastructure initiatives and the challenges the country has faced in partnering with donors on infrastructure development.
The aim of pursuing quality infrastructure investment is to maximize the positive economic, environmental, social, and development impact of infrastructure and create a virtuous circle of economic activities, while ensuring sound public finances.
This virtuous circle can take various forms in stimulating the economy.President Buhari said.
The President went on to say that the good and negative effects of infrastructure projects on ecosystems, biodiversity, climate, weather, and resource consumption should be integrated by include environmental concerns throughout the whole infrastructure investment process.
President Buhari also stated that his administration was committed to expanding Nigeria’s infrastructure, recognizing that fresh investments in important sectors of the economy would help the country pull 100 million Nigerians out of poverty by 2030.
Domestic resource mobilization is critical to addressing the infrastructure financing gap. Assistance for capacity building, including for project preparation, should be provided to developing countries with the participation of international organizations.
Quality infrastructure investment also needs to be tailored to individual country conditions and consistent with local laws and regulations.
Furthermore, Infrastructure projects should align with national strategies and nationally determined contributions for those countries determined to implement them, and with transitioning to long-term low emissions strategies, while being mindful of country circumstances.
The President congratulated the G7 nations on their groundbreaking commitment to mobilize hundreds of billions of dollars in infrastructure investment for low- and middle-income countries.
He stated that the G7 countries’ “Build Back Better World” program will be a values-driven, high-standard, and transparent infrastructure collaboration.
Nigeria is ready for your investments in infrastructural development in the country.
My administration has established a clear legal and regulatory framework for private financing of infrastructure to establish a standard process, especially on the monitoring and evaluation process.
We look forward to working with you in this regard.President Buhari had told the world leaders in Climate submit COP26
The President also urged for the environmental impact of infrastructure investment to be made accessible to all stakeholders, claiming that this would improve public understanding of sustainable infrastructure projects and raise awareness of potential risks.