February 3, 2015

Nigeria Needs $350bn For Housing and Regional Development

Dolapo Omidire

A new blueprint for infrastructure development devised by the National Planning Commission, entitled the National Integrated Infrastructure Master Plan (NIIMP) estimates that $3tn will be required in the next 30 years to build and maintain adequate infrastructure supplies. This was noted in a government sponsored This Is Africa report on ambitious infrastructural plans from Africa’s largest economy. 11% ($350bn) of the $3tn will be directed towards housing and regional development, which generally plays a fundamental role in the development of any country’s economy. However, currently the supply of housing and energy are ‘desperately inadequate’.

Overall, the blueprint lays out investment requirements for key infrastructural sectors including energy; transport; agriculture, water and mining; housing and regional development; information and communication technology social infrastructure and security. Of those, energy and transport will take the lion’s share of funding. They require $1tn (a third of the total) and $775bn respectively over the next three decades.

The government and development partners agree that public money can never plug that deficit alone, particularly now that falling oil revenues are putting pressure on public revenue. The answer, it is agreed, is in private investment. “The private financing of infrastructure is not nice to have, it is a ‘must have’. Without that, Nigeria’s infrastructure investment is going to be constrained and the country will grow more slowly than it is capable of growing,” says Mark Tomlinson, director of the UK Department for International Developmentfunded Nigeria Infrastructure Advisory Facility (NIAF).

See the infographic below and read more of this report by This Is Africa.

Source: Financial Times - ThisIsAfrica:  Nigeria Racing Ahead with Ambitous Infrastructure Plans
Source: Financial Times – ThisIsAfrica: Nigeria Racing Ahead with Ambitous Infrastructure Plans

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