Nigeria is said to require a yearly injection of N35bn year-on-year in the course of 5 years to deliver a sustained and robust economic growth.
Adekunle Oyintiloye, Managing Director of Nigeria’s Infrastructure Bank made this disclosure in Abuja at a forum for 1998 Economics Class of Ahmadu Bello University Zaria.
In a paper entitled “Economic Indices and Relationship with Infrastructure Development, Oyintiloye said capital investments in infrastructure were a reliable avenue to engender sustainable economic growth and development.
Harping on the role of infrastructure in economic development, he said: “According to the National integrated Infrastructure Master Plan (NIIP), Nigeria needs about 35billion US dollars per annum for a succeeding period of five years to sustain robust economic growth”.
That is what we need but we have never gone beyond about 12 billion dollars; so it is estimated that infrastructure funding needs for the next 30 years in the region of three dollars trillion dollars.
He then posited that infrastructure is a key ingredient for enhancing the nation’s productivity and economic growth.