President Muhammadu Buhari on Tuesday notified world leaders that Nigeria needs at least the sum of $1.5 trillion in ten years to close its infrastructure gap.
The President who is currently in Glasgow revealed this during the COP 26 high-level side event on improving global infrastructure hosted by President Joe Biden of the United States, EU Commission President, Von Der Leyen and the UK Prime Minister, Boris Johnson.
President Buhari assured international investors that Nigeria is ready for their 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,’’ Buhari said.
He revealed that his administration is committed to infrastructure expansion in Nigeria, adding that new investments in critical sectors of the economy would aid in lifting 100 million Nigerians out of poverty by 2030.
‘‘There is a nexus between infrastructure 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,” he stated further.