Governor Charles Soludo of Anambra State has revealed that Nigeria needs a whopping $3tn worth of investments or $100bn every year for the next 30 years to close its infrastructure deficit, according to a 2014 report.
According to him, the Federal Government needs to double its spending from two to three per cent of the Gross Domestic Product to over 10 per cent to bridge the country’s huge infrastructure gap.
The former Central of Nigeria governor lamented that Nigeria’s infrastructure stock was estimated at 20-25 per cent of Gross Domestic Product, which was less than the international benchmark of 70 per cent of GDP. “What needs to change in infrastructure development in the country is for the government to target a minimum of 8-15 per cent of GDP in public infrastructure investment per year for the next 10 years.”
He highlighted how President Bola Tinubu demonstrated his ability to successfully manage the issues of coastal flooding, infrastructure gaps, and gully erosion while he was the governor of Lagos.
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