Nigeria now stands as an investment destination and an investment haven for both local and foreign capital, the Director-General and Chief Executive Officer of the Infrastructure Concession Regulatory Commission (ICRC), Dr. Jobson Oseodion Ewalefoh, has said.
Ewalefoh said recent reforms by the Federal Government had significantly improved the environment for private-sector participation in infrastructure development, positioning the country to attract the massive capital required to bridge its infrastructure deficit.
According to him, Nigeria’s infrastructure deficit is estimated at about $2.3 trillion, with the country requiring roughly $100 billion annually to close the gap by 2043.
He said the scale of the financing requirement made it impossible for government revenues and budgetary allocations alone to deliver the infrastructure Nigeria needs, stressing that Public-Private Partnerships (PPPs) must therefore remain central to the country’s development strategy.
Speaking on Nigeria’s infrastructure outlook, the ICRC boss said the administration of President Bola Ahmed Tinubu had demonstrated confidence in PPPs by respecting existing concession agreements and removing obstacles that had stalled several projects over the years.
