President Muhammadu Buhari on Tuesday says Nigeria requires $1.5 trillion over a 10- year period to achieve an appreciable level of the National Infrastructure Stock.
He disclosed this in Glasgow at a 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.
“Nigeria is ready for your 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,” he told world leaders at the high-level meeting on the margins of the climate change conference.
Buhari also declared that his administration had taken infrastructure expansion in Nigeria seriously, conscious of the fact that new investments in critical sectors of the economy would aid lifting 100 million Nigerians from poverty by 2030.
He said on his assumption of office in 2015, Nigeria faced a huge infrastructure deficit and the total National Infrastructure Stock was estimated at 35 percent of its Gross Domestic Product.
He said his administration introduced the revised National Integrated Infrastructure Master Plan – a policy document that ensures our infrastructure expansion projects are cross-sectorally integrated and environmentally friendly.
