Director-general of the Infrastructure Concession Regulatory Commission (ICRC), Jobson Ewalefoh, has disclosed that Nigeria’s transport sector requires about $759 billion investment.
Ewalefoh spoke on the sidelines of the Global Infrastructure Facility (GIF) forum, during the International Monetary Fund (IMF)-World Bank Spring meetings in Washington.
According to a statement by the commission, the Director-general who called for public-private partnership (PPP) financing models, explained that the country requires about $100 billion annually over the next 23 years, noting that budgetary allocations remain insufficient to meet the demand.
Ewalefoh said Nigeria’s infrastructure master plan estimates 70 per cent funding from the private sector, underscoring the importance of well-structured and investment-ready projects.
He identified the energy and transport sectors as priority areas, requiring about $759 billion and $595 billion respectively, noting that ICT, agriculture, healthcare, and education also need significant investment.
