New Telegraph

December 10, 2023

Osinbajo: Nigeria needs PPP to bridge $2.3trn infrastructure gap in 30 years

Vice President Yemi Osinbajo has said annual budgetary allocations alone cannot address the nation’s infrastructure deficit but that government can only raise the required $2.3 trillion meant to bridge the gap in the next 30 years by effective collaboration with the private sector.
Osinbajo stated this Thursday at the opening of a two-day retreat of the National Council on Privatization (NCP) which will, among other things, deliberate the proposed amendment of the Public Enterprises (Privatization & Commercialization) Act 1999.
In a release by his spokesman, Osinbajo said: “The only way to effectively address the massive infrastructural deficit that the country faces is by Public-Private Partnership (PPP) arrangement in one form or the other.”
Citing statistics from Nigerian Integrated Infrastructure Masterplan (NIIMP) and the Economic Recovery and Growth Plan (ERGP) 2017-2020 to buttress his point, the Vice President noted that: “Nigeria will require at least $2.3 trillion over the next 30 years to bridge this gap.”

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