Godwin Emefiele, the governor of the Central Bank of Nigeria, CBN, on Saturday, September 25, 2021, disclosed what the President Muhammadu Buhari-led Federal Government needs to address the country’s infrastructural deficit.
Emefiele disclosed that the Buhari-led Federal Government needs US$100 billion annually to address the nation’s infrastructure deficit.
The CBN governor disclosed this at the 30th Anniversary Conference and Awards of the Finance Correspondents Association of Nigeria, FICAN, in Lagos, NAN reports.
The News Agency of Nigeria, NAN, reports that the two-day conference has “Financing Infrastructure and SMEs for Inclusive Growth in Post-COVID-19 Economy”, as theme.
Represented by the Director of Corporate Communications Department of CBN, Mr Osita Nwanisobi, Emefiele said: ”In Nigeria, the current level of infrastructure deficit is a major constraint to economic development and attainment of growth average rate of at least five to seven percent required to boost productivity and sustainable growth for businesses.
”According to the World Development Indicators (2019), 56.20 percent of Nigerians have access to electricity, while electric power consumption stood at 144.52 kWh per capita as of 2018.
”While infrastructure deficit in Nigeria is estimated to be about 1.2 percent of GDP, it is projected that the Federal Government needs to commit about US$100 billion annually to address the nation’s infrastructural deficit.”
