April 17, (THEWILL) — The Director-General of Nigeria’s Infrastructure Concession Regulatory Commission (ICRC), Dr Jobson Ewalefoh, said that the country has intensified efforts to bridge its infrastructure deficit, estimated at $2.3 trillion between 2020 and 2043.
Ewalefoh said this during a sideline interview after the global infrastructure facility, A G20 initiative at the International Monetary Fund (IMF)/World Bank Spring Meetings, in Washington on Tuesday.
He said that Nigeria requires about $100 billion annually for 23 years to bridge the infrastructure gap.
Ewalefoh said that budgetary allocations fall short, making private sector participation through Public-Private Partnerships (PPP) critical for infrastructure development nationwide.
He said Nigeria’s Infrastructure master plan projects 70 percent private sector funding, stressing need for bankable project pipelines, supported by institutions like the global infrastructure fund to mobilise investors globally.
According to him, discussions at the forum emphasised that PPP models must reflect local realities, including investment risks, political environment, and limited appetite for long-term capital in developing economies like Nigeria.
Ewalefoh said that Nigeria was positioning itself as a viable investment destination, citing a population of about 250 million and government reforms to improve business climate and boost investor confidence nationwide.
The DG also assured investors for strong legal frameworks protecting investments, emphasising commitment to rule of law, contract sanctity, and policies designed to guarantee returns and reduce perceived risks in Nigeria.
He applauded the increasing investor interest following engagements, attributing it to reforms that have dismantled long-standing barriers and enhanced transparency, making Nigeria more attractive to global capital seeking emerging market opportunities.
Ewalefoh said that the energy and transport sectors as priority areas, requiring about $759 billion and $595 billion, respectively.
He also said that ICT, agriculture, healthcare, and education are critical sectors needing substantial investment support.
According to him, the PPP offers a solution to funding constraints, reducing reliance on limited government budgets, while enabling sustainable infrastructure financing through long-term investment recovery mechanisms by private investors.
Ewalefoh said that ongoing engagements would unlock investment flows, accelerate project delivery, and position Nigeria to achieve its infrastructure goals through strategic collaboration with global investors and development partners.
He also commended President Bola Tinubu, on all the reforms which are working, especially on creating an enabling environment for the PPP.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
