Experts have conducted a review of the Central Bank of Nigeria’s (CBN) effort to set up a N15 trillion infrastructure fund through InfraCorp Plc, and have indicated a need to inculcate a public-private-partnership(PPP) model to ensure that the fund is sustainable.
Having reached the well-informed conclusion that Nigeria currently needs close to US$3 trillion to bridge its infrastructure gap, these experts noted that the fund would spur economic growth in Nigeria, create wealth, and more job opportunities for the youth population.
Former President, Nigerian American Chamber of Commerce and Chairman of Tricontinental Group, Olabintan Famutimi, indicated that while Nigeria’s widening infrastructure gap is an ongoing cause for concern which requires swift action, the CBN must be cautious in implementing such interventions as the planned fund.
He voiced his concern regarding the way the fund will be channeled. He advised that viable projects be given priority and warned against playing politics with what should be a sound economic and business decision.
According to him, “We have huge infrastructure deficit. We need infrastructure but it is more about which infrastructure government is working on, funding source and the conditions of the fund as well as the overall effect on the economy”.
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