CIBN Bemoans $3trn Infrastructure Deficit In Nigeria

The Chartered Institute of Bankers of Nigeria (CIBN) has said the lack of key infrastructure development has impeded the country’s growth potential over the years.

According to a statement, the Chairman of the institute, Ken Opara, made this known during the 2022 CIBN Fellowship Investiture event held recently.

Opara, while speaking on the theme for this year’s event – Bridging the Infrastructure Deficit: The Role of Financial Institutions – said there was need for increased investment in infrastructure in the context of sustainable development, clean energy transition, and the post-pandemic economic recovery.

He said, “Over the years, the public infrastructure deficit in Nigeria has become an issue of major concern.

“Generally, infrastructure is the foundation on which economic activities thrive. According to the Africa Infrastructure Country Diagnostic Report released in 2011 titled “Nigeria Infrastructure: A Continental Perspective”, about 40 per cent of the productivity are caused by infrastructure constraints.”

Plan to Bridge Infrastructure 

To deal with infrastructure deficit in Nigeria, President Muhammadu Buhari in June 2021, approved the establishment of N15 trillion Infrastructure Corporation of Nigeria Limited (InfraCo) by the Central Bank of Nigeria with the mandate of bridging the gap for economic growth.

Godwin Emefiele, governor of the CBN, had said the InfraCo would kick off its operations by targeting strategic infrastructure projects that would help catalyse further growth of our economy.

According to him, “Infra-Co is expected to set the standard template that will help in enabling greater private sector funding for public infrastructure projects in Nigeria.”