Nigeria needs $3tn to bridge infrastructure gap
The Speaker of the House of Representatives, Tajudeen Abbas, on Tuesday, said Nigeria needs to invest about $3tn over the next 30 years to bridge the infrastructure gap.
He listed the critical sectors of investment to include road networks, power supply, housing, healthcare, and education, among others.
Speaker Abbas stated this at the flag-off ceremony for the construction of the access road from Ring Road 1 to the Judges’ Quarters in Abuja.
Represented by the Deputy Speaker, Benjamin Kalu, the Speaker said that the infrastructure deficit in the Federal Capital Territory has become more worrisome owing to the city’s annual growth rate of 5 per cent.
He said, “It is common knowledge that Nigeria, like many other developing nations, has an infrastructure deficit. According to recent estimates, Nigeria needs to invest about $3tn over the next 30 years to close the infrastructure gap and achieve the level of development required for sustained economic growth.
“The road network, power supply, housing, healthcare, and education sectors are some of the areas in urgent need of attention.
“Here in Abuja, the infrastructure deficit is more glaring as the city’s population continues to grow at an annual rate of 5 per cent. This puts pressure on existing facilities and highlights the need for more access roads, housing, and essential services to cater to the needs of residents.”
The Speaker however commended President Bola Tinubu for taking significant steps to address the challenges since he assumed power in May 2023 and promised to support the government’s effort to aid the development of the FCT.
“Under the leadership of President Bola Tinubu, there have been commendable initiatives aimed at addressing this infrastructure deficit. These initiatives show that the government understands the role infrastructure plays in national development and is committed to making the necessary investments.
“As the legislature of the FCT, the National Assembly has an important role to play in supporting these development efforts. The 10th National Assembly, which I am privileged to lead, is fully committed to collaborating with the executive to ensure that the FCT receives the necessary legislative backing to facilitate infrastructure development. We are ready to consider and pass laws that will further enhance the governance structure of the FCT and approve appropriations that will make meaningful infrastructure projects, such as road construction, a reality.
“Additionally, the National Assembly will continue to exercise its oversight functions to ensure that projects are implemented according to standards and within stipulated time frames”.
The Speaker also had words of praise for the FCT Minister, Mr Nyesom Wike, particularly his urban renewal plan.
“The Honourable Minister has hit the ground running, initiating projects that address the critical needs of this growing city. From road construction to urban renewal programmes, his dedication to enhancing the infrastructure of the FCT is evident. We have witnessed several flag-offs, not just as ceremonial acts, but as milestones in the commitment to make Abuja a world-class city.
“The ongoing rehabilitation of major roads, the clearing of illegal structures, and the focus on environmental sustainability are all testaments to the Honourable Minister’s vision of an Abuja that is not only beautiful but functional and efficient. I am confident that with the completion of this access road and other ongoing projects, residents and visitors alike will experience the positive impacts of these developments, “Speaker Abbas added.
