Nigeria Courts Private Capital to Close $2.3tn Infrastructure Gap

Eromosele Abiodun and Nume Ekeghe in Washington DC 

Nigeria is ramping up efforts to bridge its vast infrastructure deficit, estimated at $2.3 trillion over the 2020–2043 period, with a renewed push to attract private capital through Public-Private Partnerships (PPPs).

Director-General of the Infrastructure Concession Regulatory Commission (ICRC), Jobson Ewalefoh, said the scale of the gap underscores the urgency of mobilising long-term investment beyond constrained public finances.

Speaking at the Global Infrastructure Facility on the sideline of the on going IMF/World Bank Spring Meetings 2026 in Washington, Ewalefoh said Nigeria requires about $100 billion annually over the next 23 years to meet its infrastructure needs.

He noted that government budgetary allocations remain insufficient, making private sector participation critical to delivering projects at scale.

According to him, Nigeria’s National Integrated Infrastructure Master Plan envisions up to 70 per cent of funding coming from the private sector, highlighting the importance of building a pipeline of bankable projects to attract global investors. He added that institutions such as the Global Infrastructure Facility are key to unlocking financing and de-risking investments.

Ewalefoh said discussions at the forum emphasised that PPP frameworks must be tailored to local realities, including political risks, macroeconomic conditions, and the limited appetite for long-term capital in emerging markets.

He stressed that Nigeria is positioning itself as a compelling investment destination, pointing to its population of about 250 million and ongoing reforms aimed at improving the business climate and strengthening investor confidence.

He also assured investors of robust legal and regulatory frameworks, noting that the government remains committed to the rule of law, contract sanctity, and policies designed to guarantee returns while reducing perceived risks.

He said recent reforms have begun to dismantle longstanding structural barriers, boosting transparency and driving increased investor interest in Nigeria’s infrastructure space.

Ewalefoh identified energy and transport as priority sectors, requiring investments of about $759 billion and $595 billion respectively, while ICT, agriculture, healthcare, and education also demand significant capital inflows.

According to him, PPPs provide a viable pathway to address funding constraints, reduce dependence on limited public resources, and enable sustainable infrastructure financing through long-term investment recovery mechanisms.