Ndubuisi Francis in Abuja
A total investment outlay of $3.05 trillion will be required for the implementation of the National Integrated Infrastructure Master Plan (NIIMP), the Minister of Budget and National Planning, Senator Udoma Udo Udoma, said on Thuesday.
NIIMP is a blueprint for accelerated infrastructure development in the country over the next 30 years (2014 – 2043), and seeks to raise the stock of infrastructure from the current level of 20 per cent to 25 per cent of Gross Domestic Product (GDP), to at least 70 per cent by 2043.
Udoma, who spoke while receiving the report of the three-day Pre-Summit Workshop from the Chairman, Infrastructure PPP Summit Group, Abubakar Mahmoud, in his office, said the investments will be geared towards meeting infrastructure requirements of the major sectors of the economy as enunciated in the NIIMP.
He listed the sectors as energy, transport, ICT, agriculture, water mining, housing, social infrastructure and security a as well as vital registration.
‘’You will all agree with me that implementation of the NIIMP requires collaboration of stakeholders – The federal and state governments and the private sector to provide the required investments.
‘’The NIIMP, apart from being a robust framework for infrastructure development, will also serve as investors’ guide, enhance economic growth, and create job opportunities among other benefits.
‘’In recognition of the critical contribution of the private sector, the Plan envisaged that public sector will account for 52 per cent of the total investment while private sector will underwrite the balance in the first five years of the Plan. This translates into USD 80 billion for the private sector and USD 86 billion for the public sector.
‘’The Plan outlined a financing plan for the public sector component of the investment requirement with four major options: public budgets, loans, pension funds and sovereign wealth fund as well as public-private partnership (PPP),’’ the minister said.
According to him, in this direction, the federal government is working on the $25 billion Infrastructure Development Fund, which would provide pool of funds for long-term financing of priority projects.
‘’All other necessary actions will be taken to actualise the NIIMP objectives. Finally, I want to assure you of the full cooperation of my ministry in achieving the core objectives of the Infra PPP Summit,’’ Udoma stated.