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Olowu Advocates Institutional Framework to Address Infrastructural Deficit
The Chairman of Council, Chartered Institute of Bankers of Nigeria (CIBN), Dr. Uche Olowu has called for institutional framework as a solution to the infrastructural deficit facing the country.
Olowu, who disclosed this in Lagos, at the 7th transport award and lecture with the theme: ‘Financing the Transport/Allied Industry Stock Taking and Paving the Way Forward,’ noted that through a public-private sector partnership, there are institutional investors that can partner with government.
He also stated that the framework should be transparent enough to support PPP investment.
“Government resources to provide social services are insufficient, therefore the next step is to making sure that government put in place institutional frameworks using a public-private sector partnership, and there are institutional investors, which can partner with government.
“The framework should be transparent enough to support such investment. If you design a policy and it doesn’t work, you rejig the policy framework and ensure that all stakeholders are involved to ensure that you come out with a more robust policy,” he noted.
He explained that the China investment in Nigeria was a welcome development, but advised government to ensure that the terms of those agreements are well defined.
Olowu further stated that Nigeria’s core infrastructure stock was estimated at about 20- 25 per cent of GDP far below the international benchmark, adding that the gap is even wider if non-core infrastructure is added.
According to him, “In assessing current state of infrastructure, a recent assessment was conducted by the National Planning Commission and other related MDAs. In identifying the funding gap, the National Integrated Infrastructure Master Plan (NIIMP) identifies the gap in Nigeria’s infrastructure.
“An optimal funding mix will be determined around bridging this gap. A holistic and well-thought plan will be formulated to guide implementation across various infrastructure projects. The implementation of this plan will begin to move Nigeria’s transport from its current state to a level where it can compete globally.”