Nigeria Maps Infrastructure Master Plan, Projects $2.9 Trillion Price Tag

Nigeria Maps Infrastructure Master Plan, Projects $2.9 Trillion Price Tag

Created by the African Development Bank (AfDB), Nigeria’s infrastructure development strategy dubbed the National Integrated Infrastructure Master Plan (NIIMP) will be carried out over 30 years with six 5-year progress benchmarks. Three strategic 10-year plans will be the core of the project, The Nation reported.

The state’s National Planning Commission has recognized that the country has lots of work to do to narrow the infrastructure gap and has partnered with AfDB to move the project along.  According to The Nation, the commission’s minister Dr. Shamsuddeen Usman announced that the task will cost $2.9 trillion over the next 30 years.

“The master plan will also put in place enablers that will attract private sector investment to the infrastructure sector,’’ Usman said, speaking at a AfDB infrastructure development gathering.

“In recognition of the work which needs to be done, it is my hope that this dialogue will provide the platform for policy makers and the private sector to reflect on these issues for practical solutions,’’ said Dr. Ousmane Dore, resident representative of  Nigeria’s AfDB Field Office.

AfDB Vice President and Chief Economist Prof. Mthuli Ncube expressed skepticism of the bank’s allocations and their application to infrastructure across Africa, which is still lacking.

“Africa is transforming but we want it to transform faster. In 2000, the GDP of Africa was about 600 billion dollars and today it stands at over two trillion dollars. However, it still has challenges of youth employment and inequalities,” Ncube said in the report.

“We recognize Nigeria’s effort to address the issues, in spite of its large population. We believe that in 30 years to 40 years, it will succeed in doing so.”

According to The Nation, 52 percent of the $2.9 trillion will be provided by the treasury while the commission is relying on the private sector to front the remaining balance. NIIMP is expected to create job opportunities for engineers who will outline construction plans for airports, roads, power and housing projects.