Infrastructure development has assumed a focal point in the activities of governments at all levels in Nigeria. Infrastructure generally has to do with the fixed and tangible assets on which other intangibles can be built on. Not limited in scope, it includes the provision of Housing, Power (electricity), Transport, Education, Communication, and Technology.
Ngozi Okonjo-Iweala, former coordinating minister of the economy and minister for finance, last year estimated that Nigeria needs N10.63 trillion ($67 billion) for road upgrades, bridge repairs, the energy sector, hospitals and schools.
The Africa Infrastructure Country Diagnostic (AICD) Report for 2011 estimates that Nigeria requires sustained spending of $14.2 billion per annum over the next decade in order to address the infrastructure challenge.
Ernest Shonekan, chairman, Board of Infrastructure Concession Regulatory Commission (ICRC), had stated at the inaugural meeting of the Africa Public Private Partnership (APPP) network hosted by ICRC, that there was a yawning investment gap of about $31billion required yearly to fund infrastructure development in sub-Saharan Africa.
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