Bank CEO Says FG Needs N23 Billion To Develop Its Infrastructure Annually

The sum of N23 billion will be needed on an annual basis for the purpose of Nigeria meeting its infrastrucral needs.

This disclosure was made by Adekunle Oyinloye, the Cheif Executive of Heritage Bank at a press conference over the weekend.

Oyinloye said that the decay in infrastructure in the nation was massive and requires urgent attention.

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 “Government has the responsibility to provide infrastructure, but does not have enough resources to do it.
Government money can never be enough to develop the infrastructure.

The government is doing everything within its reach to engage the private sector in the legal regulatory area to ease doing business so that private sector can come in and close the gap.

This is important as the crude oil price continues to drop at the international market.

This means that the government must deliberately befriend the private sector to close the gap in infrastructure funding,” he said.

Facing the current reality, he said government could no longer develop the infrastructure alone and needed the partnership of the private sector.

The top banker revealed that some investors had already shown interest in the rehabilitation of the Lagos-Ibadan Expressway.

He cited the Lagos-Ibadan Expressway, established in 1978, the first tolled road in the country, but was not operated as one.

Oyinloye said that the rehabilitation of the road was now based on public procurement, considered to be the option that would not stop the project.