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World Bank, IFC to assist in solving Nigeria’s infrastructure deficit 

Chidinma Nwagbara by Chidinma Nwagbara
September 25, 2019
in Business News, Diaspora, Politics
World Bank, Focus on lifting people out of poverty - World Bank tells FG , World Bank, IFC to assist in solving Nigeria’s infrastructure deficit , EXCLUSIVE: World Bank tasks developing nations to tap opportunities in GVCs, Warning signs: Nigerians living in extreme poverty might increase by 30 million – World Bank, US, China and UK’s protectionism ambition to affect Nigeria’s export, FDI , Terrorism bane to Nigeria's Agric development - World Bank

David Malpass, World Bank's President

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The World Bank has reiterated its promise to support Nigeria in bridging infrastructure gap alongside the International Finance Corporation (IFC).

This was revealed by the World Bank Vice President for Africa, Mr Hafez Ghanem, IFC Vice President for the Middle-East and Africa, Mr Sérgio Pimenta, and IFC Vice President for Economics and Private Sector Development, Mr Hans Lankes, in a meeting during their visit to Nigeria.

[READ MORE: Focus on lifting people out of poverty – World Bank tells FG]

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Ghanem made it known that the World Bank was willing to help Nigeria leverage private and public investments and expertise for inclusive growth.

 “We have supported and seen success in transport, energy and power sectors using Public-Private Partnerships (PPPs) models. The Azura power project is an example of how we have attracted private sector investment in the power sector.

 “We are happy to work with the government of Nigeria on power sector reforms, which will create a better environment to attract more private sector financing,” Ghanem said.

IFC’s Vice President stated that the financing needs of developing countries often surpassed their own budgets and available donor funding which is why private sector resources and expertise could go a long way in bridging this gap.

What you should know: The National Integrated Infrastructure Master Plan (NIIMP), Nigeria, according to a statement, faces a $100 billion annual investment gap in infrastructure. The statement also highlighted the World bank’s portfolio in Nigeria to be $11 billion invested across all sectors, while IFC’s portfolio stood at over $1 billion in sectors including manufacturing, financial services and infrastructure.

[READ ALSO: World Bank says Nigeria is living on borrowed time]

Nigeria’s infrastructure gap: According to the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, the country’s core infrastructure stock is currently estimated at 30% of the Gross Domestic Product (GDP) which falls far short of the international benchmark of 70%. Ahmed also pointed out that the Federal Government would require about $100 billion annually for the next 30 years to effectively tackle Nigeria’s infrastructure challenges.

Meanwhile, the World Bank has promised to work together with its institutions to mobilise a range of financing solutions for projects in developing countries.

 


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Tags: International Finance CorporationMr Hafez GhanemMr Hans LankesMr Sérgio PimentaMrs Zainab AhmedNational Integrated Infrastructure Master PlanWorld Bank
Chidinma Nwagbara

Chidinma Nwagbara

Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - chidinma.nwagbara@nairametrics.ng

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