The Director-General of the Infrastructure Concession Regulatory Commission (ICRC), Jobson Ewalefoh, says the country is intensifying efforts to close its infrastructure deficit, estimated at $2.3 trillion.

Mr Ewalefoh said this during a sideline interview after the global infrastructure facility, a G20 initiative, at the International Monetary Fund (IMF)/World Bank Spring Meetings in Washington on Thursday.

He said the country would require about $100 billion annually for 23 years.

Mr Ewalefoh said that budgetary allocations fell short, making private-sector participation through public-private partnerships (PPPs) critical for infrastructure development nationwide.

He said Nigeria’s Infrastructure master plan projected 70 per cent private-sector funding, stressing the need for bankable project pipelines, supported by institutions like the Global Infrastructure Fund, to mobilise investors globally.

According to him, discussions at the forum emphasised that PPP models must reflect local realities, including investment risks, political environment, and limited appetite for long-term capital in developing economies like Nigeria.

Mr Ewalefoh said that Nigeria was positioning itself as a viable investment destination, citing a population of about 250 million and government reforms aimed at improving the business climate and boosting investor confidence nationwide.

The D-G also assured investors of strong legal frameworks that protect investments, emphasising a commitment to the rule of law, contract sanctity, and policies designed to guarantee returns and reduce perceived risks in Nigeria.

Mr Ewalefoh said that the energy and transport sectors were priority areas, requiring about $759 billion and $595 billion, respectively.

He also cited ICT, agriculture, healthcare, and education as critical sectors needing substantial investment support.

According to him, the PPP offers solutions to funding constraints, reduces reliance on limited government budgets, and enables sustainable infrastructure financing through long-term investment recovery mechanisms by private investors.

Mr Ewalefoh said that ongoing engagements would unlock investment flows, accelerate project delivery, and position Nigeria to achieve its infrastructure goals through strategic collaboration with global investors and development partners.

He also commended President Bola Tinubu for all the reforms he initiated, especially for creating an enabling environment for PPP to flourish. 

(NAN)