Lagos - Shamsudeen Usman, the Minister of National Planning, on Monday said that the nation required 2.9 trillion dollars (N464 trillion) for infrastructure development in the next 30 years.
Usman said this at the Securities and Exchange Commission (SEC) Infrastructure Round Table held in Lagos.
He said that 127billion dollars (N20.3 trillion) would be required in the next five years for infrastructural development.
The minister said that the country needed to invest an average of 25 billion dollars (N4 trillion) per annum from 2014 to 2018 on infrastructure, compared with 10 billion dollars (N1.6 trillion) the government currently spent.
According to him, transportation sector will gulp 800 billion dollars (N128 trillion), energy sector 900 billion dollars (N144 trillion), Information, Communication and Technology 300 billion dollars (N48 trillion).
He added that agriculture, water and mining would take 350 billion dollars (N56 trillion).
Usman said "Budgetary resources alone were inadequate to meet the infrastructure requirement.’’
He said that capital market operators, regulators and private sectors had major roles to play in enhancing infrastructure development of the country.
Yerima Ngama, the Minister of State for Finance, said that the National Integrated Infrastructure Master Plan would require N464 trillion.
Ngama said that the poor infrastructural facilities was a major hindrance to the nation's economic growth, adding that, good infrastructure was imperative for vision 20: 2020.
Arunma Oteh, the Director-General of SEC, said that infrastructure was important for the development of any economy.
"Infrastructure is the life blood of any economy as no economy can grow and develop without a reasonable stock of critical infrastructure," Oteh said.
She said, "Where infrastructure is inadequate or ineffective, growth is affected and people’s standard of living is negatively impacted."
Oteh said that the challenges posed by traditional funding sources made capital markets increasingly the preferred way to finance infrastructure in Nigeria.
"Since 1978, 18 state governments have raised about N537 billion from the bond market, 75 per cent of which was raised within the last five years to finance various infrastructure projects,’’ she said.