Nigeria is ramping up efforts to close its massive infrastructure deficit, estimated at $2.3 trillion between 2020 and 2043, according to the Infrastructure Concession Regulatory Commission (ICRC). The agency says bridging this gap is critical to unlocking economic growth and improving living standards across the country.
Speaking at the ongoing International Monetary Fund (IMF) and World Bank 2026 Spring Meetings in Washington, D.C., ICRC Director-General, Jobson Ewalefoh, disclosed that Nigeria would require approximately $100 billion annually over the next 23 years to meet its infrastructure needs. He noted that current government funding alone is insufficient to achieve this target.
Ewalefoh emphasized that private sector participation, particularly through Public-Private Partnerships (PPPs), will play a central role in financing infrastructure projects. He explained that Nigeria’s National Infrastructure Master Plan already projects that about 70 percent of funding will come from private investors, making it essential to develop viable and bankable project pipelines.
He also highlighted discussions at the global forum, noting that infrastructure financing models must be tailored to local realities. Factors such as political risk, investment climate, and limited long-term capital in developing economies like Nigeria must be carefully considered to attract sustainable investment.
Despite these challenges, Ewalefoh expressed optimism about Nigeria’s investment outlook, citing ongoing reforms aimed at improving transparency and ease of doing business. He assured investors of strong legal protections, commitment to contract enforcement, and policies designed to reduce risks, adding that growing global interest reflects confidence in Nigeria’s long-term economic potential.
source: leadership