Nigeria Targets $100bn Annual Infrastructure Spend, Deepens PPP Drive to Close Funding Gap
Nigeria is ramping up efforts to address its massive infrastructure deficit by targeting about $100 billion in annual spending, as the country increasingly turns to public-private partnerships (PPPs) to bridge its widening funding gap. The move comes as the government looks beyond limited public budgets to unlock private sector financing for long-term development.
According to the director-general of the Infrastructure Concession Regulatory Commission (ICRC), Jobson Ewalefoh, Nigeria needs an estimated $2.3 trillion between 2020 and 2043 to meet its infrastructure demands. Speaking at the Global Infrastructure Facility during the IMF/World Bank Spring Meetings in Washington, he stressed that annual investment must reach around $100 billion to keep pace with national needs.
Ewalefoh explained that government funding alone is not sufficient, making private sector participation essential. He noted that Nigeria’s infrastructure master plan expects about 70% of financing to come from private investors, highlighting the importance of developing viable, “bankable” projects that can attract both local and international capital.
He also pointed to key sectors requiring heavy investment, including energy, transport, ICT, agriculture, healthcare, and education, with energy alone requiring an estimated $759 billion and transport about $595 billion. He added that improving legal frameworks, ensuring contract stability, and strengthening investor confidence remain central to attracting long-term funding.
While acknowledging existing challenges such as investment risk perceptions and limited long-term capital appetite in developing economies, Ewalefoh said recent reforms are helping reposition Nigeria as a more attractive destination for investors. He also praised ongoing government efforts under President Bola Tinubu, noting that stronger PPP frameworks could unlock major funding flows and accelerate infrastructure delivery nationwide.
source: Business day