Nigeria Needs $759bn Transport Investment as ICRC Pushes PPP Financing Models
Nigeria’s transport sector will require an estimated $759 billion in investment, according to the Director-General of the Infrastructure Concession Regulatory Commission, Jobson Ewalefoh, who has called for stronger adoption of public-private partnership (PPP) financing models to close the country’s infrastructure gap.
Speaking on the sidelines of the International Monetary Fund-World Bank Spring Meetings in Washington, Ewalefoh said Nigeria would need about $100 billion annually over the next 23 years to meet its infrastructure demands. He noted that government budgetary allocations alone are insufficient, making private sector participation essential for sustainable development.
He explained that Nigeria’s infrastructure master plan already anticipates that about 70 percent of funding will come from private investors, highlighting the importance of well-structured and investment-ready projects. While transport requires $759 billion, Ewalefoh added that the energy sector alone needs around $595 billion, with additional investment gaps across ICT, agriculture, healthcare, and education.
According to him, Nigeria is positioning itself as an attractive destination for global investors, supported by ongoing economic reforms, a large population of about 250 million, and improved regulatory transparency. He assured investors of strong legal protections, including contract enforcement and policies designed to reduce risks while guaranteeing returns on long-term infrastructure investments.
Ewalefoh expressed optimism that enhanced collaboration with global partners, including platforms like the Global Infrastructure Facility, would unlock new funding flows and accelerate project delivery. He also stressed that PPP frameworks must be tailored to Africa’s unique realities, noting that flexible, risk-sensitive models and bankable project pipelines will be key to bridging Nigeria’s estimated $2.3 trillion infrastructure deficit by 2043.
source: The cable