The World Bank has ranked Nigeria 132 out of 136 countries in infrastructural development.
While asserting that the country’s infrastructural deficit would likely reach $3 trillion in the next 30 years, the Bank noted that Nigeria’s development index is among the lowest in the world.
Going by the current rate of expenditure allocation for infrastructure, the Washington-based bank noted that “it would take 300 years to close the country’s current infrastructure gap”.
“Closing Nigeria’s infrastructure gap would cost at least four per cent of GDP growth per year.” the report added.
Investors King understands that infrastructure deficit and lack of basic amenities are prevailing problems facing the country. These problems among others have created a negative impact on the economy.
In November 2022, the Chartered Institute of Bankers of Nigeria (CIBN) also noted that the lack of key infrastructure development had impeded the country’s growth potential over the years.
The CIBN’s chairman, Ken Opara, stated, “Over the years, the public infrastructure deficit in Nigeria has become an issue of major concern. Generally, infrastructure is the foundation on which economic activities thrive.
According to the Africa Infrastructure Country Diagnostic Report released in 2011 titled “Nigeria Infrastructure: A Continental Perspective”, about 40 per cent of the productivity is caused by infrastructure constraints”.
Similarly, the Vice President, Prof. Yemi Osinbajo, while seeking the collaboration of the private sector disclosed that Nigeria will need $2.3 trillion to bridge the country’s infrastructural deficit.