Nigeria seeks a whooping US $3trn in the next 26 years to to bridge the infrastructural gap in the country. This is according to Nigeria Labour Congress (NLC).
Mr. Ayuba Wabba, NLC president who spoke at the 40th Anniversary of the National Union of Civil Engineering Construct, Furniture and Wood Workers (NUCECFWW) in Abuja said that sectors of concern for the budget include; energy, transport, railways, roads, inland waterways, education, housing, agricultural sector and the information communication technology.
The World Economy Forum
He further added that the World Economy Forum states that every dollar spent on infrastructure has a potential to generate between five to 10% of economic growth and therefore, this is very central and key. “This potential is important as it has been estimated that Nigeria needs at least three trillion US dollars in the next 26 years to bridge the infrastructural gap in the country.” It will transform our vast potentials into concrete social economy tangibles and this will also require about US $100bn capital investment annually
Nigeria has a population of closed to 200 million, and still struggles to keep the countries electricity generation at less than 4000 MW, while South Africa’s is at 55 million MW. “No doubt, that is why the industries cannot operate at full potential and there is no way the country can address the challenging issue of unemployment in the country.
Mr. Amechi Asugwuni, National President of the Union, said for the Nigerian economy to thrive sufficiently, there was need for critical infrastructure.The minister of State, Labour and Employment Prof. Stephen Ocheni added that he theme for the summit was apt as current policies of the present administration was geared towards the infrastructural deficits in the country. Ocheni noted that infrastructure is key to national development as it would address the issue of unemployment, security, among others
“The lack of infrastructural development in the country was due to inappropriate policies and lack of continuity by the past administrations. I want to assure you that the present administration attaches great importance to capital projects and is determined to continue with viable projects and so we are vigorously pursuing it,” said Amechi Asugwuni.