Adopting new models of investments for infrastructural development in the country is now an imperative as reliance on public expenditure alone is no longer sufficient or capable of meeting the $3 Trillion needed to bridge the infrastructural deficit over the next 30 years.
Vice President Yemi Osinbajo, SAN, stated this Thursday in his remarks at a webinar organized by Bureau for Public Enterprises (BPE) on deepening the Nigerian infrastructure stock through Public-Private Partnership (PPP).
According to the Vice President, “inspite of Government interventions over the years, Nigeria still faces a huge infrastructural deficit, which is constraining rapid economic growth. The Federal Government recognizes this fact which is why we are considering other approaches to complement and boost financing for the development and maintenance of infrastructure in Nigeria.
“It is clear that this deficit can only be made up by private investment. Private sector is 92% of GDP while the Public Sector is mere 8%. So, the synergy between the public and private sector through Public-Private Partnerships (PPP) is really the realistic solution.”