Nigeria needs $2.9tn for infrastructural development – Jonathan

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Speaking at the Nigeria Power Investors’ Conference held at the Banquet Hall of the Presidential Villa in Abuja, President Goodluck Jonathan who was represented by the Vice President Namadi Sambo said that the country needed 2.9 trillion dollars for infrastructural development in the next thirty years.

The President Jonathan said a good portion of the money for infrastructural development was expected to come from the private sector.

The President said, “Under our integrated National Infrastructure Master Plan, we need a total of $2.9tn for our infrastructure developmental efforts in the next 30 years, from 2014 to 2045. The energy sector alone needs an infusion of $900bn during the period. Of this, a significant percentage is expected to come from the private sector.”

“The power sector alone needs about $10bn for CAPEX of the generation and distribution companies in the next few years in enabling us to add additional 5, 000MW. Similarly, out transmission network continues to attract serious attention. The transmission grid requires an annual investment of about $1.5bn for the next five years to ensure its reliability and stability. The Transmission Company of Nigeria has commenced the aggressive implementation of the expansion blueprint funded by a mix of appropriation and funds from financial and multilateral institutions”, he added.

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